Images of political complication and economic strife are the norm across world media

coverage of Sri Lanka this year. After a recent market study visit however by Vikram

Bharati, founder of Draper Startup House—having links to Tim Draper, the billionaire

investor, known for his bold bets like Hotmail, Tesla, and Coinbase—he is confident

the entrepreneurship ecosystem Sri Lanka is building presents the country’s greatest

opportunity in overcoming its hardships.

“Sri Lanka has tremendous potential to emerge a true start-up nation. It has all the

ingredients we’ve seen before, so we’re betting on it” Vikram said in an interview.

In Colombo, Vikram met with Jeevan Gnanam and Brindha Selvadurai, creators of the

award winning Sri Lankan co-working space, start-up incubator, and accelerator,

“Hatch”. Together, they envision an economy fueled by purpose driven innovators and

are on a mission to develop a thriving startup ecosystem by empowering budding

entrepreneurs. Jeevan’s passion for disruptive innovation and supporting the startup ecosystem in

Sri Lanka as a means to build the economy started when he was growing Orion City,

Sri Lanka’s largest IT-park. “Innovation is known to breed in crisis, Sri Lanka must

focus on adopting a growth mindset and remaining resilient as they have done

several times before. The community at Hatch and the ecosystem we are building

represents the hope that still remains in Sri Lanka.” says Jeevan. He added “Sri Lanka

has the potential to produce pioneer innovations as elements of the crises we are

currently facing head first are being seen across the world”

Hatch runs several incubator and accelerator programs aimed at building a strong

local ecosystem by creating new paradigms for idea commercialization in Sri Lanka.

Hatch encourages local entrepreneurs to build start-ups which can be taken to the

global stage. For Sri Lanka to emerge as a start-up nation, it is important that

ecosystem players work together, hence partnerships with local universities and

start-up hubs across the country allow Hatch to reach as many aspiring entrepreneurs

as possible. In addition to this, Hatch collaborates with local government institutions

in Sri Lanka like SLASSCOM and the ICTA, the apex ICT institution of the Government

mandated to drive digital transformation.

In 2021, Sri Lanka’s start-up ecosystem was valued at USD 132 million with

year-on-year growth of 13% since 2010. Although the current economic situation has

seen the ecosystem take a hit from hyperinflation to increased taxes, and brain drain,

Sri Lanka’s potential and promise can reverse this. Sri Lanka needs to successfully

leverage its unique selling points, such as its educated, english speaking, resilient

human capital and its advantageous geopolitical location, with several key Asian and

Middle Eastern economies within a short, five-hour flight.

Organizations like Hatch are front runners in driving Sri Lanka’s startup ecosystem.

Having grown from just 40 members to over 800 in just four years and rapidly

bouncing back to 100% occupancy, despite Covid lockdowns and mass protest

movements in the area - a testament to the strength of a community which organically

developed through a set of shared values and the belief in building something

greater than themself.

As a female entrepreneur herself, Brindha is passionate about empowering other

female entrepreneurs and one of the core programs of Hatch is AccelerateHer aimed

at addressing barriers faced by women in entrepreneurship through mentorship,

business development, and investor matching. AccelerateHer has reached over 140

women entrepreneurs across Sri Lanka since its inception in September 2021 with

alumni going on to win local rounds of global programs like SheLovesTech 2022,

launch their brands and expand their distribution channels locally.

The Hatch community has generated many firsts in the Web3 and Artificial

Intelligence space. Its recent partnership with IFS, a global tech firm to launch Sri

Lanka’s first AI-Machine learning Incubator, is yet another example of Hatch leading

the way in facilitating market disruption and supporting Sri Lankans in developing

solutions with global value. This along with facilitating regular Web3 meetups and an

NFT auction through a startup called Hyperglade to raise funds for medical supplies,

shows that the community is focused on solutions for the new economy and building

a new way forward.

Hatch also led the Green Energy Champion Accelerator program as part of the Green

Energy Championship. This program was designed to identify businesses actively

trying to implement energy-efficient projects and give participants the opportunity to

tap into global markets. The program accelerated South Asia’s first route optimization

solution as well as Sri Lanka’s first electric smart bicycle - Rhoda which went on to

partner with Pickme, a local ride hailing service during the fuel crisis.

Despite the hardships that Sri Lanka continues to go through, organizations like Hatch

remain a testament to resilience and hope for the start-up ecosystem in Sri Lanka

which will be a major determinant of Sri Lanka’s economic recovery.

Key Messages

1. Hatch is a startup ecosystem builder operating in Colombo, Sri Lanka since 2018

2. Hatch is in advanced talks to partner with Draper Startup House, a global network

of spaces connected to resources for entrepreneurs, sharing a vision for the

greater long-term potential of Sri Lanka to continue its journey as a start-up nation.

Media Kit - November 2022 - [Hatch X Draperhouse Collaboration - Sri Lanka]

3. Hatch leverages the unique geographical and commercial potential of Sri Lanka,

aiming to be a center of optimism for founders who will bring innovation

originating in Sri Lanka to national, regional, and international commercial markets.

4. Draper Startup House spaces have hotel / hostel premises; business incubation

and acceleration programs to commercialize innovations; networking and other

events; and a direct link to the Draper Venture Network of 23 funds, angel and

partner syndicate investors.

5. Hatch and Draper Startup House will work together to attract and retain for Sri

Lanka more high quality human capital with relevant technical and soft skills.

6. Hatch and Draper Startup House will link Sri Lanka-based entrepreneurs and their

startup companies to local and international investors and other supportive

stakeholders.

7. Sri Lanka is an emerging start-up nation, and its people demonstrate willingness

to change and accept new ideas to develop innovative products and services in

the technology startup space.

8. Hatch and Draper Startup House activities will serve and support positioning Sri

Lanka as not only an idyllic tropical island location for digital nomads, but

moreover as a strategic geographic vantage point to connect, get inspired, and

build successful companies.

Backgrounder

Hatch is an award winning Sri Lankan co-working space, start-up incubator and

accelerator. Founded by Jeevan Gnanam, Brinda Selvadurai and Nathan

Sivagananathan in 2018, and is based out of Fort, Colombo.

Media Kit - November 2022 - [Hatch X Draperhouse Collaboration - Sri Lanka]

The Hatch co-working space in Colombo has 60,000 square feet (5,500 square

meters), and is a dynamic hub for its over 800 members. More than 130 start-ups

have been incubated and accelerated through Hatch programs, with at least 500

jobs for Sri Lanka created. Hatch envisions an economy fueled by purpose-driven

innovators, and is on a mission to develop a thriving startup ecosystem to firmly

set Sri Lanka as a startup nation.

Draper Startup House

Draper Startup House began as Tribe Theory, founded by Vikram Bharati in Singapore

in March 2018, a concept for digital nomads to have relaxed, yet productive work

spaces. It joined the Draper Ecosystem to form Draper Startup House in 2019.

Described as a "hostel with a twist", in that it welcomes and empowers

entrepreneurs, startup teams, professional remote workers, and diverse

-minded travelers. It connects these audiences to technology venture building

programs, business services, Draper University, and the Draper Venture Network.