Emerging Technology Systems of Innovation in Sri Lanka: Current Status and Challenges

Status of biotechnology in Sri LankaCHALLENGES

ROSHAN PERERAKDU-CARE

INSTITUTE FOR COMBINATORIAL ADVANCED RESEARCH & EDUCATIONGENERAL SIR JOHN KOTELAWALA DEFENCE UNIVERSITY

Forward Looking Challengers

Power to make or break economies1. Role of the government2. Role of the large businesses and SMEs3. What factors govern the global market4. Three rating agencies and their role (Standard &

Poor's (S&P), Moody's, and Fitch Group)

Biotechnology designs methodologies at the intersection of Chemistry, Biology and Technology

Turning Innovative Ideas into Market Offerings

• proactive scouting for ‘out of the box’ pragmatic innovative ideas• respecting the freedom to fail• Innovators need a space for freedom, passion and entrepreneurship to develop their concept • integrating Sri Lankan cultural dimension as part of biotechnology innovation• mixing internal and external (foreign) expert skills in innovation team• keeping process lean, avoiding bureaucracy

CHALLENGE # 1

Top 5 Factors in Success Across more than 200 Companies

1. TIMING2. TEAM3. PLAN4. IDEAS5. FUNDING

CHALLENGE # 2

Large Busines

ses

Government

Agencies

PPP

Converting Innovation to Economic Value

CHALLENGE # 3

Who should run the biotechnological innovation pipeline in Sri Lanka?

Interaction Between Large Businesses and SMEs

• Large businesses can guarantee revenue streams enable SMEs to develop growth strategies.

• Large organisations can train future entrepreneurs who in turn set up their own SMEs, driving innovation in the economy.

However, large businesses can also hamper SME growth through 1. late payments, 2. pressure to drive costs down, 3. administrative compliance with procurement and audit procedures,

• Government should medaite communications between large and smaller businesses to help SMEs

Suggestions in this area includes:

• The use of trade forums to encourage more networking and collaborative working. • The development of a BIOTECHNOLOGY SME DIRECTORY (BSD) to enable large

businesses to identify the most appropriate suppliers.

CHALLENGE # 4

Trickle-down economicsCHALLENGE # 5

The richest 10% owned 87.7% ($220 trillion) of the world's wealth, leaving 12.3 percent for the bottom 90 percent of the population.

Global Assets = $250 trillion

Reaganomics!