Spiralation, ICTA’s tech startup incubation program, is once again live and accepting new submissions for 2014. Spiralation, for the unaware, is a program that seeks to give aspiring tech startups a boost (and a certain amount of funding, as well): thus far, it’s been very successful, helping quite a few notable companies emerge – Loops, eTenders.lk and Innosoft are good examples.
You can get the application forms from www.spiralation.com (the deadline for applications is the 4th July 2014).
Spiralation, in ICTA’s own words, targets business enterprises either new or in very early stages of development with the primary goal of encouraging entrepreneurs from all parts of the country to launch their business ideas in creating new technology products and/or services which address marker gaps, assist new ICT related innovations etc. Under the scheme, registered technology businesses in Sri Lanka under 2 years in existence and with less than 10 employees can apply for a grant which will cover 75% of total project cost of a maximum of LKR 750,000.00 (whichever is lower). With the provided grant, the new companies can subsidize infrastructure, capacity building, business development and any other third party costs. This year, grants are available to support a maximum of 15 companies under this programme.
Applications will be filtered through several phases where the business plans, non-technical competency and the technical competency of the companies will be looked into by expert panels. The best will be selected for grants.
Rs 750,000 may not sound like much, but to a startup it can be difference between having an office to operate from for the next six months or having nothing at all.
Spiralation also does a hefty amount of mentoring – they have a huge lineup of partners on board, including, but not limited to Microsoft, Oracle, IBM, Sri Lanka Association of Software Service Companies (SLASSCOM), Federation of IT Industry Sri Lanka (FITIS), British Computer Society (BCS), Ceylon Chamber of Commerce, Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL), Sri Lanka Institute of Marketing (SLIM) and the Chartered Institute of Management Accountants UK (CIMA) (yes, that’s a large list of long names, some of which will end up being extremely helpful).
For more information, you’re advised to dial 011-2369099 – that’s ICTA.