Sri Lanka, a land once known for its technological advancements, has been facing significant challenges in recent times. Issues such as high inflation, budget deficits, and economic decline have put the nation in a difficult position.
However, there is a new initiative called TRACE (Technologically Re-Awakening Culture of Excellence) that aims to revive Sri Lanka’s legacy of innovation and technological prowess.
“TRACE is not just an organization; it is a movement driven by vision to make Sri Lanka a global hub for innovation. Through fostering collaboration, technological advancements, and entrepreneurial spirit, TRACE is working towards putting Sri Lanka back on the map of global innovation,” said Executive Director Heminda Jayaweera.
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With a focus on promoting ideas and turning them into reality, TRACE is laying the groundwork for a knowledge-based economy.
A historical legacy, a modern mission
Sri Lanka has a history of technological brilliance that has been overshadowed by recent economic challenges. TRACE is determined to change this narrative.
“Starting as a simple idea, TRACE has grown into a powerful movement with the belief that Sri Lanka can lead in technological innovation once again,” added Jayaweera.
“TRACE’s mission is to show that innovation, creativity, and collaboration can drive national progress. By developing innovative products and services across various industries, Sri Lanka can succeed in the global economy, attracting local talent and foreign remittance despite economic difficulties,” he shared.
The birth of TRACE Expert City
One of TRACE’s significant accomplishments is the establishment of TRACE Expert City, an innovation ecosystem located in the former Tripoli Market Premises in Colombo.
Through a partnership with Sri Lanka’s Urban Development Authority (UDA), TRACE Expert City has transformed underutilized urban spaces into engines of growth.
Since its inception in 2014, TRACE Expert City has become a key contributor to the national economy, generating revenue for the UDA and creating high-skill jobs.
Additionally, the City has become known as the “Silicon Valley of Sri Lanka,” housing technological innovations and entrepreneurial ventures.
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With a focus on fostering the next generation of entrepreneurs, TRACE Expert City aims to position Sri Lanka as a global technology player.
Extending innovation beyond Colombo
TRACE’s impact goes beyond Colombo. In 2018, the TRACE BREAD Centre was launched in Makandura, supporting food innovators and entrepreneurs.
Despite setbacks due to COVID-19, TRACE took over the centre’s management and resumed operations successfully.
In Ratnapura, the TRACE Creators Space provides a platform for co-working, entrepreneurship, and creativity training, unlocking innovation potential outside of the capital.
Education and workforce transformation
The TRACE Theory to Trade (T2T) programme bridges the gap between academia and industry, equipping students with skills needed in the IT sector.
By offering career guidance and industry-specific training, T2T aims to create a future-ready workforce for Sri Lanka’s economic growth.
Like Sri Lanka’s National Apprentice and Industrial Training Authority (NAITA), T2T focuses on IT and plans to expand into other sectors in the future.
Cultivating the innovators of tomorrow
TRACE’s initiative, the TRACE Journey, inspires young individuals to dream big and reach their potential through exposure to the professional world.
Empowering Startups through TRACE Open Pitch
TRACE Open Pitch provides mentorship, networking opportunities, and access to investors for aspiring entrepreneurs.
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Entrpreneurs can leverage TRACE Open Pitch to connect with industry experts and resources to propel their ventures forward.
Bridging gaps through TRACE Ventures
TRACE Ventures expands into high-tech industries and market access, strengthening Sri Lanka’s position as a player in the global innovation economy.
A bright future for Sri Lanka
TRACE’s initiatives are paving the way for a knowledge-driven economy in Sri Lanka, offering opportunities for growth and innovation across the nation.
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Image Credit: TRACE
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