University of Peradeniya’s Talent Lab continues its collaboration with the Sri Lanka National Enterprise Development Authority (NEDA)
Sri Lanka National Enterprise Development Authority (NEDA) believes that graduates, especially in the fields of Commerce, Science, Agriculture and Engineering disciplines have a higher potential to engage in an enterprise. Since the entrepreneurial education or related activities have not been in the education process, those graduates are unaware of the practical aspects of entrepreneurship.
In pursuit of objective to successfully educate Sri Lankan youths through entrepreneurship development, in November 2019 NEDA started long-term collaboration with University of Peradeniya, and specifically the INNOTAL Talent Lab. The joint program consisted of 4 phases.
The first phase on “Awareness & Ideation” was composed of two training programmes:
First Training program (1 day):
i. Introductory lecture
ii. Business idea generation
iii. Introduction of simple business plan
iv. Form business entities (Sole proprietor or partnership)
v. Choose a business activity that could be performed in the following day
vi. Prepare business plan for the selected business
vii. Presentation of the business plans by business entities
viii. Evaluation and rewarding
Second Training program (1 day)
i. Actual undertaking of the Business in an area close to the University premises
ii. Supervision by University Academics and NEDA Staff about undertaking of the business
iii. Analysis of the business results by the companies
iv. Presentation of business results and discussion
v. Evaluation and Rewarding
The second phase focused on business plan development. Participants were informed to select a business opportunity that they wanted to undertake practically. They underwent a four-day training to prepare a real business plan for the selected business. Development Officers of NEDA facilitated the trainees at the University premises to prepare the Business Plan.
The third phase was focused on business proposal evaluation. An evaluation was conducted by the bankers with respect to social acceptance, technical and financial viability of the business plan. After the evaluation by the bankers, successful business plans were forwarded to NEDA through the Career Guidance Unit of the University, requesting seed money grants. A startup of a single graduate is offered a grant of SLR 150,000/, and the grant increased up to SLR 450,000 depending on the number of graduates involved in the registered business. The startups are mentored by four to five resource persons, Director NEDA and one staff officer from the university Career Guidance Unit.
The three sessions conducted in 2019 led to the development of 44 business proposals by University of Peradeniya undergraduates and graduates during 2020, with individual mentoring sessions supported by the careers advisor. The impact became visible only in 2021 due to the public sector finances crisis during the pandemic. In February, 2021, 26 business proposals were funded by the NEDA, while 18 of them are kept under pending category.
The Joint entrepreneurship training with NEDA was restarted in online mode with Phase I “Awareness & motivation” in March 26, 2021. The collaboration will continue, and graduates will continue to be supported in their work by the Talent Lab.> NEDA grants for University of Peradeniya graduates
In pursuit of objective to successfully educate Sri Lankan youths through entrepreneurship development, in November 2019 NEDA started long-term collaboration with University of Peradeniya, and specifically the INNOTAL Talent Lab. The joint program consisted of 4 phases.
The first phase on “Awareness & Ideation” was composed of two training programmes:
First Training program (1 day):
i. Introductory lecture
ii. Business idea generation
iii. Introduction of simple business plan
iv. Form business entities (Sole proprietor or partnership)
v. Choose a business activity that could be performed in the following day
vi. Prepare business plan for the selected business
vii. Presentation of the business plans by business entities
viii. Evaluation and rewarding
Second Training program (1 day)
i. Actual undertaking of the Business in an area close to the University premises
ii. Supervision by University Academics and NEDA Staff about undertaking of the business
iii. Analysis of the business results by the companies
iv. Presentation of business results and discussion
v. Evaluation and Rewarding
The second phase focused on business plan development. Participants were informed to select a business opportunity that they wanted to undertake practically. They underwent a four-day training to prepare a real business plan for the selected business. Development Officers of NEDA facilitated the trainees at the University premises to prepare the Business Plan.
The third phase was focused on business proposal evaluation. An evaluation was conducted by the bankers with respect to social acceptance, technical and financial viability of the business plan. After the evaluation by the bankers, successful business plans were forwarded to NEDA through the Career Guidance Unit of the University, requesting seed money grants. A startup of a single graduate is offered a grant of SLR 150,000/, and the grant increased up to SLR 450,000 depending on the number of graduates involved in the registered business. The startups are mentored by four to five resource persons, Director NEDA and one staff officer from the university Career Guidance Unit.
The three sessions conducted in 2019 led to the development of 44 business proposals by University of Peradeniya undergraduates and graduates during 2020, with individual mentoring sessions supported by the careers advisor. The impact became visible only in 2021 due to the public sector finances crisis during the pandemic. In February, 2021, 26 business proposals were funded by the NEDA, while 18 of them are kept under pending category.
The Joint entrepreneurship training with NEDA was restarted in online mode with Phase I “Awareness & motivation” in March 26, 2021. The collaboration will continue, and graduates will continue to be supported in their work by the Talent Lab.> NEDA grants for University of Peradeniya graduates
