In accordance with its mission of taking local brands to the global stage, the theme of the Chamber of Young Lankan Entrepreneurs (COYLE) this year is ‘Nationalism to Globalisation’.
Central to this initiative is the COYLE Global Project, which highlights the organisation’s commitment to expanding Sri Lankan enterprises beyond national borders and taking them to the global markets.
The project and its associated global hubs are designed to support and propel local brands into international markets, reflecting COYLE’s broader vision of fostering global enterprise development. This year, the organisation operates with four key pillars in order to facilitate this theme.
Established in 1999, COYLE stands as a pivotal organisation in Sri Lanka’s entrepreneurial landscape. With over 116 distinguished members, including the chairpersons and controlling shareholders of the nation’s top companies, the chamber has played a crucial role in facilitating a resilient generation of entrepreneurs.
The organisation supports a diverse range of sectors, including trading, tourism and hospitality, manufacturing, services, construction and engineering, and IT and software. While COYLE has historically centred on young entrepreneurs, it has now evolved to serve a wider range of entrepreneurs, underscoring its expanded mission to support not just young entrepreneurs but a broader spectrum of Sri Lankan businesses aiming for global success.
Speaking to The Sunday Morning Business, Raddella Holdings Managing Director and COYLE Chairman for 2024/’25 Thushira Raddella outlined the chamber’s key initiatives aimed at taking local brands to the global stage this year.
Following are excerpts:
What are COYLE’s key initiatives in elevating local brands to a global level?
Basically, the main concept of COYLE for the year 2024/’25 is to go global. The official theme is ‘Nationalism to Globalisation,’ or simply put, ‘Go Global’.
We are working with the theme of taking local brands to the global market. To support this theme, we will be launching several new projects, with the main initiative being the COYLE Global Project. Under this project, we will be establishing new business hubs, primarily in the US, Dubai, and Australia. We already launched our first hub in Los Angeles in the US two months ago.
How does the COYLE Global Project address the main challenges faced by entrepreneurs in bringing local brands to a global platform?
Through the COYLE hub, we provide free warehouse facilities to our members, allowing them to bring their goods from Sri Lanka and store them at no cost to test the market.
One of the main challenges we see when taking local brands global is a reluctance due to high costs involved in setting up offices and obtaining addresses, as well as unfamiliarity with legal processes in other countries.
The associated costs and legal complexities often deter companies from expanding globally. Despite having fantastic products, many local companies hesitate to enter the global market due to these barriers.
To counter these challenges, we are offering free warehouse facilities and office spaces to help businesses expand internationally. After the US, we plan to open our Dubai hub in November, followed by the Australian hub in February 2025. This constitutes our key project under COYLE to support local brands in reaching the global market.
Additionally, we conduct market research from these hubs and connect these international markets with the local COYLE office in Sri Lanka. The hubs continuously send market information and updates on the specific requirements of each country back to our local office.
At times, we find that products sent to international markets may not align with their preferences or requirements. In order to address this, we carry out targeted market research to understand country-specific needs. This approach represents how we aim to bring local brands to the global platform.
Are these market studies industry specific?
Currently, our market research is not focused on specific industries but is more generic, identifying overall market trends. For instance, if something is trending in the US, we conduct further research and pass that information to the Entrepreneur Development Centre, which then shares it with our members and others.
While we prioritise tracking market trends over industry-specific research, if someone requires help with more targeted research, we can arrange that as well.
In addition to the COYLE Global Project, what other initiatives support entrepreneurs to scale up their businesses and reach international markets?
We are also running a few other projects. One of them is a new platform called Young Lankans, aimed at connecting medium-scale businesses to COYLE.
COYLE has high entry criteria for membership, both in terms of turnover and business scale, which often limits participation to larger enterprises. In order to bridge this gap, we launched Young Lankans last month.
We are now planning to open regional chapters under this platform to connect medium-scale businesses and young entrepreneurs with COYLE. For instance, if there is a demand in the US for cinnamon, and our current members are not involved in that market, this platform allows us to pass the opportunity to other business owners.
The Young Lankans platform enables us to work with medium-scale businesses to take their brands to the global market. We plan to open five chapters under Young Lankans, starting with the Central Province, followed by the Southern, Western, Eastern, and Northern Provinces. This is the next project we are actively pursuing.
Additionally, we have another initiative called COYLE Back to School, which encourages and fosters innovative ideas from school students, promoting entrepreneurship at a young age.
These projects align with our broader goal of taking local brands to the global market, as we aim to create an ecosystem centred on entrepreneurship. Our concept for this year is to connect school students, medium-scale businesses, and large organisations within COYLE to the global platform.
In order to support these new initiatives, we are establishing a new Entrepreneur Development Centre under COYLE. We plan to collaborate with one of Sri Lanka’s most reputed educational institutes. This centre will assist medium and small-scale entrepreneurs in taking their brands to the global market by offering guidance on pitch decks, investment memorandums, and securing foreign investors.
The centre will also connect entrepreneurs with venture capitalists and family offices, effectively functioning as an incubator for medium and small-scale businesses. These are our plans for the year to support local entrepreneurs and elevate local brands to the global stage, built around four main pillars.
Beyond financial limitations, what additional challenges do you notice entrepreneurs facing in accessing the global market?
Mainly local entrepreneurs, especially those running medium and small-scale businesses, often face challenges in accessing essential knowledge. They struggle with navigating legal systems, exporting to different countries, and establishing markets abroad.
This is another reason why we created the Entrepreneur Development Centre and the global hubs to support and encourage these businesses in reaching the global platform. Many entrepreneurs are somewhat hesitant due to a lack of knowledge and expertise, in addition to the cost factor.
How does COYLE leverage international partnerships for these initiatives in order to boost the export potential of Sri Lankan products?
We are currently in discussions with one of the world’s leading incubators regarding investor connections for the Entrepreneur Development Centre. While they have already mutually agreed to partner with us, the legal process is still underway.
This partnership will enable us to connect with angel investors and venture capitalists. These connections are not limited to any specific industry but are open to any promising idea or business that shows potential.
How do you see Sri Lanka’s presence in the global market?
As a country, we need to enhance Sri Lanka’s presence on the global stage. Compared to previous years, we are making significant progress. Our marketing and branding efforts are now on the right track, particularly in the tourism sector, where we are gaining substantial visibility.
If this momentum continues, Sri Lanka will develop a strong global brand image. Increased visibility will make it easier for us to conduct business, as the country will be more widely recognised and acknowledged internationally.
What is the future outlook of COYLE? What are the future plans to elevate local brands to a global level?
Looking ahead, we have ambitious plans for the coming years. I have discussed these plans with the next leadership and we are set to continue expanding our global hubs.
This year, we will launch hubs in three key locations, namely the US, Australia, and Dubai. Our goal is to add at least three new countries each year. By doing so, we aim to strengthen COYLE’s position as a robust and independent entity that supports local entrepreneurs, rather than relying on external factors.
If we maintain this pace, we anticipate having nearly 30 global hubs in the next decade to support local entrepreneurs and elevate their brands to the global stage.
This year, COYLE has evolved beyond its focus on young entrepreneurs. It has now been rebranded as a comprehensive chamber of Sri Lankan entrepreneurs, reflecting its growth and maturity over its 25 years. While the ‘young’ aspect has been redefined through the new Young Lankans platform, which operates regionally, COYLE’s role is no longer limited to young entrepreneurs alone.
COYLE now serves as a platform dedicated to supporting all local entrepreneurs in scaling their businesses. Through the Entrepreneur Development Centre and our expanding global network, we are committed to helping local entrepreneurs elevate their businesses to new heights and successfully compete on the international stage.