• Says confidence can be boosted through technology sector

Billionaire Silicon Valley investor Tim Draper stated that the way forward for Sri Lanka is through technology to overcome the prevailing economic crisis in Sri Lanka as a result of dwindling foreign exchange. 

“When there is a lack of confidence in currency globally, there is only one way to go, and the way to go up is through technology,” said Draper at the beginning of the panel discussion on Tuesday (31 January) on taking Sri Lanka from a “Troubled Nation to a Startup Nation”, organised by Hatch in collaboration with Draper Startup House.    

He noted that technology, in fact, has transformed most countries in the world and that Sri Lanka has to rebuild itself. 

“You already have incredible beaches; but if you had 5G everywhere and if the Government started using AR (augmented reality), it can transform the country into one that is digitised, and by being digitised, amazing things can happen.” 

As part of the partnership with Hatch, Draper arrived on the island to engage with stakeholders in the Government (of Sri Lanka) and the local startup ecosystem. Accordingly, during his visit, he is to discuss supporting founders and local startups as an integral catalyst of Sri Lanka’s economic recovery. 

He also expressed his willingness to help local entrepreneurs who come up with business plans for startups.  

Responding to a question raised by the audience regarding what can be invested in startups in Sri Lanka, Draper said that tackling corruption through technology is one such aspect that foreign investors can invest in.  

Furthermore, Draper is to film an episode of his TV show Meet the Drapers, while providing a platform for local entrepreneurs to pitch their ideas directly to Tim Draper in addition to achieving global exposure to over nine million viewers around the world.

In giving the introductory note at the event prior to the panel discussion, Hatch Co-Founder Jeevan Gnanam said: “At Hatch, our belief that entrepreneurs are the catalysts of economic development is steadfast and has been instrumental in establishing this partnership and bringing a Silicon Valley investor of Tim’s calibre to Sri Lanka. Sri Lankan entrepreneurs will be able to collaborate with a global network of mentors, investors, and peers to drive innovation and accelerate growth across all aspects of building world-class businesses. It’s important to us that we create a platform for young entrepreneurs through Hatch regardless of their personal backgrounds. We are also hoping that Tim’s visit and this partnership will be an indicator to the global business community that Sri Lanka holds great unrealised potential that will be unlocked in the medium to long term and deliver value locally, regionally, and internationally.”

The rest of the panellists in the discussion were Sonia Hirdaramani and former cricket legend Mahela Jayawardene, and it was moderated by Nathan Sivaganathan.