Sri Lanka, in historical times had been at the forefront of engineering and architectural feats, from building a rock fortress with advanced hydraulic technology to the construction of 54 mile long canal with a gradient of 10-20cm per kilometer, displaying such precession that experts today are left perplexed. Today however, the country lags behind its South Asian neighbors in innovation and technological adoption according to the Global Competitive Index of the World Economic Forum. Thus the aim was to “Technologically Reawaken the Culture of Excellence” in Sri Lanka (TRACE).
The founders of TRACE had two key objectives. The first was to make Sri Lankan exports competitive in the global market. The second was to mitigate the brain drain which had over the years, seen skilled workers move abroad due to higher wages and standards of living. The solution became apparent – there was a need to create an ecosystem that encouraged people to be innovators, entrepreneurs and better professionals.
To move Sri Lanka up the value chain through technology and innovation.
- To develop a knowledge-based techno-centric sustainable business hub, which will not only support the country’s research and development needs in its core sectors but will also support the nation’s long term economic, social and environmental development and growth.
- To create an ecosystem that supports technology & innovation to lead the country towards a value-based knowledge society.
- To set up “expert cities.” Expert Cities would offer environments where innovative businesses can collaborate with each other and with educational and R&D institutions, giving everyone involved, the opportunity to attain new limits.
- To collaborate and enter into partnership among tech-oriented companies and institutional/academic partners on commercially feasible ventures.