Hatch and its network of startups raised $1 million in funding in 2023, demonstrating they have a blueprint that demands our attention.
Amidst the economic turbulence that has engulfed Sri Lanka, a beacon of hope emerges. Hatch, co-founded by Brindha and Jeevan Gnanam and Nathan Sivagananathan, and its startup community have raised an impressive $1 million in 2023 (as of September). This achievement isn’t just a financial milestone, and $1 million is not much compared to other businesses – let alone sectors – in the economy. However, it embodies what it will take for Sri Lanka to change its economic fortunes.
“We started this year with the ‘Troubled Nation to Startup Nation’ initiative,” said Brindha, recalling the origins of their journey. “In the last six to nine months, we’ve witnessed a resurgence in the startup ecosystem. Through problem-solving, these startups can offer solutions that have global relevance. That’s the essence of what Hatch has been supporting and advocating.”
This resurgence is a testament to the nation’s potential, especially considering the preceding climate of limited investments. The spotlight isn’t merely on the monetary aspect, but on the message it sends: Sri Lanka can rise from its challenges, becoming a hub of innovation and entrepreneurial spirit.
Addressing the broader picture and challenges startups face, Jeevan pointed out three key areas: “Having a good product, finding the right market, and access to funding. A lot of startups struggle to understand the problem they’re trying to solve. Hatch provides them with an ecosystem, connections in various countries, and helps them get the necessary funding.”
Brindha added, “There’s fear of investing in startups in Sri Lanka, especially among external investors. By showcasing successes, we aim to shift this perspective, emphasizing the wealth of talent Sri Lanka has to offer.”
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