The education sector in Sri Lanka faces a significant challenge with a skill gap that hinders the seamless transition of graduates into the workforce. Despite the country’s high literacy rates, many educational institutions fall short in equipping students with the practical skills and knowledge demanded by the modern job market. This gap is particularly concerning in an era where entrepreneurship is becoming increasingly vital to Sri Lanka’s economic future.
Entrepreneurship offers the exciting potential to fuel innovation, create jobs, and foster economic resilience. In the current economic landscape, nurturing entrepreneurial skills and mindsets is more crucial than ever. Small and Medium Enterprises (SMEs) are the backbone of Sri Lanka’s economy, contributing substantially to employment and GDP. However, SMEs often struggle due to challenges such as limited access to finance, inadequate infrastructure, and a shortage of skilled labor. Bridging this skill gap is essential to empower SMEs and support their growth.
Universities play a crucial role in addressing the above challenges. Among them, The Open University of Sri Lanka (OUSL) is a prominent institution that plays a pivotal role in fostering entrepreneurship development. It serves as a valuable asset by offering accessible education and training that equips individuals with the essential skills for success in business through its extensive network of 27 study centers spanning across the nation. The Open University of Sri Lanka (OUSL) aims to emulate this through the establishment of the Entrepreneurship Development and Consultancy Unit (EDCU). This unit will serve as a catalyst for entrepreneurship development, fostering research, innovation, and partnerships with industry, society, and government.
In addition to the efforts of EDCU, there is a growing trend of public-private and community partnerships (PPCPs) aimed at enhancing entrepreneurship in Sri Lanka. The Entrepreneurship Development and Consultancy Unit (EDCU) of OUSL is actively collaborating with PPCPs to strengthen the overall entrepreneurial ecosystem. These collaborations between government bodies, private sector entities, and local communities provide a comprehensive support system that fosters innovation, encourages entrepreneurial initiatives, and ensures that the entrepreneurial spirit is nurtured and sustained across the country.
In addressing the skill gap in Sri Lanka’s education sector and promoting entrepreneurship EDCU will support the SME sector in Sri Lanka which will be achieved through the provision of entrepreneurship education, fostering research, facilitating networking, promoting an entrepreneurial culture, offering consultancy support, influencing policies, and engaging with the community. This initiative will create an environment where innovative ideas can transform into successful businesses, benefiting both the academic and business sectors.
Vision and Mission – EDCU
The Open University of Sri Lanka (OUSL) is deeply committed to cultivating an environment that encourages entrepreneurship and professionalism. Our vision and mission highlight our unwavering dedication to sustainable development by nurturing and supporting individuals who aspire to make a significant impact in their fields.
Our Vision
Our Mission
Objectives of the Entrepreneurship Development and Consultancy Unit
The Entrepreneurship Development and Consultancy Unit (EDCU) at the Open University of Sri Lanka aims to:
- To inspire the next generation of entrepreneurs by spreading the passion for Entrepreneurship and Innovation culture.
- To encourage entrepreneurs with the interaction of experienced mentors and coaches in the industry to succeed in business activities.
- To assist stakeholders in identifying opportunities to become successful entrepreneurs through stakeholder collaboration.
- To assist stakeholders in commercializing research outputs.
- To collaborate with various organizations to guide and support entrepreneurs in their business journey.
- To offer consultancy services including research with professional advice, and expertise for the entities in private and public sectors.
- To contribute to the fostering of an entrepreneurial mindset among the youth in Sri Lanka.
Main Clusters
EDCU encourages students and other stakeholders to pursue entrepreneurial dreams and transform innovative ideas into sustainable businesses under six main clusters:
Skill Development, Training, and Capacity Building
– Enhance the knowledge and skills of student entrepreneurs for long-term productive capacity-building.
Support Student Start-ups
– Identify real-world market opportunities for student start-ups and help them grow as sustainable entrepreneurs.
Networking and Collaboration
– Collaborate with public and private sector institutions to direct university-born technologies, products, and services to suitable industries, facilitating development and problem-solving.
– Create networking opportunities for entrepreneurs with potential partners, investors, and industry experts.
Commercialize Research Outputs
– Act as an accelerator for commercializing research outcomes, transforming research into pathways for economic and social development.
– Assist students in commercializing their innovative ideas into successful business concepts.
Enhance Financial Sustainability
– Engage in income-generation procedures for the self-sustainability of the faculty.
– Provide entrepreneurial guidance by restructuring business entities through value addition.
Promote Regional Development and Consultancy
– Provide guidance and recommendations to policymakers on enhancing economic, social, and environmental performance across different regions.
– Support government and other partners in creating strong entrepreneurial ecosystems and fostering innovation-driven economic growth at national and subnational levels.
– Conduct local and international consultancy services and research with professional advice and expertise.
Activities of the Unit
The main activities of the Unit can be categorized into predetermined clusters.
With guidance and directions from the expertise, Entrepreneurship Development and Consultancy Unit (EDCU) facilitates the following services:
- Facilitate business incubation for budding entrepreneurs and innovators
- Create a linkage between researchers and entrepreneurs
- Promote entrepreneurial culture and entrepreneurship education in the Open University of Sri Lanka
- Engage in income-generating activities for self-sustainability
- Unlocking the economic potential of all regions to expand the community impact
- Act as a policy planner for national entrepreneurship development in the long run
Main Beneficiaries of the Unit
The beneficiaries of EDCU’s services include:
– University students
– SMEs, start-ups, and large firms
– Academic and non-academic staff
– Organizations promoting entrepreneurship
– Potential new business ventures
– Government and non-government partners
– Private and public entities in Sri Lanka
– The public interested in contributing to economic and social development
Key Partners in the EDCU
EDCU collaborates with a diverse team of experts from both industry and academia to bridge the knowledge and resource gap in the SME sector. These partnerships include:
– Practicing entrepreneurs
– Academic staff (Professors, Senior lecturers, Lecturers)
– Doctoral students and research students
– Industry experts and business professionals
– Public and private sector organizations (e.g., SED, NEDA, IDB, EDB)
– Alumni
Open Startup Online Magazine
Open Startup online magazine is dedicated to showcasing the inspiring journeys of business leaders, young entrepreneurs, and aspiring innovators. We publish insightful interviews, compelling success stories, and thought-provoking ideas, offering a fresh perspective on startups, innovation, and technology. Our focus is on young entrepreneurs, highlighting their struggles and triumphs with an in-depth approach that goes beyond the usual narratives. At Open Startup, we bring to the world the real, raw, and remarkable stories of entrepreneurship, resilience, vision, and groundbreaking success
News
Contact us
Address:
Entrepreneurship Development and Consultancy Unit (EDCU)
Faculty of Management
The Open University of Sri Lanka
Nawala, Nugegoda
Email: edcufms@ou.ac.lk
Dr. Janaka Heenkenda
Coordinator – EDCU
T.P: 0772548268
Email: hmhee@ou.ac.lk
Ms.Sandani Perera
Academic Coordinator -EDCU