TRACE: Building Sri Lanka’s Innovation Future Through Technology, Entrepreneurship, and Collaboration

TRACE (Technologically Re-awaken A Culture of Excellence) has emerged as one of Sri Lanka’s leading innovation ecosystems, driving the country’s transition towards a knowledge-based economy through technology, research, entrepreneurship, and collaboration.

Established in 2013 through a public-private partnership between technology entrepreneurs and the Sri Lankan government, TRACE was created with the vision of fostering innovation and empowering local talent. As its flagship initiative, TRACE transformed historic colonial-era warehouses in Colombo into the TRACE Expert City — a dynamic hub designed to support startups, research initiatives, and high-tech ventures across Science, Technology, Engineering, Arts, and Mathematics (STEAM).

Over the years, TRACE has become a launchpad for groundbreaking innovations and entrepreneurial ventures, supporting companies such as Vega Innovations and Jendo Innovations, while creating opportunities for emerging businesses through innovation accelerators including Neo Ventures.

A major focus of TRACE has been developing the skills and capabilities required to build a competitive digital economy. Through initiatives such as TRACE Theory to Trade (T2T), undergraduates are provided with practical industry-focused training in software development, agile practices, and commercial technology solutions, helping bridge the gap between academic learning and workplace readiness.

Supporting the growth of early-stage startups is another key priority. Through Project TRACE Angel X, promising entrepreneurs are connected with local and international angel investors, while the TRACE R&D Grant provides essential funding support to researchers and innovators seeking to transform ideas into market-ready solutions.

TRACE also plays an important role in strengthening Sri Lanka’s innovation community through events and platforms that encourage collaboration and knowledge sharing. Initiatives such as Disrupt Asia, Sri Lanka’s largest innovation festival, The SHED founder meetup series, and SpeakUp Sri Lanka provide spaces for entrepreneurs, industry experts, policymakers, and communities to exchange ideas and develop solutions.

Recognising the importance of expanding innovation beyond Colombo, TRACE has established regional hubs to support entrepreneurship across the country. One notable example is the TRACE BREAD Centre in Makandura, developed with the National Enterprise Development Authority, Ministry of Industries, and Wayamba University. The centre focuses on empowering entrepreneurs in food, agriculture, and biotechnology through access to prototyping facilities, specialised equipment, and mentorship.

Other regional initiatives, including the TRACE-JRDC Incubator in Kandy focusing on water technology, demonstrate TRACE’s commitment to nurturing innovation across diverse sectors and locations.

By connecting talent, technology, investment, and opportunity, TRACE continues to play a vital role in shaping Sri Lanka’s innovation landscape and advancing the country’s ambition of becoming a globally competitive technology-driven economy.