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Contact us : Editor, Futurepreneur, Young Entrepreneurs Association, Department of Commerce and Financial Management, Faculty of Commerce and Management Studies, University of Kelaniya. Telephone: +94 112914485 Email: [email protected] FROM THE EDITORS | Editors’ Letter insights, challenges, and triumphs, offering valuable lessons for those embarking on their own entrepreneurial adventures. As we navigate the complexities of the modern business world, we must also consider our impact on society and the planet. In this issue, we shine a spotlight on socially responsible entrepreneurship and sustainable business practices. Discover how entrepreneurs are not only driving economic growth but also making a positive difference in their communities and the world. We are proud to say that we were able to bring out the most interesting issue with the help and support of our editorial team, to whom we owe respect and gratitude. As a token of our heartfelt gratitude, we dedicate this to the Vice Chancellor, Dean, Head of the Department, and all the lecturers who supported us through this wonderful journey and special thanks to those who supported us in various ways. Thank you for joining us on this exciting journey through the entrepreneurial landscape. We hope ‘Futurepreneur 2023’ may ignite your entrepreneurial spirit and provide you with valuable insights to help you thrive in the ever-changing business environment. Maryam Mahas Chief Editor Futurepreneur 2023 Team Yenuri Rodrigo Co-Editor Futurepreneur 2023 Team The startup culture in Sri Lanka is currently experiencing a vibrant and dynamic phase. Entrepreneurs are enthusiastically making pitches, raising funds, and pursuing their dreams. However, amidst this excitement, it is crucial to acknowledge that failures are inevitable and that many individuals may encounter setbacks as well. In the world of startups, it is easy to be captivated by stories of overnight success. The ‘Futurepreneur’ Magazine has featured articles that delve into the stories of visionary founders who have disrupted industries, explored new frontiers, and carved their own paths to success. From bootstrapped startups to industry giants, these entrepreneurs share their Maryam Mahas Yenuri Rodrigo Futurepreneur Disclaimer : No part of this magazine maybe produced in the whole or in part without written permission of the publisher. Young Entrepreneurs’ Association of the University of Kelaniya reserves all rights of FUTUREPRENEUR Magazine assumes no liability or responsibility for inaccurate, delayed or incomplete information, nor for any action taken in reliance there on. The information contain about each individual, event or organization has been provided is for educational and informational purpose only. The opinions expressed in each article is the opinion of its author and does not necessarily reflect the opinion of FUTUREPRENEUR Magazine. Therefore, FUTUREPRENEUR Magazine carries no responsibility for the opinion expressed.
TEAM SPIRIT Editorial Sathini Nithara Deshani De Silva Chamilini Chandrasena Pasindu Perera Chamika Dhananjaya Kushani Nimesha Dimanthi Randunuge 5 Issue - 09 Magazine Designed By : Waruna Dananjaya 070 271 5043 Sakila Dissanayake 070 574 5614
I wholeheartedly congratulate the Young Entrepreneurs Association of the Department of Commerce and Financial Management on their remarkable achievement of the successful release of the ninth edition of “Futurepreneur” magazine. This milestone stands as a shining testament to the dedication of the undergraduates pursuing B. Com (Honors) in Entrepreneurship, especially in their sustainable endeavors. The magazine not only imparts invaluable insights into the world of entrepreneurship but also serves as a powerful educational tool, enlightening others about the principles of sustainable entrepreneurship, offering unparalleled opportunities for undergraduates to develop their skills and their capabilities. I take pride in the Young Entrepreneurs Association for their unwavering efforts in conveying the knowledge of sustainable entrepreneurship through this magazine. Witnessing the commitment towards fostering environmentally conscious business practices is truly heartening. My best wishes go out to the Young Entrepreneurs Association and all those involved in this publication. May your journey be marked by continued success, prosperity, and a legacy of sustainable entrepreneurship. I would like to take this occasion to extend my warm wishes to the ninth edition of the “ Futurepreneur” magazine launched by the scholars of Young Entrepreneurs’ Association of University of Kelaniya. Sustainable entrepreneurship is the catalyst for innovation and transformation in today’s business landscape. It’s about recognizing that sustainability isn’t just a moral obligation; it’s an incredible source of opportunity. By embracing sustainable practices, they can not only meet the unique needs of niche markets but also revolutionize entire industries. And also, isn’t just about making a profit; it’s about making a difference. By driving change in niche markets and beyond, they are shaping a future that’s not only economically viable but environmentally and socially responsible. Let them revolutionize industries and pave the way for a more sustainable and prosperous world. This magazine stands as a testament to their unwavering commitment to fostering entrepreneurship not only within the university but also on a national level. It reflects their vision for a brighter entrepreneurial landscape in our country. I extend my heartfelt congratulations to the Young Entrepreneurs’ Association at the Department of Commerce and Financial Management, wishing them the very best in their extraordinary efforts to bring this magazine to fruition. Senior Prof.Nilanthi De Silva Vice Chancellor University of Kelaniya Prof.W.M.C.B. Wanninayake Dean Faculty of Commerce and Management studies University of Kelaniya Prof.H.A.K.N.S. Surangi Head Department of Commerce and Financial Management University of Kelaniya FELICITY FROM THE HEARTS I extend my warmest wishes to the ninth edition of the “Futurepreneur” magazine, proudly presented by the undergraduates of the Young Entrepreneurs Association of the University of Kelaniya.This edition’s focus on Sustainable Entrepreneurship is all about how sustainable practices can create opportunities in niche markets and revolutionize industries. Entrepreneurs should remain attentive and flexible to the benefits these sustainable business opportunities offer. I congratulate the Young Entrepreneurs Association for their invaluable contributions. The undergraduates at the Department of Commerce and Financial Management have displayed remarkable enthusiasm, showcasing their potential as future leaders in our nation. This magazine is a testament to their dedication to advancing entrepreneurship at both the university and national levels. I extend my best wishes for your continued success. Futurepreneur IV
In the context of Sri Lanka, “entrepreneurship” is disliked by many. Many people in the country don’t want to start a business because they hesitate to take risk and those who did eventually gave up after failing. Most people in our society also believed that entrepreneurship was impossible to learn. However, in this economic crisis, we desperately need entrepreneurship. If We could produce a large number of successful entrepreneurs, we could transform our nation. Additionally, if we could cultivate entrepreneurship, it would simply help to increase the economic growth and create new job opportunities. One of the Sri Lanka’s top magazines on entrepreneurship is the Futurepreneur Magazine. It facilitates the exchange of knowledge and serves as inspiration for both newcomers and seasoned business owners. We are quite pleased that this is our ninth straight time. This is an excellent effort by our Young Entrepreneurs’ Association of the University of Kelaniya. We are especially grateful to our lecture panel and all of the YEA members who have supported us. You can, therefore, improve your entrepreneurial knowledge and thinking after reading this. Indeed, with a great pleasure I congratulate the Young Entrepreneurs Association (YEA) of The Department of Commerce and Financial Management of University of Kelaniya on publishing the ninth edition of Futurepreneur magazine in 2023. The ninth edition of the magazine focuses on fostering sustainable opportunities in the future markets. Thus, Futurepreneur magazine has played a vital role in creating awareness and harnessing an entrepreneurial culture among undergraduates.YEA have proven their hard work, teamwork and dedication consistently towards the production of such a high-quality content in this edition. This is an endorsement of nurturing future entrepreneurs at the YEA. As the senior treasurer of the association and the Coordinator of Bachelor of Commerce Honors in Entrepreneurship degree program, I wish all the success to the YEA team for their enthusiasm and commitment in the completion of the magazine to the realization. Today, entrepreneurship has become one of the major subjects at the school level and at the university level as well. Each and every student is about to learn how to become an independent individual who can stand up by himself, or else we call him an entrepreneur. In my point of view, for every single person, it’s good to learn about this subject, not just for their start-ups; it’s also related to their dayto-day life. In this Futurepreneur magazine, we expect to build up a new bridge with the corporate world as well as brainstorm the ideas of young entrepreneurs. I take this as an opportunity to thank everyone who has been with us throughout this year, and I sincerely appreciate your immense support for Futurepreneur 2023. Mrs.Deepani Wijetunge Senior Treasurer - Young Entrepreneurs Association Coordinator - Entrepreneurship Degree program Anjalika Thilini Secretary Young Entrepreneurs Association Lakruwan Pallewela President Young Entrepreneurs Association Issue - 09 V
CONTENT What’s Inside 01 14 04 06 18 08 19 12 FEATURED ARTICLE FEATURED ARTICLE “Entrepreneurship involves more than just generating profit. It encompasses contributing to social wellbeing as well” - Mr. Loshan Indika “Pioneering the Future : Eco Friendly Innovations” - Yenuri Rodrigo “The Intersection of Social Entrepreneurship and Sustainable Development” - Dimanthi Randunuge “ Unleashing the Power of Green: Effective Marketing Strategies for Sustainable Ventures” - Chamika Dhananjaya “A good leader should possess qualities like self-belief, gathering people together, and communicating their vision and the organization’s mission” Mr. Kishu Gomes ON THE COVER Mr. Daminda Perera Award Winning Entrepreneur, Founder and Chairman of Rasoda Dairies (Pvt) Ltd. “Sustainability, where should it be initiated?” - Mr. B.K.H Dulip Anuranga “The Green Lifestyle: A Guide to Living a Greener Life” - Deshani De Silva FEATURED ARTICLE Jack Fruit Ceylon (Pvt) Ltd - Dulanjana Vithanage 21 Futurepreneur VI
23 35 25 31 33 “Charging Toward the Future: The Electric Vehicle Revolution” - Pasindu Perera “The Vital Role of SMEs in Fostering Sustainable Communities and Economic Growth” - Chamilini Chandrasena “Find sustainable ways to utilize the resources and explore innovative approaches” - Mr. Saman Mangala FEATURED ARTICLE FEATURED ARTICLE FEATURED ARTICLE “Embrace different business models and keep innovating” - Mr. Sanjeewa Chulakumara “Innovation of Sustainable Packaging” - Kushani Nimesha “Now is the perfect time to start a business with your energy, early networking potential, and resilience to learn from setbacks - seize the opportunity!” - Vajira Peiris 37 EXPLORE SUSTAINABLE VENTURES Issue - 09 VII
FEATURED ARTICLE “Eco-friendly products, sometimes known as “green” or “sustainable” products, are made and developed with the primary goal of limiting their adverse effects on the environment. These goods are made with methods and components that minimize waste, protect natural resources, and cut greenhouse gas emissions. They frequently encourage leading a responsible and sustainable lifestyle.” Mr.Loshan Indika In this way, a young entrepreneur who has conquered the world by producing environmentally friendly products in Sri Lanka has joined us today. He is Mr. Loshan Indika, Export and Marketing Director of Eco Solution Hub. He has created an environmentally friendly enterprise producing and exporting coir products and organic food with healthy aspects. He was born in 1982 in Piliyandala, and he studied at Dharmapala College, Kottawa. After schooling, he went abroad at the age of 19 and worked there. At the age of 25, he returned to Sri Lanka, got married, and started his own business. He is a person who likes to work independently. At that time, he successfully engaged in several business activities, but in 2016, he had to face a big business failure. Therefore, he decided to leave his business and go abroad again. Then he came back to Sri Lanka during the COVID-19 pandemic in 2019 and decided to restart his businesses. He did market research to start a new business and started a new business named Eco Solution Hub. Mr. Loshan, what inspired you to start an ecofriendly product business? In the research I did after coming to Sri Lanka, I saw a growing demand for sustainable products and wanted to contribute to a greener future by offering eco-friendly alternatives. Meanwhile, according to the idea of a friend of mine in France, I decided to creatively manufacture brooms, create value for them, promote them through Facebook and WhatsApp, and target foreign markets. As a result of my efforts, I was able to deliver my first overseas order to V Brand Supermarket in Hong Kong. Then, in the year 2020, I registered the business under the name “Eco Solution Hub” and started the business with the help of two of my school friends, Pubudu Karunaratne and Chaminda Kumara. In April 2021, we opened our showroom at One Galle Face Mall in Colombo. 1 Issue - 09
What are the main products and ultimate goal of Eco Solution Hub? Most of the products are coconut-based. We specialize in ekel brooms, brushes, and other household products that are handmade from ekel fiber from coconut leaves and coir fiber from coconut husks. They offer indoor and outdoor brooms, body brushes, dish brushers, scrubbers, and cleaning brushes for both kitchens and bathrooms. Products are durable and long-lasting, but they can be composted at the end of their lives. Other products they provide are locally made spices, bags, wall decorations, and rope. The Eco Solutions Hub aims to replace plastic housewares with environmentally responsible alternatives while creating livelihood opportunities for rural craftspeople. What are the specifications of your product? We have a range of products that are completely ecofriendly and recyclable. In particular, we do not use plastic or other synthetic materials, such as pins, to manufacture our products. Products are durable and long-lasting but can be composted at the end of their lives. The Eco Solution Hub sustainably sources all materials and creates livelihood opportunities for rural craftspeople. You can see brooms and ekel brooms in the local market, but all of them have used plastic to some extent in their products. But we have changed the current production method by using biodegradable materials instead of plastic pieces, and we have also started a packaging system for brooms and brushes. It completely changed the way we market brooms and brushes. What marketing strategies have been most effective in promoting your eco-friendly products to a broad audience? Social media platforms and content marketing have been highly effective. We are reaching our target market through Facebook and WhatsApp. We are especially targeting foreign markets. As a result of our effort, we were able to deliver our first overseas order to a V-brand supermarket in Hong Kong. This has helped us connect with a more extensive and engaged audience. I had a conversation with Viraj Weliwatta, which was aired on the Business Advisor YouTube channel and was a turning point in the business. After that, our business became popular through Derana, ITN, and Rupavahini media channels. Also, our packaging system will also be very helpful in promoting our products. What countries have Eco Solution Hub exported their products to? Currently, Eco Solution Hub’s products are being exported to Japan, Hong Kong, the United Kingdom, 2 Futurepreneur
Australia, and the Netherlands. There is a successful market for the products in those countries. What challenges have you faced in the eco-friendly market, and how did you overcome them? One of the main challenges is convincing consumers to adopt eco-friendly practices. We’ve addressed this by educating customers on the environmental impact of their choices and by making our products affordable and easily accessible. The cost of raw materials and transportation costs are other challenges for us. How do you ensure that your supply chain and manufacturing processes are eco-friendly and sustainable? We carefully select suppliers who share our commitment to sustainability. Our manufacturing processes prioritize energy efficiency, waste reduction, and the use of renewable materials. What is the contribution of the Eco Solution Hub to the local economy? We provide free or subsidized training or technical services to community members. Funding to provide education and financial assistance to the needy rural poor for economic upliftment. We maintain fair trade relationships with all suppliers and service providers. Our business provides equal opportunities for women. Nearly 200 people earned their livelihoods. The areas that supply products for the hub are Matara, Kuliyapitiya, Walasmulla, and Weyangoda. What is the contribution of the Eco Solutions Hub to social wellbeing? Eco Solution Hub helps raise the standard of living for everyone by creating jobs and making products safer, less expensive, and more functional. We are not just about making a profit. We are contributing to social wellbeing as well, and that is another important characteristic of us. We purchase materials like ekel and coconut husks from the people in rural areas. That has created new employment opportunities and given a new source of income to rural craftspeople, and especially our products do not harm the environment. They are very friendly to the environment. Interview by : Text by : Dimanthi Randunuge W.W. Warsha Shehani N.T.S Nithara T.D. Yasodha Piumali Thisari Hasangana 3 Issue - 09
Pioneering the Future: Eco-friendly Innovations With each passing day new groundbreaking innovations are being introduced to the world which are the lifeblood of progress driving us towards a positive change all the while molding our future. At present, the world is very perturbed with environmental sustainability and thereby the race to develop and implement eco-friendly innovations is more potent than ever. Since companies and governments are pushing to promote green alternatives more to advance towards a green economy, let us from our part embrace sustainable options in our daily lives to achieve this goal all together. In this article, we will delve into some of the latest eco-friendly innovations introduced. 1. Orbi – Keeping the food waste to the minimum. The startup Orbisk introduced Orbi, a revolutionary fully automated food waste monitor, to help professional kitchens to reduce their food waste. While restaurant workers are disposing food, Orbi’s camera, positioned over the trash can, scans the food that is being tossed. The monitor measures and automatically recognizes what kind of food is thrown away, in what quantity and at what time of the day. The data collected is accessible in a dashboard that offers restaurants insights to improve their operations, sourcing and purchasing. According to the statistics mentioned in the official Orbisk website, in the year 2022, Orbi has saved over 337,000 meals, 281,000 liters of water and 684,000 kilograms of Carbon dioxide. In 2023, Orbi won the UAE FoodTech Challenge and was also involved in the 2023 Consumer Electronics Show. Orbisk’s next step in their plan is to expand their product to the U.S. market. 2. RocketBook – Reusable Notebook As a solution to the vast amount of paper waste, RocketBook's avant-garde product, smart reusable notebooks, connects the traditional handwriting surfaces with the cloud. Combining the convenience of traditional paper with the efficiency of digital technology, the company’s notebooks and planners are endlessly reusable, ecofriendly and sustainable. RocketBook launched five new eco-friendly products to the market in 2022 and in 2023, the Fusion Plus Smart Notebook and Planner was released that features multiple different layouts such as project management, planning and meeting notes. 4 Futurepreneur
3. Cypress Hero Backpack – Sustainable Backpacks Cypress Hero Backpack with Find My Locator is an eco-conscious backpack with Apple Find My compatible location module introduced by Targus in 2023. This bag has been made from sustainable materials. The fabric woven from 26 recycled PET water bottles not only protects the content inside the bag but also helps to protect the environment. Built to fit laptops up to 15.6”, this bag features three compartments: a dedicated, padded compartment to safeguard your laptop, a large main compartment for files and gear and a workstation for smaller accessories. Whether at home, in the office or onthe-go, the Cypress Hero Backpack with Find My Locator provides superior comfort, convenience and functionality. 4. Airless Tires SMART tire is an award-winning company, and their latest innovation, METL airless bike tire, has been patented and is set to release in the fourth quarter of this year. The load-bearing design takes advantage of the unique properties of shape memory alloys. These special metals can expand, contract, bend or unbend at a very rapid rate (like rubber) and with so much force that they can move heavy objects. Even with extreme deformation, the tire regains 100% of its shape through phase transitions at the molecular level. METL airless bike tire won two CES 2023 Innovation Awards as Honorees in two different categories, Vehicle Tech & Advanced Mobility and Sustainability, Eco-Design & Smart Energy. These latest eco-friendly innovations represent a beacon of hope in our collective effort to combat climate change and preserve our planet for future generations. As technology continues to make progress and sustainability becomes a central focus for businesses and governments, we can look forward to a future where green innovations are not just a trend but a way of life. Article by : Yenuri Rodrigo Second Year Undergraduate, Bachelor of Commerce (Honors) in Entrepreneurship, University of Kelaniya. 5 Issue - 09
A social entrepreneur is interested in starting a business for the greater social good and not just the pursuit of profits. A social enterprise is a company with a clear social mission at its core and the secondary goal of turning a profit to fund operations. Social entrepreneurs could aim to create eco-friendly goods, assist impoverished communities, or concentrate on charitable endeavors. According to some studies, most social entrepreneurs began their careers with no prior experience or education in the sector. Social entrepreneurs can develop and learn from their social networks to bring about the change they want by understanding their social missions. For social entrepreneurs, the primary purpose of establishing a social enterprise is to create sustainable change in the lives of people. Sustainability is a long-term goal for our society to meet the needs of economic growth at its current speed with the least amount of impact on the environment. However, it goes beyond protecting the natural world and its complex ecosystems. Furthermore, sustainability is essential because it assures that future generations will have a planet that is healthy. Natural resources must be used carefully because they are limited. If not, we will eventually run out of fossil fuels, exhaust our supply of natural resources, and permanently harm the environment. According to the study's findings, social entrepreneurs are essential to society's change, and sustainable development is now recognized as one of the key goals of economic growth that must be achieved in order to address immediate demands without compromising the significance of other objectives. Some of the World's Most Famous Social Entrepreneurs Muhammad Yunus, the creator of Grameen Bank (now the Grameen Foundation), is such a determined social entrepreneur that the work of his company earned him the Nobel Prize. A microfinance The Intersection of Social Entrepreneurship and Sustainable Development 6 Futurepreneur
company called Grameen Bank provides small loans, particularly to women, to help them overcome poverty. The non-profit organization Water was founded by Scott Harrison, who is also its current CEO. It was written by Harrison and is titled Thirst: A Story of Redemption, Compassion, and a Mission to Bring Clean Water to the World. Shiza Shahid is a social entrepreneur, activist, investor, and teacher from Pakistan. She was a cofounder and the previous CEO of the nonprofit organization Malala Fund, which advocates for educating all girls. Article by : Dimanthi Randunuge Third Year Undergraduate, Bachelor of Commerce (Honors) in Entrepreneurship, University of Kelaniya. American social entrepreneur William Drayton In 2005, U.S. News & World Report selected Drayton as one of the country's 25 best leaders. He is responsible for the birth of the term "social entrepreneur," which appeared in print for the first time in 1972. 7 Issue - 09
FEATURED ARTICLE Mr.KISHU GOMES “Entrepreneurship is something that requires very careful assessment and analysis.” In a fast-paced world of business, few figures stand out as prominently as Mr. Kishu Gomes, a seasoned businessman known for his innovative thinking, unwavering determination, and remarkable success. With a track record of overseeing and scaling multiple different ventures across diverse industries, he has carved a unique path to the summit of the business world. This uncovers the secrets behind his success and gives his valuable insights into the world of entrepreneurship. What is entrepreneurship, and how much is it important for a country like Sri Lanka from your point of view? Entrepreneurship is where one individually decides the level of achievements to be accomplished. And you know that theoretically, entrepreneurship is referred to as owning your own business. But in my view, while I don’t disagree with that theory, entrepreneurship is a mindset. It’s not about a specific job or a specific activity; it’s a mindset. So even if you are a professional, an entrepreneurial mindset is what you require. So, whether you do your own business or whether you are working for someone else, that mindset is the one that will make you a winner. Because as an individual, whether you do your own business or run someone else’s business or support someone else’s business, your end goal or objective should remain the same. Even if you’re working for another company, you have to think that it is your own business, you know, for you to be able to bring the best out of you, to be fully committed, and to achieve optimal results. So therefore, it’s a mindset, in my view. It is important not just in Sri Lanka but in any country. Because entrepreneurship is all about economic success. The objective of the economy is to ensure that people, the entire population in that country get to live the life they want, so obviously, entrepreneurship and the activities relating to entrepreneurship are so critical and important. Without that, in this highly commercialized world, you can’t live the life you desire. How do you define entrepreneurial leadership from your perspective, and how do you embody it in your role as a CEO? Well, entrepreneurial leadership is something where you go beyond what others want you to achieve. You set your own goals and your own limits, and usually they are beyond what you can comprehend. Basically, reaching goals that others think are impossible. It's engaging in an activity where others think that they can't do what you can do. Entrepreneurial leadership 8 Futurepreneur
is again a mindset where you go beyond your capacity. What I do as a CEO, obviously, is simply doing what I explained under the first question and what I just explained now. Basically, I chase goals that others think are impossible to achieve on a daily basis. I make decisions with the respective functional leaders and with all the other stakeholders to create the impossible. Some of the leadership attributes a good leader should have are believing in yourself, rallying people around you, and sharing what you want to achieve, your vision, and the mission of the organization with them. You develop an action plan, and then you make that plan work with the utmost dedication and determination with the power you have in you in terms of knowledge, skills, capacity, and all that. How do you motivate the employees to build an innovative culture within the organization? Yes, motivation is very important because performance depends not just on what you do but also on what your team does. It’s not just an individual effort; it’s a collective effort. It’s not just about individual brilliance; it’s about team brilliance. Therefore, motivation plays a critical role. So how do you motivate them? While there are so many philosophies that people believe in, in my view, the first thing that people need to know is how, at the end of the day, they are going to benefit from their effort. “What is in it for me?” is a question the leaders need to answer because we are all natural, normal human beings, and we work to live our lives, not the opposite. You are studying to become successful, and while you need recognition as a human being, your final goal is chasing commercial success. That is why you are studying, and that’s why I’m working, and that fact has to be accepted and embraced. So, it’s all about showing them how they can benefit in the end from the effort that they put into building a more successful organization. And then show them the way to achieve that success. Helping them, supporting them, and sharing your knowledge will get them to chase more knowledge and become more knowledgeable, skilled, and competent. So how do you motivate people? It’s through communication. Communication is extremely important, and it’s not just a language or talking. A lot of people misread that. It’s everything you do: how you use your body language and facial expressions, your choice of words, the rhythm, your style, how you get into the hearts and minds of individuals, how you create a bond with people, how you build trust in them, and finally, how you bring the hearts and minds of everyone together to chase a common goal. So that can only be done through communication, and it is a skill you have to develop over a period of time. And I firmly believe that if you talk to a person in the right manner, understanding the culture of that individual, you can get anything done. As long as your intention is good and pure and it’s not just for your benefit but for the benefit of the other person as well, you can get anything done by any human being. How do you stay connected with emerging trends and technologies in rapidly changing business worlds? Yeah, it’s all about your desire to keep pace with the evolutions that happen. It could be things that are totally unrelated to you, or it could be things that are related to you, but you have to know where the world is heading, and you need to know the trends, how things evolve, and why they evolve. And you need to keep acquiring new knowledge, embracing new tools and technologies, and staying current because we live in a world where yesterday’s knowledge becomes obsolete today and today’s knowledge becomes obsolete tomorrow. So, unless one keeps evolving in terms of knowledge, skills, comprehension capacity, and competences, you can’t continue to be successful on the basis that you have been successful so far. Success achieved up to today is invalid and irrelevant. What is relevant is your capacity and capabilities today to be able to encounter challenges effectively and successfully deliver results. What you have achieved up to today is of no use, and there is no value. Nobody will respect 9 Issue - 09
you for that. They will just take a look at it and say "good," but if you fail today, all that you have done over the years will be disregarded. So, from that perspective, keep yourself evolving, be current, and be relevant. You are a well-known businessperson, and in 2021, you were awarded the Sustainable Leadership Award. Can you share some key initiatives or practices that contribute to your company having received this award? Yeah, so as you remember, in 2020, the COVID pandemic broke out and the whole world came to a standstill. In Sri Lanka, the situation became very bad because the politicians took different views and positions and did not work as a country. That is dirty politics in our country anyway. So that led to a situation where a lot of economic value was lost. Some countries reacted very well to it. They took calculated risks; they knew that you have to keep your life going and you have to keep your economic activities going, so it was not about safeguarding yourself and completely protecting yourself only. It was all about balancing. Some countries balanced it very well, and we initially failed. So, with my global experience, I promoted a lot of things in terms of concepts. Work from home is something I have done for 20 years working for a global organization, having responsibilities covering 180 countries in the world, and having been a senior leadership team member for the entire Asia-Pacific region. And for every single meeting, you can’t travel. It’s not possible. So, working from home using technological tools, all that was a part of my life anyway. Sri Lankans refused to believe this in the beginning because their mindset was that if you work from home, you will not be effective, you will not be productive, and you will take the job easy and things like that. Thereby, we approached working from home. I did a lot of communication through various media platforms like social media, the press, and radio talk shows. I did my part in keeping the economy going; I did not close the company, kept the company operations moving, and also understood the need of the hour when we started manufacturing sanitizers. That was not as a business but to help the country because, at some point, it became more important than food. As a cosmetic company, the place that I am currently attached to (that’s one of the things I do, and I am into so many other areas and companies as well), we store ethanol. When you have ethanol and other chemicals, you can produce sanitizers. We have laboratory facilities and R&D facilities, so I engaged with the scientists, and we came up with a formula. In that way, I made a significant contribution, and I was actually encouraging people to face the challenge. That is why, I guess, I was selected for that award. The theme for our Futurepreneur magazine 2023 is sustainable entrepreneurship. What are your thoughts on sustainability while leading a company? Yes, so obviously sustainability is all about living, right? You sustain your life; you sustain your work as a professional or as an entrepreneur. Life is all about sustainability, and while we tend to use that word in isolation, in my vocabulary, it’s the way we have to live and work. There are different connotations, and when you hear the word sustainability, your mind goes to protecting the environment, buildings, the economy, and looking after people and the planet, but it’s not just that. So, whatever you do, you always have to bear in mind that when you do something in a sustainable way, it’s not about achieving success once; it’s not about doing something just once. It is about doing something on a repetitive basis to keep life going. I mean, we try to eat at least three meals a day, right? It’s not about just eating today and tomorrow. It’s about eating every day until we die. Life is just like that, too. Therefore, sustainability, in my view, should not be used in isolation, you know, as a separate activity. You have to embed that into your thought process and everything you do. And if we have that attitude (sustainability is an attitude), sustainability is an action that encompasses everything you do. So that’s how you should use the principles and the concept of sustainability, and in that way, we will actually create a sustainable world and maintain sustainable results and relationships. What advice can you give to future entrepreneurs? Basically, entrepreneurship is something that requires very careful assessment and analysis. It has to be a very serious decision. You should not drift or get into “Success achieved up to today is invalid and irrelevant. What is relevant is your capacity and capabilities today to be able to encounter challenges effectively and successfully deliver results.” 10 Futurepreneur
something just because everyone says that being an entrepreneur is the way to achieve success in life. I promote this philosophy of the head before the body. So, before you embark on something, you must do all the research you can do and all the tests you can do. Study! Study! Study! Study for months or years and know how similar businesses perform. Look at case studies from the past to see how people have succeeded and, at the same time, how people have failed. The mistake we often make is that we look up the people who have been successful through entrepreneurship, and we think anyone who gets into a business can succeed and make money. But I'll tell you that only 1% or less than 1% have succeeded, and 99% have failed. It's just that we don't know who has failed. We know when people succeed because they are visible. The people who have failed are not visible. Therefore, it has to be a careful decision. Number two: to achieve success in life, you don't need to be an entrepreneur. Our children, the students in our country, undergraduates and graduates, should know that you can earn as much as 20 million rupees a month by being the head of an organization working in Sri Lanka. How many of us know that? How many of our younger generation and parents know that at the second, third, and fourth levels, you can earn more than a million rupees a month? How many of our undergraduates know that if you are the general manager of a top company, you will have a companymaintained vehicle, bonuses, share options, medical expenses free of charge, entertainment allowances, and a good salary? You will have all the perks under the sun, and your package can cost 3 million rupees. What kind of business does one have to do to have that put in their wallet? To have a $3 million bottom line that you can use for yourself. Now see what India has done. India has produced CEOs and top-end leaders for Fortune 500 companies. And a CEO of a Fortune 500 company would earn more than 100 million dollars per year. How many of us know that a qualified beautician can go to Europe and start earning 2 million rupees a month minimum? How many of us know that a software engineer with modern knowledge, software development abilities, and hardware maintenance abilities can earn 1 million rupees a month? Our younger generation is misled by conventional teachers and parents who say that to earn money, you must do business. No! Not at all. I have never owned a business, and I never will. Because I earn more than what a business can give you. I was rated as the highest-paid CEO when I was heading a multinational corporation for 19 long years. When you become a top-end professional, you can own a house in Colombo, drive a European car, send your kids to international schools, go out with your family every second day to a five-star hotel to have meals, and go on foreign trips every quarter. That is an enormous amount of money. So, I am saying yes, entrepreneurship is important for any country, and you need to have what it takes to be a successful entrepreneur. If you have it, you should do your research, do your analysis, and do market testing. Study the failures of others, study the successes of others, and make a judgment. If you dedicate yourself, you can be a successful entrepreneur, but at the same time, there are other very lucrative and wealthy opportunities here in Sri Lanka and elsewhere in the world. So, I encourage the younger generation not to be biased with entrepreneurship being the only way to achieve success in life, and I would like to suggest that being a star professional can make you as rich as an entrepreneur. Interview by : Yenuri Rodrigo Second Year Undergraduate, Bachelor of Commerce (Honors) in Entrepreneurship, University of Kelaniya. 11 Issue - 09
Unleashing the Power of Green: Effective Marketing Strategies for Sustainable Ventures Sustainability is now a prominent feature of the business landscape, and sustainable enterprises are becoming more prevalent. Why is this so? These companies prioritize environmental and social responsibility while seeking profits. For them, marketing is an important way to demonstrate their commitment to sustainable development and attract conscious consumers. This essay explores the use of authenticity, storytelling, transparency, consumer engagement, and digital marketing for sustainable businesses. Specific examples will illustrate the effectiveness of these strategies. Sustainability is no longer just a buzzword; it has become a core value that consumers actively seek in the brands they support. In its report, Nielsen’s Global Sustainable Business Report reports that 66% of consumers worldwide are willing to pay more for sustainable products, a growing trend. The ability of sustainable businesses to effectively promote their sustainable practices makes them a prime candidate to capitalize on this emerging market. Authenticity is at the heart of sustainable business marketing. The term “greenwashing” refers to the practice of making misleading or exaggerated claims about a product’s environmental benefits, and it can quickly erode consumer trust. This is where this pitfall comes in: every marketing campaign must have a real commitment to sustainability. Patagonia, a widely recognized outdoor clothing brand, serves as an illustration of the authenticity of sustainable marketing. They not only produce environmentally friendly products but also actively participate in environmental activities. The “Don’t Buy This Jacket” campaign, which encourages customers to reduce their consumption and repair their existing gear, is a great example of their commitment to sustainability. This authenticity resonates with consumers who prioritize truly sustainable practices. Transparency is another fundamental aspect of sustainable marketing. Ensuring transparency regarding product origin, supply chain complexity, and sustainability efforts fosters trust among consumers. Ecover, a manufacturer of ecological cleaning products, provides detailed information about product ingredients and their environmental impact on their 12 Futurepreneur
packaging. This transparency allows consumers to comprehend the choices they are making and reaffirms the brand’s commitment to sustainability. Consumable content can stimulate curiosity and make a lasting impression. Through stories, one can experience and relate to a brand’s commitment to sustainability in incredibly humane ways. TOMS, famous for its one-for-one shoe donation model, tells a powerful story about giving back. They emphasize their sustainable practices and social responsibility, sharing stories of how their products positively impact communities. This narrative creates an emotional connection with consumers, reinforcing their commitment to sustainability. Sustainable businesses can effectively communicate with global audiences through digital channels. Social media platforms can be utilized to exhibit sustainability initiatives, share narratives, and engage with consumers in real-time. The Body Shop, a cosmetics and skincare brand, effectively leverages its social media presence to advocate for various sustainability causes, from fighting animal testing to supporting community trade. They actively engage with their online community, amplifying their message and building a network of environmentally conscious consumers. Direct involvement in sustainability initiatives can lure consumers to sustainable businesses. Fostering a sense of collective responsibility by encouraging consumers to participate in sustainable practices The Ocean Cleanup, a non-profit organization, engages supporters through its “Adopt a River” program. Individuals can get directly involved in river cleanup efforts and witness the impact of their actions. This engagement creates a sense of ownership and strengthens the organization’s mission to clean the world’s oceans. In conclusion, marketing strategies for sustainable ventures must prioritize authenticity, storytelling, transparency, consumer involvement, and digital engagement. These strategies not only attract conscious consumers but also contribute to a more sustainable future. By genuinely and transparently showcasing their commitment to sustainability, sustainable ventures can create lasting connections with consumers and drive positive change in the market. Article by : Chamika Dhananjaya Wickramathilake Third Year Undergraduate, Bachelor of Commerce (Honors) in Entrepreneurship, University of Kelaniya 13 Issue - 09
COVER STORY Mr Daminda Perera Daminda Perera is the founder of Rasoda Dairies (Pvt) Ltd, a company he started in 2003 after resigning from the Sri Lankan Air Force. The company, based in Beddegama, Kurunegala district, faced many challenges in its early years. However, through continuous learning and training, they found success. Rasoda Dairies now operates in modern, wellequipped factories with advanced packaging technology. They prioritize hygiene and preserving the natural freshness and unique taste of their products, setting them apart from competitors. Over the past decade, they've worked to build a network of local dairy farmers, contributing to a sustainable supply of fresh milk in Sri Lanka. The company is also dedicated to sustainable practices and social responsibility, following their own set of ethical guidelines. This commitment has made Rasoda Diaries a trusted and appreciated brand in the Sri Lankan dairy market. We believe that there is a beautiful story behind the commencement of this business. We would like to know how the story unfolds. Yes, so that little notion I had as an entrepreneur converted into a business idea while I was still in the air force. During the war, I was on leave and visited a friend of mine. And I saw some dairy farmers in the Wariyapola, Kurunegala area disposing of the milk that they had collected on the road. I stopped and asked them the reason for disposing of the milk, and they replied by saying that the vehicle that was supposed to collect the milk stock did not turn up, and they had no choice but to throw away the milk. This usually happens at least twice a month, but they had no solution for this issue. Because back then, unlike in the present, there was not a big demand for milk. Only a few companies were purchasing milk. I saw this issue faced by the dairy farmers, and that was when I got the idea and asked myself, “We are in a rural area where milk can be found in abundance. While helping out these dairy farmers and the society, what can I do?”. That was how and when the business idea for dairy processing emerged. Prior to this, even though I wanted to become an entrepreneur, I did not have a clear-cut business idea. And I think when your mind keeps thinking about the concept of becoming an entrepreneur, the universe gives you an opportunity or a business idea. Yeah, so that was how the business idea was created, and while I was still in the Air Force, I researched and studied dairy processing. After 12 years of service, I retired from the military and started my own business. We kickstarted our business on a very small scale; we only used about 100 liters of milk supplied to us by four dairy farmers, and only four people were employed at the initial stage. And from that day forward, we have come a long way and expanded our business. We now have more than 300 employees, more than 1000 dairy farmers supplying milk to us, and two factories with the latest technologies. Moreover, we were awarded the Gold Award for Best Entrepreneurship Award in 2022. We were able to achieve all of this from the ground up because we were able to turn all the challenges we faced into opportunities. We were consistent and often told ourselves to never give up, and because of this, we brought our company to the top. As a managing director, on your journey to success, what were the obstacles that you had to face? In my view, this is something that goes beyond a manager. I challenged all these obstacles as a leader. In any business, as well as mine, we face a lot of internal and external issues from the day the business was started. Yes, these issues are challenges, but we must have an idea in our minds as to how we turn these challenges into opportunities. So, entrepreneurs or leaders should have their minds trained to identify 14 Futurepreneur
the opportunities within these challenges. And that is how we go towards success. This is the first quality any leader should have. Otherwise, what we do most of the time is scout for opportunities separately. An entrepreneur should always see the opportunities hidden in the challenges they face and seize them. This is a learning experience for entrepreneurs. Next, when starting a business, we should have a plan and then an order of work to implement these plans. We should have standards and know how to use them to evaluate our work order. More often, key performance indicators are used for evaluation. And lastly, the leading and controlling parts. As a leader, they have a responsibility that exceeds that of a manager. Also, we should always be attentive and focused. If they are not well focused on the task at hand, they cannot be a good leader. Yeah, so I think these are the factors and tools that mainly affected our success. As you explained earlier, we can turn the challenges we face into opportunities. Can you describe some opportunities that you identified from the challenges you faced in your business in recent years? Okay, so mainly when talking about the current situation, the COVID-19 pandemic and the economic crisis are the events that affected everyone the most. So, in the current context, first off, the buying power of consumers is less, and because of this, it is tough for us to sell all the units that we have put on the market. So, we think of strategies that we can use to mitigate this challenge and turn it into an opportunity. In the distribution network, we have general trade and modern trade, and in addition to Small and Medium Modern Trade (SMMT), we talk about business-tobusiness transactions. When conducting businessto-business transactions, most of the profits are shared between the two companies. So, we thought of switching to business-to-consumer transactions. Through that, we opened mobile outlets, and we now have many direct mobile outlets. Also, we sell our products directly to other organizations. The main issue that impacts us in the current context of high levels of inflation and low levels of income is the low buying power of consumers. If we do not provide a solution to this, the revenue of our company will definitely drop. So, this was the first strategy we used to turn this issue into an opportunity. And the second strategy is that, at present, a lot of small and medium enterprises have been shut down. And because of this, a higher demand for certain goods has been created since the businesses that have been shut down will no longer produce and supply their goods and services to the market. This is not a good outcome for the country, but we identified an opportunity in this as the supply of goods and services did not meet demand because most SMEs have been shut down. We saw a gap between demand and supply and catered more to those areas. That’s how we turned that challenge into an opportunity. But you must always look for these opportunities; otherwise, you will not find any. In every challenge, there is an opportunity. That is how the world has come so far. If there weren’t any challenges for us to face, be it a sophisticated item or anything, be it a professional singer, a sportsman, or a business, we wouldn’t be successful. As already mentioned, there were many other instances where we turned a challenge into an opportunity. Can you tell us about the sustainable practices your company, Rasoda Dairies, utilizes in dairy production? Yes, so if we weren’t so careful and concerned about sustainable development, then along the way it might hinder our business plans and activities. Therefore, we must plan everything by taking sustainability into consideration. When doing business, we can’t earn money to get through the next day. Most small businesses are only concerned with their day-to-day survival. If we have that mindset, we can’t continue the next steps in our plans. So, we must prepare short-term and long-term plans. We must prepare a vision statement, a mission statement, and goals and objectives. When we don’t have a clear vision, we can’t go towards sustainability. Because if we don’t know our destination, we can’t think about the concept of sustainability beyond that. So, if we are envisioning sustainability first, we must prepare a SMART vision, then a mission statement and goals, objectives, ethics, and values that align with it. So, if we have a vision and a mission statement, we can work according to the corporate strategic plans. And if we come across any deviations that we identified through Key Performance Indicators (that we use to monitor our success), we’ll understand what the issue is and why this issue occurred. Then we can learn from this mistake and change our plans accordingly. 15 Issue - 09
Short-term plans cannot be concrete; they should be flexible and align with the vision. If we have a wellorganized work plan, we can turn our entrepreneurial business into a sustainable one. “An entrepreneur should always see the opportunities hidden in the challenges they face and seize them. This is a learning experience for entrepreneurs” What quality control and safety measures are in place to ensure the dairy products meet high standards? At present, when we look at the goods and services on the market, quality is not something that is applied only to dairy products. Producers and service providers focus more on the quality of the goods and services they provide than the price. So quality is something that we must put more emphasis on for a business to be successful. When we are taking the necessary steps towards achieving our vision, if we focus on brand loyalty, brand trustworthiness, and branding, the first tool in all of these is quality. Even in the market mix, the first factor is product, and under that, the most important thing is quality. There are so many things that we can do to increase the quality of the product. First, we can use quality tools and practices. Our company is GMP, HACCP, and ISO 22000 certified. Our company has those certifications, and we keep on practicing these qualities. It is through this that we minimize the faults and errors in the quality of our products and have consistency. Next, we must decide on what actions we have to take. That is to say, we have to make sure our employees are always maintaining the quality of the procedures and the products, and from the human resources side, we require skilled employees. If we have to constantly train our employees, then it will be difficult for us to reach our quality standards. We have to focus on employee retention and labor turnover and uphold them to maintain the quality of the products, especially in a dairy company. Training, motivation, and job satisfaction of employees are some critical points that have to be dealt with by the HR department. While doing this, if we follow quality practices, for example, total quality management, we can maintain the quality and uniqueness of the product because they affect brand loyalty the most. We know that for any business to achieve continuous success, innovation is very important. Can you tell us how important innovation is for your business and what steps Rasoda Dairies has taken towards that? We can face our competitors in the market headon only if we are properly carrying out innovation with our products. Also, we can cater to the wants and needs of our customers through innovation. If we talk about our company, we have two fully equipped laboratories, and we have lab technicians in these laboratories. There is also an R&D department. Through that, we try our best to provide solutions to our customers based on their needs and wants. Most people have chronic illnesses because of bad eating habits. So, if we can provide our product to the market as a food supplement, let’s say for cholesterol, curry leaves are good for the body. Thereby, if we can add an ayurvedic value to our dairy product without any change in the smell or taste, we can go beyond what is done by our competitors and go towards success in this economy. Hence, innovation is extremely important for a business. In addition, we can cut down on our costs. What affects our profits and losses the most are fixed and variable costs. So, we can think about the different ways we can minimize costs and give that extra benefit to our customers. We take innovative decisions in this regard too. We can cut down on our operations costs and increase productivity. That is how we plan to use innovation to provide a quality product at an affordable price. At the beginning, you mentioned that you won the Best Entrepreneurship Award. We would like to know more about that. We started our business in 2003, and from that day on, we faced many challenges. In 2008, we had to shut down business operations for about a year. And from the challenges we faced, we were able to take the next steps for our business. The learning points we acquired after facing that situation helped us turn those challenges into opportunities, and after restructuring and revaluing our organization, we started our business operations again in 2009. If we didn’t face those challenges and shut down our business, we wouldn’t have come as far as we have. After having to shut down the operations, we understood and realized where we went wrong. And after taking the necessary corrective measures, we focused on these issues every year to not make the same mistakes again. Little by little, we placed first at the district and provincial levels, and then in the years 2019 and 2020, we were awarded the bronze and silver awards at the national level. And in 2022 (the year 2021 being the evaluation year), we were 16 Futurepreneur
able to reach the point where we were able to win the gold award for being the best entrepreneurship business. Currently in 2023, we received the gold award for value added milk based products using microbial culture at National Industry Excellence Awards. All these awards were not something that we achieved out of the blue. We slowly but steadily got these outcomes because of our journey to where we are standing now. We wish you and your company the very best and hope that you will be rewarded more for your hard work in the future. We have one final question for you, what is a piece of advice that you would like to share with our aspiring entrepreneurs? To be an entrepreneur, the first and most important thing that you should have is an entrepreneurial mindset. You may ask “What is an entrepreneurial mindset?”. You should always see the positive side of things. You should not focus on the negative things when starting a business, thinking that this is impossible to do, or we might face problems like this. The impacts of society are always negative when people start something new, so do not let it affect you. So, first, you should create that entrepreneurial mindset. Always keep the positive momentum going. Next, you should develop your risk-taking ability. Don’t think twice when taking a risk. No successful person has avoided taking risks. This is why we should have a positive mindset. If not, we will be intimidated when taking risks. Risk-taking ability is either something you are born with or something that you have to develop. So, an entrepreneur should definitely take that risk when starting a business. Otherwise, we would be more worried about the failure of the business because of the fear of taking a risk rather than thinking about the positive outcomes of starting a business. Then, if you want to be an entrepreneur, rather than following trends and following the steps of other people, you should identify either a social problem or an environmental problem and try to provide a solution for them. That is what we talk about the most in entrepreneurship. Entrepreneurship is commercializing an idea or a solution for an issue that we identify. The reason why 80% of businesses fail at the startup stage is because they listen too much to what others are saying and do something because others tell them to do so. Do not do this. Always try to have a positive entrepreneurial mindset, have the risk-taking ability, and try to provide a solution for existing problems. And after you start the business, you should not lose your focus and should never give up until you achieve your vision. You should be consistent and have a continuous dedication to your business. So, when starting a business, if you keep these points in mind, come up with an effective vision and mission for your business, and work according to a plan, then any entrepreneur could achieve success. What I am saying is that there are so many opportunities in our country that are yet to be seized. You can even dehydrate the fallen leaves and export them; you can even turn that into a business opportunity. The more threats and challenges one faces, the more opportunities arise from them. So, anyone who’s aspiring to become an entrepreneur should think well because there are so many opportunities for you to grab. Keep what I said in mind. I’m sure that there will be more and more entrepreneurs in Sri Lanka in the future, and they will all be successful. Text by: Yenuri Rodrigo Second Year Undergraduate, Bachelor of Commerce (Honors) in Entrepreneurship, University of Kelaniya. Interview by : N.T.S. Nithara Third Year Undergraduate, Bachelor of Commerce (Honors) in Entrepreneurship, University of Kelaniya. 17 Issue - 09
“Sustainability” where should it be initiated at? Environmental degradation is forcing society to rethink the way we live. Because companies are at the forefront of both the cause and the response, they must reduce their environmental footprint while still making money. Given the societal imperative of sustainable objectives, industrial policies often seek to transform the ‘green economy’ from a niche sector into a mainstream one. While the limited public resources often result in the introduction of just a few priorities into industrial policies (e.g. the ‘direction of development’), the quest for sustainable and cost-effective solutions generally encompasses a wide array of innovations. As a result, sustainable entrepreneurs (SE) are seen as essential in promoting sustainable development. Businesses can be instrumental in bringing about a societal shift towards sustainable development, and new businesses are often seen as better equipped to bring about this shift than those that have been around for a long time. Unlike eco-oriented entrepreneurs who seek to make money while helping to reduce environmental degradation, or social entrepreneurs who seek to contribute by helping to solve societal problems and build community, SEs combine both. In short, SEs help to solve societal and environmental issues through their business activities. Sustainable entrepreneurship “focuses on preserving nature and life support, as well as community, in the search for opportunities to create new products, processes, and services for profit, where profit is generally understood to include economic as well as non-economic benefits to individuals, society, and the economy”. SEs are supposed to bring eco-friendly products and services to the market to start a shift toward more eco-friendly and socially sustainable markets, but when the business environment does not support this, SEs must also act as institutional entrepreneurs to change the current business environment, including regulations, social norms, and values. Therefore, SEs must combine sustainable innovation (SI) with changes at the broader societal level to support sustainable development. In this case, both technical and non-technical innovations play a crucial role in achieving a full societal shift toward sustainable evolution. In fact, SE’s success depends on its ability to develop SI for the mass market which is an “innovative, market-oriented, and personalitydriven way of creating economic and social value through breakthroughs in eco-friendly or socially positive market or institutional innovation.” The success of SEs is contingent upon their ability to create sustainable innovation for the mass market, a form of innovation that is “innovative, market-oriented, and personality-driven” in terms of generating economic and social value through breakthroughs in environmentally or socially positive market or institutional innovation. While there is a broad consensus that sustainable development necessitates disruptive rather than incremental innovations, SI has not yet been clearly defined by scholars. Instead, it has been suggested that sustainable innovation should be viewed as a process in which sustainability considerations (environmentally, socially, and financially) are incorporated into company systems from ideation to R&D and commercialization, including products, services, technologies, and new business and organizational models. Article by : Mr.B.K.H. Dulip Anuranga Senior Lecturer Department of Commerce and Financial Management Faculty of Commerce and Management Studies University of Kelaniya. 18 Futurepreneur
The Green Lifestyle: A Guide to Living a Greener Life I n a world plagued by environmental crises and overflowing landfills; the concept of zero-waste living has emerged as a ray of hope. As we become more conscious of the detrimental impact of our consumerist habits, individuals and communities are turning towards a more sustainable way of life. Zero-waste living is not just a trend. It is a mindset shift that challenges us to rethink our relationship with waste, consumption, and the planet we call home. Zero-waste living also encourages us to prioritize repairing and repurposing items instead of resorting to disposability. In a society driven by planned obsolescence behavior, embracing repair culture not only saves money but also reduces demand for new products and the resources needed to produce them. By learning basic repair skills or supporting local repair businesses, we can extend the lifespan of our belongings and contribute to a more sustainable future. Living a greener lifestyle is not only beneficial for the environment but also for your overall well being. By making conscious choices and adopting sustainable practices, you can reduce your carbon footprint and contribute to a healthier planet. Everyone can practice a greener lifestyle in their daily lives. • Be mindful of the waste you produce and use reusable bags, water bottles and food containers instead of single-use items. • Save energy by turning off lights and appliances when not in use. Use energy-efficient light bulbs and appliances and consider installing a programmable • Conserve water by fixing leaks promptly, taking shorter showers and using low-flow showerheads and faucets. • Choosing green cleaning products that are non-toxic and biodegradable. Also use natural and organic personal care items. • Reduce, Reuse, Recycle and Replace • Use sustainable transportation whenever possible. Choose walking, cycling, or using public transportation. If you need to drive, use electrical vehicles. • Reduce meat consumption. • Investing in renewable energy helps reduce reliance on fossil fuels and supports the transition to a sustainable future. • Support local farmers and reduce the carbon footprint of your food by buying locally grown products. • Adopting sustainable clothing options such as secondhand or vintage items. Support brands that prioritize ethical and eco-friendly practices. 19 Issue - 09
When we see the role of zero-waste in business, there are sustainable companies at both local and international level. 1. Patagonia It is a well-known outdoor clothing and gear company that is recognized for its commitment to sustainability and environmental activism. 2. Seventh generation This is a company founded in 1988 that sells eco-friendly cleaning, paper, and personal care products. 3. Numi organic tea Numi Tea is known for its commitment to sourcing high-quality organic ingredients and supporting fair wages and safe working conditions for tea farmers. 4. Tablas creek Tablas Creek Vineyard is known for its dedication to producing high-quality Rhone-style wines through organic and biodynamic farming practices. Also, Sri Lanka is home to several sustainable startup companies that are making a positive impact on the environment and society. 1. Zero-waste store This sells everything from chemical-free bathroom essentials to vegetables and is built around the concept of “zero waste,” where customers bring in their own containers, weigh and buy the items and show all natural, chemical-free products. 2. Sustainably Yours It promotes sustainable living with a curated range of locally sourced eco-friendly products. They aim to encourage conscious consumerism and reduce the environmental footprint. 20 Futurepreneur 3. Us on earth It explores agriculture on different tangents to encourage a more holistic development of food and farming in Sri Lanka. 4. Honest Greens Honest Greens grows plants pesticide-free, horizontally, and indoors in a controlled environment and uses 95% less water than traditional field farms, enabling us to operate during times of drought. These are just a few examples of sustainable startup companies. More entrepreneurs in the world are focusing on sustainability as a core value in their businesses. Zero-waste living is not an overnight transformation. It is a continuous journey towards a more sustainable future. By embracing this lifestyle, we can reduce our ecological footprint, protect the environment, and preserve resources for future generations. Together let us embark on this path of conscious consumption, waste reduction and community building as we strive for a world where waste becomes a thing of the past. Article by : Deshani De Silva Second Year Undergraduate, Bachelor of Commerce (Honors) in Entrepreneurship, University of Kelaniya.
FEATURED ARTICLE Mr.DULANJANA VITHANAGE Dulanjana Vithanage is the Founder and Managing Director of Jack Fruit Ceylon (Pvt) Ltd. He had introduced a series of groundbreaking products to the world through his passion and innovation. Hailing from a remote village in Galle, Dulanjana attended Richmond College, Galle, for his schooling and graduated from the University of Sri Jayawardenepura. The road to his village is lined with jackfruit trees, which bear fruit in abundance during the season. However, this same road becomes impassable during the rainy season, posing a challenge for the villagers. Dulanjana’s innovative thinking led him to ponder how this surplus of jackfruit could be put to good use. Through a series of experiments, he developed a range of food products centered around jackfruit seeds. Today, he stands as a successful entrepreneur, steering his own business venture that initially started as Rish Lanka (Pvt) Ltd. and has now grown into Jack Fruit Ceylon (Pvt Ltd), with a global presence. The primary products of his business are “Kos Noodles, Kos Posha, and Kiri Kos Maluwa.” He manufactures five main jackfruit-related products, along with 25 other dehydrated vegetable products. Notably, the reach of his products extends beyond domestic borders, finding popularity in international markets such as Dubai, Japan, the UK, Australia, and Italy. His production processes strictly adhere to ISO standards, with the manufacturing plant meticulously set up in alignment with these protocols. This success story has its roots in the village’s jackfruit trees, once considered a waste and the entrepreneur ’s journey began with a desire to find purpose for this abundant resource. His early experiences along the road to his village, obstructed by fallen jackfruit, planted the seed of inspiration. The university’s support, especially for commercial activities, encouraged him to pursue entrepreneurship. He first conducted a survey regarding why jackfruit was not widely consumed. Through university, he acquired extensive knowledge in food science, marketing, market research methodologies, and practical applications. Government incentives and recognition at award ceremonies motivated him to further expand his business. The jackfruits he uses for production is sourced from both his village and surrounding areas, signifying the pivotal role of the jackfruit trees in the local economy. 21 Issue - 09
Furthermore, he received several notable awards • The 2018 Best Entrepreneur Award • The 2018 Best Innovation Award • The title of Best Entrepreneur in the Southern Province Small Business Sector in 2019 • Second place in the Agriculture Section at an Awards Ceremony hosted by the 2021 Youth Services Council • SLIM SMEDA’s Gold Award for the BestCommercialized Innovation in 2022 He is on the verge of becoming a highly successful entrepreneur, skillfully utilizing the plentiful and abundant resources available in the country. This is something that we should learn from him. V.M. Dilhara Third Year Undergraduate, Bachelor of Commerce (Honors) in Entrepreneurship, University of Kelaniya. Miyasi Shyamali Third Year Undergraduate, Bachelor of Commerce (Honors) in Entrepreneurship, University of Kelaniya. Hasintha Hansamali Third Year Undergraduate, Bachelor of Commerce (Honors) in Entrepreneurship, University of Kelaniya. Interview by : Text by : 22 Futurepreneur
Electric vehicles (EVs) are no longer a futuristic dream but a tangible reality that is reshaping the way we think about transportation. As the world grapples with environmental concerns and the need for sustainable mobility, EVs have emerged as a revolutionary solution. In this article, we'll explore the future of electric vehicles and their transformative impact on the world of transportation. Electrifying Advancements The rapid growth of the EV market is not just a passing trend but a pivotal moment in the history of transportation. One of the most compelling reasons for this shift is the environmental imperative. With traditional internal combustion engines contributing significantly to global greenhouse gas emissions, EVs offer a clean, green alternative. They produce zero tailpipe emissions, making them a vital component in reducing our carbon footprint and combating climate change. Beyond their eco-friendliness, electric vehicles also excel in terms of energy efficiency. Unlike gasolinepowered vehicles, which lose energy through heat and inefficiencies in the internal combustion process, EVs convert a much larger percentage of electricity into motion. This translates into substantial cost savings for consumers and a reduced demand for fossil fuels. Overcoming Challenges While the promise of electric vehicles is undeniable, some challenges have slowed their widespread adoption. One primary concern has been the range of EVs on a single charge. Early models struggled to match the range of traditional vehicles, leading to "range anxiety" among potential buyers. However, advancements in battery technology have largely addressed this issue. Many modern EVs now boast ranges of 200 miles or more, making them suitable for most daily commuting and travel needs. As battery technology continues to improve, longer ranges and faster charging times are on the horizon. Another challenge has been the availability of charging infrastructure. Governments and private 23 Issue - 09 Charging Toward the Future: The Electric Vehicle Revolution
Article by: Pasindu Perera Second Year Undergraduate, Bachelor of Commerce (Honors) in Entrepreneurship, University of Kelaniya. companies are addressing this hurdle by rapidly expanding charging networks. Fast-charging stations along highways, urban charging hubs, and innovative wireless charging solutions are becoming more prevalent. These developments are gradually erasing concerns about charging accessibility and availability. Market Evolution The electric vehicle market has evolved significantly in recent years. Initially characterized by a few pioneering manufacturers and niche models, it has now attracted virtually every major automaker. This influx of competition is driving innovation and pushing prices down, making electric vehicles more accessible to a broader range of consumers. EVs are no longer confined to compact cars. There are now electric SUVs, luxury vehicles, and even electric trucks entering the market. This diversification caters to different consumer preferences and demonstrates that electric vehicles are not just an environmentally conscious choice but a versatile one that can meet various needs. Government Initiatives Governments worldwide are playing a crucial role in accelerating the adoption of electric vehicles. Many countries offer incentives such as tax credits, rebates, and reduced registration fees for EV buyers. These financial incentives make EVs a more attractive option, helping consumers overcome the initial cost hurdle, which can be higher than traditional vehicles. Additionally, some regions are implementing stricter emissions standards, encouraging consumers to consider electric vehicles as a cleaner alternative. Beyond Personal Transportation Electric vehicles are not only transforming individual commuting but also reshaping public transportation. Cities are investing in electric buses, trams, and other forms of public transit to reduce emissions and improve air quality. Additionally, EVs play a pivotal role in the electrification of logistics and delivery services, with electric vans and trucks becoming more common sights on our streets. The Road Ahead As we look to the future, electric vehicles are poised to continue their upward trajectory. Their growing popularity and adoption will drive further advancements in battery technology, range, and charging infrastructure. In the coming years, we can expect to see electric vehicles become a dominant force in the automotive industry, with internal combustion engines slowly becoming relics of the past. The electric vehicle revolution is not just about cleaner air and reduced dependence on fossil fuels; it's about embracing a new era of transportation that aligns with the pressing need to address climate change and create a sustainable future. By choosing electric vehicles, we are not only improving our personal transportation but also contributing to a collective effort to revolutionize how we move, making our cities quieter, our air cleaner, and our planet greener. The road ahead may be electric, but it is a road worth taking for the sake of our environment and future generations. 24 Futurepreneur
FEATURED ARTICLE Mr.SANJEEWA CHULAKUMARA Sanjeewa Chulakumara is a persuasive leader with a strong commitment to improving business operations and driving sustainability excellence, recognized with numerous national and international awards. Known for assessing, developing, and executing strategies that enhance business performance while fostering a collaborative and innovative team culture. He is a dedicated advocate for cross-functional collaboration and innovation, celebrating team achievements and nurturing highperformance teams. Acknowledged nationally as the 'Best People Manager.' Strategically introduced new business models resulting in significant profitability gains. He is a Chartered Environmentalist with over 20 years of corporate experience, holding advanced qualifications in Business Administration, Management, and Environmental Management. Additionally, a researcher and speaker at numerous national and international forums, invited talks, webinars, and conferences actively supporting various stakeholders in sustainability matters. His Current roles include CEO of ENVIRONS Lanka Private Limited, with previous positions as Director, Exco Member, and Board Member of Ecocycle Lanka and INSEE Cement Lanka. Also serving as a Council Member of the Institute of Environment Professionals in Sri Lanka (IEPSL) and the Institute of Supply and Materials Management (ISMM). Can you share a bit about your background, how you got started in the waste management, resource recovery, and circular economy industries, and what inspired you to pursue this field? When you delve into my background, you'll find that I graduated from the University of Peradeniya with a strong science foundation, focusing particularly on chemistry. I also pursued studies in molecular biology and biotechnology. With this robust technical background, I ventured into the professional world by joining a small company, although I'm uncertain if it still exists today. This company played a pivotal role in shaping my aspirations. They were involved in importing and marketing various products, including pesticides, medical devices, and pharmaceuticals. It was in this role that I had the opportunity to apply my technical knowledge to real-world business scenarios. As I engaged with stakeholders and interacted with various ministries, the concept of sustainability began to capture my attention. I developed a keen interest in pursuing a career in the sustainability field, even though my understanding of sustainability was somewhat limited at that time. My quest to understand the landscape led me to explore what was happening and the potential opportunities in Sri Lanka. My journey eventually led me to discover a project at 25 Issue - 09
Holcim, one of the largest cement manufacturers in the world, operating in 150 countries, including Sri Lanka. They were embarking on a new business model, particularly in waste management, which they referred to as Geocycle. Intrigued by their sustainability and environmental efforts, I applied for a position in the company and was fortunate enough to secure it. At the time, I had little to no knowledge about waste management, but Holcim served as a valuable platform for me to acquire new insights. My background in science made it relatively easy for me to dive into the subject matter. I devoted myself to learning and expanding my expertise. This journey began around 2008, and it quickly evolved into a profound passion for understanding the intricacies of this business model. Holcim provided me with numerous opportunities for international exposure, with experiences in Europe and other developing countries. This experience was transformative and fundamentally altered the course of my life. It was during this time that I realized the pivotal role waste management would play, not only in the business world but also at the household and government levels. This realization served as a wellspring of inspiration and motivation, driving me to pursue further knowledge and expertise in this field. Reflecting on my career, which has now spanned almost two decades, I can see how the experiences and insights gained along the way have become the foundation for my passion and dedication to waste management and sustainability. What do you think about the business opportunities in waste management or the circular economy industry? When we examine the World's Circularity Gap Report, it reveals that the circularity gap stands at around 10%, or even less, meaning that only about 9% of materials are being effectively recycled. This leaves a staggering 90% being discarded, adhering to a linear economic model of make and dispose, resulting in towering heaps of waste. It's important to recognize that waste, in reality, constitutes a valuable resource. Simultaneously, we face the pressing challenges of rising CO2 levels, temperature increases, and the pervasive impacts of greenhouse gases. Major corporations have recognized the urgency of sustainability and have incorporated it into their core agendas. Without these sustainability initiatives, businesses would find it increasingly difficult to thrive. Additionally, forward-thinking environmental laws like Extended Producer Responsibility (EPR) and other waste management regulations are on the horizon. The government has also taken significant steps by declaring National Determined Contributions, with waste management being identified as a crucial area for attention. Considering these various factors, waste management, resource recovery, and circular economy-driven business models are poised to define the future. The concept of the circular economy extends beyond mere recycling, encompassing a wide array of strategies that can be implemented prior to recycling. New and diverse business models are emerging, prompting every company to establish a waste-related business model. There exists a wealth of opportunities for companies in the waste management sector. While challenges such as costs and technological advancements are prevalent, they do not overshadow the potential for entrepreneurs to thrive. Opportunities for partnerships and avenues for seeking foreign funding abound. Notably, numerous projects in the field of waste management and resource recovery are already in progress. Based on my knowledge and experience, I firmly believe that business models centered around waste management and resource recovery will attract significant attention. As an illustrative example, I transitioned from my tenure at Holcim to initiate my own waste management company after 15 years. Among my colleagues, at least ten individuals have embarked on their own ventures in waste management, thus not only creating employment opportunities but also establishing extensive networks and pioneering innovative technologies. Many of these entrepreneurs are collaborating with eminent global universities and experts in the field. This emerging business landscape offers a compelling prospect for entrepreneurs to not only generate revenue but also contribute to environmental conservation, support corporations, and assist governments in their sustainability endeavors. What are the risks or challenges anyone can face while pursuing this field? For any waste management company, a thorough 26 Futurepreneur
understanding of the business and a strong risk management strategy are imperative. The regulatory landscape in Sri Lanka poses challenges, with the Central Environmental Authority and specific regulatory bodies governing the sector. Moreover, compliance requirements are subject to change, adding another layer of complexity. Embracing technological advancements is paramount. Innovations like the Internet of Things and smart waste management systems are reshaping the industry. For instance, a shredder that once processed material at a rate of three times per hour may now necessitate an upgrade to a machine capable of handling 15 tons per hour after just a year. While technological progress is beneficial, it comes with financial implications and operational adjustments. Securing financing, possibly through bank loans, is crucial for entrepreneurs entering this field. The financial aspect is undeniably significant. A robust business case with a favorable return on investment is essential to navigate the financial constraints. In Sri Lanka, there exists a prevailing negative perception towards waste management. Many people dispose of waste without a clear understanding of proper practices. Implementing waste management projects may encounter resistance from interest groups and political figures. Public perception, therefore, presents a substantial challenge. Education levels pertaining to waste management also require attention. Building awareness and knowledge among the populace is vital for the success of such ventures. Additionally, ensuring a steady supply of waste material is crucial. Environmental considerations are paramount in waste management. Handling waste with utmost care is crucial to mitigate emissions and other adverse impacts. Failure to do so can result in legal and environmental liabilities. For instance, mishandling chemical reactions can lead to hazardous outcomes. Governance in waste management is another critical aspect. Establishing sound governance practices within the business is vital for long-term success. This includes adhering to ethical and regulatory standards. Finally, advancing recycling techniques is key. While challenges abound, access to global knowledge and information through the internet has expanded opportunities for overcoming these hurdles. With the right strategies in place, waste management can be a sustainable and viable business endeavor. How do you see the role of sustainability and environmental responsibility evolving in the waste management or circular economy industry, and how is your approach aligned with these principles? Sustainability, circular economy, and waste management are all interconnected concepts. Sustainability serves as an overarching principle, while the latest concept, circular economy, involves maintaining materials in a continuous loop. Essentially, the circular economy emphasizes utilizing technical and analytical material cycles alongside regenerative energy sources. The core of the circular economy revolves around achieving zero waste. Sustainability and the circular economy have become integral to business models. Without them, companies might struggle to function, given the mounting peer and regulatory pressures. Nowadays, individuals are increasingly engaging with sustainability practices. Many have embraced concepts like GRI reporting and life cycle thinking as essential components of competition. GRI reporting has become a prominent trend, and sustainability has transitioned into ESG (Environmental, Social, and Governance) considerations, which are now critical aspects of business. This is a positive shift. Circular business models are gaining traction across industries. Companies are actively exploring ways to incorporate circularity into their operations. For instance, in my former company where I worked for 15 years, we focused on optimizing energy consumption. This led us to replace coal with waste, effectively utilizing waste as an energy source. It's a win-win scenario, where waste from one source becomes a valuable energy resource for us. Another exemplary case is in power plants. While coal-fired power plants are common, there is a growing emphasis on finding alternative solutions. Fly ash, a byproduct of burning coal, has presented environmental challenges. However, forwardthinking companies in the cement industry have turned it into a valuable commodity. By blending 27 Issue - 09
fly ash with cement, they create superior-quality products. This demonstrates an industrial symbiosis where two business models collaborate to circulate materials. These examples, among others, illustrate the evolving landscape. With the emergence of technologies like the Internet of Things, businesses now have access to comprehensive information. Industries are increasingly adopting life cycle thinking to assess their products' environmental impact. They ask questions like whether their products are carbon-negative or how much carbon they emit. The role of sustainability has evolved significantly. It is now imperative for businesses to not only comply but also adopt circular business models. Failing to do so may hinder operations. To address your question regarding the evolution of sustainability and environmental responses in waste management, I see them as inseparable. They hold immense value, and any business not assessing its circularity and sustainability could face challenges. Therefore, it's crucial for industries to adapt and prioritize these aspects. “Don’t be hesitant; just delve in and explore. Doing so will not only lead to financial prosperity but also contribute positively to the environment and, ultimately, grant you peace of mind.” What are the upcoming trends or the future of waste management and circular economy? Presently, it's evident that companies, governments, and even local councils recognize the imperative of adopting sound waste management practices and embracing circular economy principles. Not only is this a personal responsibility, but it's also vital at the national level. In this field, we're witnessing an influx of advanced recycling technologies and the emergence of innovative energy solutions. Sri Lanka, for instance, has made strides with waste-toenergy plants, while the adoption of IoT (Internet of Things) and digitization has facilitated smarter waste management solutions. Sorting processes, driven by AI-based platforms, are also gaining prominence. Moreover, circular business models and designs for circular products are on the rise. These changes are set to revolutionize the way we approach everyday items. For instance, in the near future, owning a car may be replaced by utilizing a shared platform that optimizes transportation. Similarly, personal appliances like washing machines may become part of a service model, with companies managing maintenance and recycling after a set period. These products will be designed with ease of repair in mind, ensuring sustainability through longevity. In terms of packaging, its environmental impact is now a significant concern, not only in Sri Lanka but globally. Consumers are increasingly discerning, demanding eco-friendly and cruelty-free products. Companies must be attuned to this shift, as information spreads rapidly through social media channels. One notable global trend is the implementation of Extended Producer Responsibility (EPR) laws. These laws hold producers accountable for the entire lifecycle of their products, including responsible waste management and stewardship. This means that if a company sells a product, they are obliged to have a strategy in place for its eventual disposal or recycling. For example, if a laptop is sold, the company must consider its fate after five years of use. Though EPR laws are still pending approval in Sri Lanka, they represent a significant future trend. Once enacted, they will undoubtedly drive companies to rethink their business models and practices. Collaborative initiatives between NGOs, the government, and the private sector are also becoming more prevalent, fostering public-private partnerships. Consumer awareness is on the rise, reinforcing the importance of responsible waste management. Global regulations and standards are being established, emphasizing the need for compliance. This evolving landscape underscores that waste management extends beyond post-consumption disposal; it necessitates thoughtful design considerations in line with circular economy principles. The textile industry is another area of focus. Some experts posit that textiles may be the next environmental challenge akin to plastic. Initiatives are underway to promote sustainable practices within the textile industry, including the utilization of second-grade textiles and even the rental of clothing for one-time use. Digital clothing, tailored for specific occasions or events, is also emerging as an innovative solution. In conclusion, these trends reflect an increasing awareness of the importance of sustainable waste management practices. The future is likely to see a shift towards urbanized, vertical living arrangements, potentially altering consumer behavior around cooking at home. These developments indicate a growing concern for the cost of living in Sri Lanka. 28 Futurepreneur
Overall, the evolving landscape calls for a proactive approach to waste management and a commitment to circular economy principles. What are some of the key lessons you have learned throughout your career that have contributed to your success? I believe continuous learning has been pivotal for my growth. Maintaining a mindset of perpetual learning has been invaluable. Even today, I continue to seek new knowledge and skills. This approach is indispensable. Adaptability is another trait I've embraced. It's a quality that's served me well in various situations. Whether I've found myself in different business environments or facing unique challenges, adaptability has been a reliable companion on my journey. I recognize its significant impact and still consider it a vital skill to nurture. While I've come a long way, effective communication remains an area I'm working on. Being an effective communicator is crucial in dealing with superiors, the board, stakeholders, and even in navigating the intricacies of certain business dynamics. Particularly in fields like waste management, which involves diverse stakeholders, mastering effective communication is a continual process. Innovation has also played a crucial role in my success. Being open to new ideas and ventures, even if they come with the possibility of failure, has led me to explore countless business models and products. This culture of innovation, research, and development has been instrumental in driving progress. A cornerstone of my success has been the team around me. Trusting and nurturing my team members has been central to my leadership approach. This has not only allowed my leadership style to evolve but has also helped me attract and retain the right individuals. While I've made hiring and firing decisions, I've always prioritized attitude over qualifications. Making timely decisions has been a key factor in my career development. Integrity holds a special place in my professional philosophy. Upholding integrity covers a wide range of areas and builds trust in professional relationships. It has been an anchor throughout my career. Being consistent with my actions and words is another principle I adhere to. This approach has underpinned my credibility and reliability in the workplace. Additionally, networking has been a significant contributor to my success. Whether in education, entrepreneurship, corporate leadership, politics, or any other field, a strong network is an invaluable asset. I've always viewed networking as a means to mutually beneficial connections and opportunities. In summary, a commitment to continuous learning, adaptability, effective communication, innovation, team building, integrity, consistency, and networking have been pivotal in shaping my career journey. These SuccessFactors continue to drive my professional growth and development. What advice do you offer to aspiring entrepreneurs or professionals looking to excel in the waste management and circular economy sector? I have a well-known saying: "You must be the change you want to see." It's all about taking that initial step, starting things, and then gleaning lessons from the experience. A proactive mindset is crucial in this regard. These, in my view, are fundamental principles. What I genuinely believe is that there is an abundance of business opportunities in this field. Don't be hesitant; just delve in and explore. Doing so will not only lead to financial prosperity but also contribute positively to the environment and, ultimately, grant you peace of mind. Reflecting on my career, I find immense satisfaction in the positive impact I've had. I've been a staunch supporter of industries and have played a role in safeguarding individuals from various challenges. Knowing that I've contributed to a worthwhile cause, without causing harm to the environment, and having supported numerous stakeholders, is a source of great fulfillment for me. This, to me, is the true measure of achievement. In essence, remember to embody the change you envision. Take those crucial first steps, gather experience, and absorb lessons each Interview and Text by : Maryam Mahas Third Year Undergraduate, Bachelor of Commerce (Honors) in Entrepreneurship, University of Kelaniya 29 Issue - 09
30 Futurepreneur
Starting a business often comes with its fair share of challenges. Could you please describe the difficulties you encountered when initially establishing your business, and how you managed to overcome them? Starting a business comes with its fair share of challenges, and I certainly encountered my share. Initially, I was plagued by doubts, often feeling tempted to give up. I lacked the know-how to kickstart and sustain the venture. I constantly looked at thriving businesses, aspiring to reach their level of success. In the early stages of crafting leather products, I fell short of the quality I aimed for, leading to customer dissatisfaction. This made me contemplate quitting on numerous occasions. Moreover, there was little support from my educational background and family. Securing funding was another significant hurdle. I began with just five leather products, initially creating them as gifts for friends. This was how my business took its first steps. However, despite these beginnings, I still grappled with the question of how to progress. Competition emerged as a formidable challenge. Upon entering the market, we faced a surge of competitors attempting to replicate our products. Initially, this was stressful, but I’ve learned to counter it by innovating and creating new products whenever similar ones appear. Social media marketing was another obstacle. Its importance for business success was evident, but it proved to be a tough nut to crack in the early stages. Managing employees, finances, providing after-sales services, and overseeing the supply chain were additional hurdles in the initial stages. However, I’ve since found effective solutions for these challenges, enabling me to sustain and grow my business. In my perspective, maintaining professionalism and fostering strong customer relationships have been the cornerstones of a successful business. Despite initially starting on a small scale, it’s clear that your business has seen significant growth. We’re interested in understanding the production process behind this success. Certainly, let me walk you through our production process. To begin, we conduct mini market research to gain insights into customer preferences and current trends. Following this, we procure all necessary materials for production, including leathers, zippers, paints, and chemicals. These items are then meticulously cataloged. Vajira Peiris, with a background in fashion and weaving, earned degrees from the University of Moratuwa and the London College of Fashion. She later taught at the University of Moratuwa and Nottingham Trent University, specializing in weaving. Now, she’s the force behind Peiris Leather Studio in Sri Lanka, a startup focused on crafting high-quality, sustainable leather accessories. Their range includes wallets, handbags, camera belts, book covers, and iPad cases, all designed to enhance daily life. Despite the labor-intensive nature of leather production, Peiris is determined to bring handmade, detailed leather goods to the market, aiming to change the landscape of leather startups in Sri Lanka. FEATURED ARTICLE Mrs.VAJIRA PERIS 31 Issue - 09
While sourcing materials, we create samples for customer feedback. Once we receive approvals, we proceed to craft the final product tailored to our target audience. Sustainability is a key consideration for us, and we refrain from using polythene in our packaging. Instead, we often repurpose waste papers in a creative manner for packaging, alongside the use of tissues. For exports, it’s important to adhere to specific dimensional requirements. We ensure our products meet these specifications and engage an agent to handle the delivery process for our international market. As you mentioned earlier, you’ve expanded your reach to the international market. Could you share how you initially ventured into the global market? Certainly. Initially, I began exporting a limited quantity of goods, mainly relying on personal contacts for these transactions. I utilized both the Sri Lankan post office service and DHL for these shipments. As the volume of orders grew, I transitioned to working with buyers who could handle bulk orders efficiently, rather than managing individual shipments, given the substantial logistical process involved. To further penetrate the international market, we actively participate in forums where suppliers and buyers converge, attend industry fairs, and actively forge connections. Our efforts extend beyond local networks, as we also engage in international trade events. Additionally, we leverage social media platforms to expand our global presence, and I personally lead workshops to foster collaborations. This approach has led to some partners manufacturing products through us and subsequently exporting them independently. What are the countries you currently export to and your future aspirations? Certainly. At present, our primary exports are to the UK, mainly consisting of bags and various other products. Additionally, we have a growing market in Australia, where there’s a strong appreciation for our handmade items. We are also exploring the use of vegan leathers to cater to this market. We export smaller quantities to destinations like Israel, Dubai, and the UAE. My primary aspiration is to expand our business into key markets such as France, Japan, America, and Canada. I envision establishing long-term relationships with buyers and maintaining a consistent export flow. Currently, our exports are not on a regular schedule, and I aspire to reach a point where we can directly serve our customers. Finally, what advice would you give to individuals who are eager to enter the global market, considering the pandemic situation in our country and the competitive landscape? Do you believe it’s a suitable time? I cannot dissuade anyone from pursuing entry into the global market, even in a crisis situation. Those who possess the determination and are willing to put in the effort have the potential to achieve success. The current crisis has resulted in the downsizing of many organizations, creating opportunities for new entrants. For newcomers, it’s important to be aware that while there is an opportunity, there is also an inherent risk in investing a substantial amount in the business. Therefore, my advice is to commence the business, but resist the urge to expand too quickly. Instead, focus on steady, sustainable growth while carefully identifying market opportunities. Your current stage of life is an optimal time to start a business, given your energy, the ability to establish connections early on, and the resilience to learn from any setbacks. So, seize the opportunity to begin your entrepreneurial journey. Interview and Text by : Anjalika Thilini Third Year Undergraduate, Bachelor of Commerce (Honors) in Entrepreneurship, University of Kelaniya 32 Futurepreneur
In today’s market, the customer is more informed than before, so they are always thirsty for information. They search the market under various criteria while buying what they want. Business organizations mainly focus on four basic aspects while selling their products. Where the focus is on the product, price, location, and promotion, the consumer is primarily attracted to the product based on their satisfaction with the package. That is, in today’s world, business organizations are paying more attention to the packaging produced. According to Nielsen research done in the United States in 2018, items with sustainability claims outsell those without. Two-thirds of respondents in the CGS 2019 US Customer Sustainability Survey confirmed that they consider environmental effects when making shopping decisions and are willing to pay more for eco-friendly products. So, most businesses try to use sustainable packaging for their products. Sustainable packaging is the design, manufacture, and use of packaging materials and technologies that have a low environmental impact while preserving and delivering items effectively. Sustainable packaging aims to lessen the negative effects of packaging on the environment and society by taking into account a variety of issues such as resource efficiency, recyclability, renewable materials, energy usage, and trash reduction. The following are key principles and aspects of sustainable packaging: Biodegradable materials Some sustainable packaging choices are engineered to biodegrade under specific conditions, lowering their environmental impact when disposed of in landfills. Over time, biodegradable compounds degrade into natural chemicals. Innovations in biodegradable materials, such as bioplastics made from renewable resources like cornstarch and potatoes, offer a more environmentally friendly alternative to traditional plastics. These materials break down more readily in natural environments, reducing plastic pollution. During the harvest season in Sri Lanka, we can see a surplus of potato production. Farmers face difficulties because they cannot sell the surplus. Then their harvest is destroyed. A promising solution to address the excess potato production among Sri Lankan farmers is to utilize the surplus crop in the production of bags and bottles. By harnessing the raw material from potatoes, which is biodegradable and renewable, these innovative products can offer sustainable alternatives to traditional plastic-based items. The conversion of excess potatoes into bags and bottles not only reduces waste but also promotes environmental conservation by minimizing reliance on non-biodegradable materials. This approach not only provides a practical use for the surplus potatoes but also presents an opportunity for value addition and entrepreneurial ventures within the agricultural sector. Biodegradable packaging for Skin-care Bio-based air pillows Biodegradable tableware INNOVATION OF SUSTAINABLE PACKAGING 33 Issue - 09
Bamboo packaging Self-repairing packaging Modular food packaging paper-based,recyclable packaging for sports drinks Recyclability Recyclable packaging is a type of sustainable packaging that may be collected, processed, and reused through recycling systems. It seeks to reduce environmental effects and waste. Paper, cardboard, glass, aluminum, and some plastics may all be recycled into new items with little environmental impact. Recycling systems differ by location, and consumers are required to place recyclable goods in specified bins. Materials are collected and delivered to recycling facilities for sorting, cleaning, and processing. After that, recycled materials are reprocessed to make new products or packaging materials. Recycling lessens the need for virgin materials while also conserving resources, saving energy, and lowering greenhouse gas emissions. Consumer responsibility and packaging design are also important factors in increasing the recyclable content of packaging. Reusability Reusable packaging is a more environmentally friendly alternative to single-use packaging since it reduces waste, conserves resources, and has a lower environmental impact. It is built of long-lasting materials such as stainless steel, glass, or plastic and is meant for various applications. Cleaning and maintenance are required to keep hygiene and functionality in place. Reusable packaging eliminates waste, saves resources, and has a smaller environmental impact. It also saves money because it eliminates the need for fresh packing for each usage. It can also improve transportation efficiency while lowering costs and emissions. Changes in consumer behavior, such as returning empty containers at the point of sale, are frequently associated with the use of reusable packaging. Material selection, ease of cleaning, and withstandability are all important considerations for packaging designers when producing reusable packaging. Also, reduced material usage, renewable materials, and minimalist design can be mentioned here. In the context of tackling environmental challenges such as plastic pollution, resource depletion, and climate change, sustainable packaging is critical. Companies and consumers are rapidly understanding the value of sustainable packaging in reducing waste, conserving resources, and lowering their environmental impact. Regulations and industry standards are also growing to encourage and incentivize environmentally friendly packaging techniques. Article by Kushani Nimesha Third Year Undergraduate, Bachelor of Commerce (Honors) in Entrepreneurship, University of Kelaniya. 34 Futurepreneur
Small and medium-sized enterprises are the backbone of the economies of Asian countries. These enterprises, with their limited employee numbers and revenue, play a significant role in fostering sustainable communities. Defined by factors such as employee count and revenue, SMEs vary in scale but share a common purpose: to drive economic growth while fostering local well-being. In Sri Lanka, a business qualifies as an SME if it employs fewer than 300 individuals and generates revenue below 750 million LKR. Despite their modest scale, SMEs are pivotal during economic growth, providing employment opportunities for the youth, combating poverty, and rapidly expanding tax revenues, outpacing their larger counterparts. In economies, SMEs stimulate economic growth by fostering competition and innovation. Their agility allows them to quickly adapt to changing market demands, resulting in the introduction of new products, services, and business models. Collectively, SMEs account for a significant portion of a country’s gross domestic product (GDP). Their combined economic activities, though individually smaller in scale, add up to a substantial economic impact. In this article, we will explore the ways in which small businesses drive Sri Lanka’s economy and why they are essential for the nation’s prosperity. Sri Lanka’s journey towards socio-economic development is powered by an unexpected hero: Small and Medium-Sized Enterprises (SMEs). These unassuming businesses, although small, contribute a whopping 52% to the country’s GDP. They are the basis of the economy and play a pivotal role in nurturing sustainable communities. SMEs are the lifeblood of agriculture in Sri Lanka, constituting over 90% of all enterprises in this sector. They’re not just numbers; they are the reason behind food on our tables, rural jobs, and income. In 2013/2014, records from the Department of Census and Statistics showed that SMEs in Sri Lanka numbered over a million, providing livelihoods for 2.2 million nonagricultural workers. These numbers speak volumes about the impact of SMEs on rural development. Sri Lankan SMEs are deeply rooted in rural areas. These enterprises serve as lifelines for many families, providing a dependable source of household income. Their presence in rural communities not only supports economic well-being but also contributes to social stability. SMEs have the potential to develop Sri Lanka’s exports. Integrating them into the export value chain could boost the country’s income significantly. Sri Lanka’s major export destinations, including the USA, India, Germany, Italy, and China, present a massive opportunity for SMEs. In 2019, industrial exports accounted for nearly 80% of all export earnings, with many of these SMEs located in rural areas, making them lifelines for local households. During COVID-19 Pandemic in Sri Lanka, Small and Medium-Sized Businesses (SMEs) faced significant challenges during the COVID-19 pandemic. Unlike larger corporations, SMEs, often run by individual The Vital Role of SMEs in Fostering Sustainable Communities and Economic Growth 35 Issue - 09
entrepreneurs, struggled with financial instability, leading to many closures and debt issues. To help these businesses, the Central Bank of Sri Lanka introduced relief measures in March 2020, providing crucial support to SMEs in various sectors. Efforts by the Sri Lankan government and financial institutions to enhance access to finance for small businesses have been instrumental. These initiatives, such as microfinance programs and SME-focused lending, enable businesses to grow, invest in equipment, and expand their operations. In 2022, 18 institutions will have given loans to small and medium enterprises. The amount of the loans is 619.891 billion rupees. Below are the institutions that offer these microfinance programs and SME-focused loans: • SME loans: Peoples Bank • SAVIYA-HNB Finance • Commercial Bank • Sri Lanka Export Development Board • Central Bank of Sri Lanka Additionally, to empower SMEs and improve their access to finance, the Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka created a dedicated board called “Empower.” This initiative aims to maintain high regulatory standards while giving SMEs a chance to build credibility, gain visibility, and attract potential investors, ultimately fostering their growth. Small businesses are hotbeds of entrepreneurship in Sri Lanka. They encourage innovation and creativity, empowering individuals to start their ventures and pursue their business ideas. This entrepreneurial spirit contributes to economic growth by driving innovation, competition, and productivity. Small businesses are increasingly adopting sustainable practices in response to global environmental concerns. They often use eco-friendly production methods, reduce waste, and engage in ethical sourcing. This helps promote sustainability and environmental consciousness within the country. As we look to the future, it’s clear that the role of small businesses in fostering sustainable communities and driving economic growth cannot be understated. They are the engines of innovation, the incubators of entrepreneurship, and the champions of sustainability. Through their agility, adaptability, and commitment to ethical practices, they are not only shaping the economic landscape of Sri Lanka but also contributing to a brighter and more sustainable future for all. In celebrating the achievements of these small businesses, we must also recognize the importance of continued support from government institutions, financial organizations, and the wider community. By working together to create an enabling environment for SMEs to thrive, we can ensure that they remain the backbone of Sri Lanka’s economy, driving not only economic growth but also the well-being of local communities for generations to come. In our journey towards socio-economic development, let us remember that sometimes the most significant impacts come from the smallest places. In the case of Sri Lanka, it is the small businesses that truly drive sustainable communities and pave the way for a brighter tomorrow. Article by Chamilini Chandrasena Second Year Undergraduate, Bachelor of Commerce (Honors) in Entrepreneurship, University of Kelaniya. 36 Futurepreneur
Mr. Saman Mangala is esteemed founder and CEO of MAL Organic, a seasoned professional with a wealth of experience as an organic consultant serving some of the most prominent businesses in Sri Lanka’s agriculture and food manufacturing industry. MAL Organic, founded in 2010, is a company that produces and exports genuine organic foods. Led by Mr. Saman Mangala, it is made up of a team of young professionals, committed workers, and traditional farmers. They began with Organic Virgin Coconut Oil and in less than a decade, expanded to offer a wide range of coconut-based products, traditional spices, essential oils, and other food items. They are now trusted suppliers to customers worldwide and also distribute to organic food sellers in various countries including EU, UK, New Zealand, UAE, India, and Japan. Together with their brother companies, Avonra Natural in the UK and CF Wealthy Naturals in Malaysia, they bring a blend of Sri Lankan tradition and global quality standards. What was the inspiration behind starting this business? Through my years of experience, I came to understand important aspects of organic food production. I noticed significant challenges within the industry. Additionally, I realized the deep-rooted history of organic practices in Sri Lankan agriculture, dating back well before the 1977 “Open Economy Policy.” Back then, farming in an organic manner was simply known as producing food and quality took precedence over quantity. The traditional farming techniques, which align with modern organic standards, have been passed down for generations. Everything from fertilization to pest control followed organic principles. Over time, there was a shift towards prioritizing quantity over quality and environmental considerations, leading to a decline in these traditional organic practices. When the term “organic” regained popularity, many largescale food manufacturers adopted it, though they faced challenges in truly meeting the standards. This created a gap between perception and reality, with unclear laws and policies exacerbating misleading practices. These insights inspired me to establish my own company, MAL Organic. Our mission is to honor and preserve our agricultural heritage while upholding the true essence of organic farming. We blend time-honored values with global standards, FEATURED ARTICLE 37 Issue - 09
products, I received inquiries from foreign buyers. The important moment came when I secured my first international order from Canada, marking the commencement of my export journey. What were the challenges you faced while exporting your products? When I first ventured into exporting, I encountered several challenges. The initial hurdle was obtaining the necessary certification for organic products. Exporting food products requires strict adherence to manufacturing guidelines to ensure quality. Additionally, navigating the documentation processes posed its own set of challenges. How did you deal with competition? Dealing with competitors, especially those from countries like India and Vietnam, who have more advanced technologies in manufacturing similar coconut-based products, was a significant challenge. To stay competitive, I focused on reducing the cost of production without compromising quality. For instance, I implemented the use of solar power extensively. What advice would you offer to aspiring young entrepreneurs? For young entrepreneurs in our country, it’s crucial to recognize the abundance of natural resources available in Sri Lanka compared to other developing nations. It’s important to find sustainable ways to utilize these resources and explore innovative approaches. This not only enables us to improve but also creates opportunities for exporting such products. aiming not only to meet customer expectations but also to promote a sustainable way of life and a better world. How did you get started as an entrepreneur? To embark on my journey as an entrepreneur, I began by thoroughly researching the foundational steps and requirements for entering the sustainable organic food manufacturing industry and exporting its products. The initial focus was on the cultivation aspect. This involved cultivating all the items pertinent to my organic business on dedicated farms. The subsequent step entailed engaging in a comprehensive research and development process to determine the products I would manufacture. As a result of this, I decided to focus on coconut-based products. This included the production of items like virgin coconut oil, coconut milk, coconut flour, and others. Could you provide some information about the employees and their roles within your organization? We initiated this organization with just three employees. I selected students who had recently completed their Advance Level education and began training them. They have since gained valuable experience in various areas, including accounting and finance. Presently, we have approximately six graphic designers and diverse teams encompassing factory and farm workers, food specialists, as well as undergraduate professionals in accounting and marketing. How did you start exporting your products? To begin my journey in the export business, I engaged in discussions with the Export Development Board about my products. The officers provided invaluable assistance, especially considering my young age at the time. Their guidance helped in connecting me with buyers from abroad. As I actively marketed my Interview by : Sanjula Suranji Murshidha Siddeek Interview and Text by : Maryam Mahas Third Year Undergraduate, Bachelor of Commerce (Honors) in Entrepreneurship, University of Kelaniya 38 Futurepreneur
Consultative Panel Prof. H. A. K. N. S. Surangi Head of the Department Professor B.Com (Management) University of Peradeniya, MPhil (Entrepreneurship) PGIA, University of Peradeniya Ph.D. (Entrepreneurship) University of Lincoln, United Kingdom. Dr. P. M. Jeewandarage Senior Lecturer BCom Special (Commerce) University of Kelaniya, MAcc (Accounting) CQU, Australia, MBA, University of Colombo, Ph.D. (Entrepreneurship), QUT - Australia Mrs. Randini Ranwala Lecturer BCom (Special) Entrepreneurship (Kelaniya), PHQHRM (IPM), MEntre (SJP). Dr. D. M. N. S. W. Dissanayake Senior Lecturer BCom (Kelaniya), AMABE UK, AMMSL, MPhil (Colombo), Ph.D. (Entrepreneurship), University of Waikato, New Zealand. Mrs. G.K.S. Nimeshi Lecturer B.Com (Special) in Entrepreneurship (Kelaniya), MEntre (SJP) Mr. B.K.H. Dulip Anuranga Senior Lecturer B.Com. (Kelaniya), MBA (Colombo). Mrs. W.M.H.K Bandara Lecturer (Probationary) MPhil (Peradeniya) BBM (Honors) Special Entrepreneurship and Management, (Uva) Prof. D. M. Semasinghe Former Vice-Chancellor BCom (Kelaniya), FDPM (Management) Indian Institute of Management, MCom (Kelaniya), Ph.D. (QUT – Australia). Mrs. W. A. D. S. Wijetunge Senior Lecturer B.Com (Special) University of Kelaniya, MBA in Fin. Sri J’pura), Ph.D.(MSU, Malaysia) 40 Futurepreneur
Organized by the third year undergraduates from the Entrepreneurship Stream with the purpose of raising funds for the events of Young Entrepreneurs’ Association, University of Kelaniya. A motivational program organized with the purpose of encouraging the A/L students of St. Agnes’ Balika Maha Vidyalaya, Balangoda and R/Sri Buddha Jayanthi Central College, to reach their academic goals. 41 Issue - 09