Women entrepreneurs will be presented with a fresh opportunity to turn business ideas into viable ventures and take the existing enterprises to the next stage of growth through a new partnership between the Women’s Chamber of Industry and Commerce (WCIC) and Postgraduate Institute of Management (PIM).
PIM is the prestigious business school of the Sri Jayewardenepura University.
The two institutions signed a memorandum of understanding (MoU) earlier this month with the objective of setting the framework to ‘Inspire’, a joint initiative aimed at supporting women-led start-ups and accelerating the growth of women-owned businesses and contribute positively to the country’s economy.
The partnership aims to address some of the practical hurdles facing entrepreneurs, from acquiring business knowledge and identifying financing options to developing market-ready products and building commercial connections.
At the centre of the collaboration is PIM Genesis, the business incubation facility of PIM, nurturing and building the next generation of entrepreneurs. The initiative envisages providing women entrepreneurs with workspace, mentoring, training and guidance on access to finance, including seed funding.
For women taking their first steps into business, the proposed support includes training in legal requirements, bookkeeping and taxation, alongside industry-specific guidance. The objective is to help them navigate the demands of launching an enterprise while reducing the time, costs and risks involved.
Women already operating businesses stand to benefit from support aimed at strengthening their business knowledge, developing products for the market and establishing networks that can assist expansion.
The collaboration also puts the spotlight on young women entrepreneurs, providing guidance and technical support during the critical early stages of building a business.
Access to mentoring and business networks is expected to help the participants refine their ideas, make better-informed decisions and identify avenues for raising the funds needed to establish or grow their ventures.
The MoU covers an initial period of one year and may be extended by mutual agreement.
