Don’t miss out on the opportunity to drive change in Sri Lanka! 🌏 University students and young innovators, this is your chance to propose bold, tech-driven solutions for a sustainable future.
👉 Identify gaps in agriculture, waste management, tourism, education, and urban mobility. 👉 Compete for a chance to make a real impact!
📅 Key Dates • Registration Deadline – 10th Nov 2024 • Proposal Deadline – 5th Dec 2024
⏰ Registration closes soon—secure your spot before it’s too late! 🌐 Link to register – https://forms.gle/je9Trty7fhLPpMkW8 👉Visit our website for competition guidelines (https://www.kandyconference.org/)
The InnovaBiz Interest Relief Program is designed to support Sri Lankan inventors by providing financial, technical, and legal assistance to help commercialize their inventions. This initiative, managed by the Sri Lanka Inventors Commission (SLIC), aims to foster innovation and enhance the contribution of inventions to the national and export economy.
Program Objectives
The InnovaBiz Program seeks to provide financial backing for invention-based business entities at the initial stages or at a technological or production-based business enlargement by facilitating and increasing the efficiency of repayment for the loans of financial institutes, including government financial institutes.
Application Process
Bank Loan Approval: Obtain a commercial loan from a recognized Sri Lankan bank
Submit Application: Complete the SLIC application form and attach:
Evidence of loan usage for commercialization
5-year forecast of production, sales, and profits
Bank confirmation letter of loan approval and repayment terms
Assessment: Applications are reviewed based on national priorities, social benefits, and potential return on investment
Financial Support
Interest Reimbursement:
Patented inventions: Maximum 75% of the interest rate
Pending patents: Maximum 37.5% of the interest rate (once the patent is granted during the payment period, it will be shifted to be benefited under the patented category)
Reimbursement is capped at Rs. 1 million, over a maximum period of 5 years
Monthly Reporting: Inventors must submit evidence of monthly installment payments and commercialization progress reports to receive reimbursement
Monitoring and Evaluation
Quarterly Reviews: Field visits and progress reports by SLIC staff and ministry representatives
Compliance: Adherence to the terms of the loan and effective use of funds are mandatory for continued support
Terms and Conditions
Active Patent: Support is only provided for active patents
Patent Rejection: In case of patent rejection, support will be discontinued
Agreement Termination: SLIC reserves the right to terminate the agreement for non-compliance
For More Details
Visit or contact the Special Projects Division at:
2. School, University and Tertiary Education Institute and Institutional Details / පාසල්, විශ්ව විද්‍යාල සහ තෘතීයික අධ්‍යාපන ආයතන සහ ආයතනික විස්තර / பள்ளி, பல்கலைக்கழகம் மற்றும் மூன்றாம் நிலை கல்வி நிறுவனம் மற்றும் நிறுவன விவரங்கள்
4. Recommendation of the head of the institute/ ආයතනයේ ප්‍රධානියාගේ නිර්දේශය
5. If a Group Invention, the declaration document with the names and signatures of team members for no objection to the leadership of the group invention/ කණ්ඩායම් නව නිපැයුමක් නම්, කණ්ඩායම් නව නිපැයුම් නායකත්වයට විරුද්ධ නොවන බව ප්‍රකාශ කරමින් කණ්ඩායම් සාමාජිකයින්ගේ නම් සහ අත්සන් සහිත ප්‍රකාශ ලේඛනය.
6. Inventor Details/නව නිපැයුම්කරුගේ විස්තර/விண்ணப்பதாரியின விவரங்கள்
If group please separate member details by commas (,) කණ්ඩායම් සාමාජිකයන් කොමාවකින් වෙන් කරන්න (,) குழு உறுப்பினர்களை காற்புள்ளிகளால் பிரிக்கவும் (,)
7. Description of the Invention/නව නිපැයුමෙහි විස්තර /புத்தாக்கத்தின் விவரங்கள்
9. Submit Your Video for Evaluation-(Maximum-5 Minutes, 100MB)./විනිශ්චය කටයුතු සදහා ඔබ විසින් යොමුකරන වීඩියෝව–(උපරිමය–මිනිත්තු5 යි, 100MB) /மதிப்பீட்டிற்கு உங்கள் வீடியோவை சமர்ப்பிக்கவும் (அதிகபட்சம்– 5 நிமிடம், 100MB).
විඩියෝව සැකසීමේදී පහත නිර්ණායක පිළිබඳ සැලකිලිමත් වන්න. (Please concern the evaluation criteria before prepare your video)
Only this video will be used to evaluate your invention (Maximum-5 Minutes, 100MB). it should describe the invention briefly with all relevant information for including novelty, practicability, test reports, patent information. For more information, please watch the below video.
The 37th General Assembly of the International Federation of Inventors Associations (IFIA) took place on April 28, 2023, in the Congress Hall in Geneva, Switzerland.
The event was attended by IFIA representatives from over 70 member countries including Sri Lanka.
Sri Lanka Inventors Commission appointed again as the IFIA EXECUTIVE COMMITTEE MEMBER
