As proposed in the Budget Speech 2016, the Ministry of Science, Technology and Research (MOSTR) has set up an Innovation Accelerator Funding Mechanism for Sri Lanka (IAFM-SL) which will be managed and implemented by the Sri Lanka Inventors Commission (SLIC) being the Agency functioning under the MOSTR with the primary objective of supporting Sri Lankan Inventors to bring their ideas into the market and supporting Sri Lankan researches to convert their research into rupees.

Thus, every investment that is made through the IAFM–SL is expected to boost Sri Lanka’s economy through commercial success while ensuring the sustainability of target sectors with clear deliverables directed towards three pillars of Sustainability; Economic Development, Social Justice and the Environment Quality.