ESOFT METRO CAMPUS
Q: Could you describe the ESOFT group of companies’ recent recognition as an entrepreneurial venture?
A: We were recognised at the recently held Sri Lankan Entrepreneur of the Year 2019 awards organised by the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL). This entailed being conferred the National Gold Award and Provincial Gold Award for the Western Province – both in the Extra Large category.
This was the first time our group of companies applied for these awards and I’m pleased that ESOFT emerged as the Gold Award winner.
Q: In what way has your group of companies contributed to uplifting the national economy?
A: Enrolment to state universities is a major obstacle for most Sri Lankan students when it comes to higher education. We intend to bridge this gap.
Commencing as a small company in 2000, ESOFT has expanded to 40 branches islandwide with a number of educational companies in the group – including ESOFT Metro Campus and ESOFT International Education.
Presently, we are approved as a non-state degree awarding institution by the University Grants Commission (UGC) for programmes in IT and business. Besides this, we continue to offer world-class programmes to students in affiliation with international education partners.
Our objective is to groom young people into a highly employable workforce by equipping them with relevant skills and qualifications, irrespective of where they’re located.
Meanwhile, we also operate in diverse sectors, directly benefitting the economy. For example, our software and solutions company ESOFT Technologies (ET) provides internships and job opportunities to our graduates.
Similarly, we have invested in technology oriented to the SME retail sector in the form of an affordable POS solution.
Recently, we also ventured into smart agriculture in collaboration with Sun Grow Exports. Furthermore, we seek to drive the agriculture sector by introducing smart agriculture-related qualifications.
Q: What is your take of the prevailing business climate for local entrepreneurs?
A: The pandemic made 2020/21 challenging for entrepreneurs where financial difficulties are among the most prominent.
Innovativeness and developing alternative strategies are paramount in this context. For instance, the hotel sector created new models to survive when tourism became nonexistent in the country.
Meanwhile, the education sector was the least affected as virtual learning was promptly welcomed. This is because education is a necessity that parents cannot postpone without adverse effects on their children’s futures.
However, certain challenges such as affordability, a lack of access to devices, connectivity issues and a reluctance to switch to e-learning are still prevalent in rural areas.
Overall, an entrepreneur’s ability to adapt, make quick decisions and be willing to take risks can affect the level of optimism that his or her organisation possesses in looking ahead.
Q: What are the latest trends in entrepreneurship?
A: Firstly, more qualified professionals are entering the business arena. Unlike in the past when entrepreneurship ran in the family, the younger generation is enthusiastic to launch their own enterprises.
Although our financial systems are not on a par with developed economies in terms of crowdfunding and venture capital, there is now a conducive environment for entrepreneurship with government financial assistance becoming available.
Secondly, there is a movement towards joint ventures and partnerships rather than sole proprietorships while IT driven innovation is another trend – a large number of startups are based in the IT industry.
Q: What are the main challenges faced in the higher education arena?
A: Affordability is one challenge. There must be different models to support students, enabling them to afford higher education due to the low disposable incomes in the country.
Next, the absence of a regulatory authority makes this sector susceptible to racketeers who mislead parents and students, robbing their money. This is a black mark for the entire education sector as parents fear trusting even authentic higher education providers.
Finally, there should be a combined effort from all the players in the education sector to take Sri Lankan education to global markets. As Sri Lanka’s education systems and standards supersede others in the region – especially ASEAN countries – there’s the potential to attract foreign students to our programmes in person or online. In fact, increasing the current volumes by five to tenfold is a realistic target.
Therefore, our educational institutions should work together to promote Sri Lankan higher education. The Sri Lanka Association of Non-State Higher Education Institutes (SLANSHEI) aims to make this possible by discussing how we can combat our challenges together – and establish Sri Lankan education in the global market.
Q: What are ESOFT’s plans going forward?
A: We seek to expand our campus locations and bring in international students.
Besides this, we have plans to penetrate the leisure sector by creating a one stop platform for travellers, as well as enter the manufacturing sector. In the future, positioning Sri Lankan cuisine as a global brand is another business we hope to engage in.
