AccelerateHer – a programme designed ‘by women for women,’ and dedicated to enabling and elevating female entrepreneurs – is a result of the remarkable partnership between Hatch and the US Department of State. The initiative has taken the form of two business accelerators, and multiple entrepreneurship boot camps and networking events, reaching over 200 female entrepreneurs across the country.

This programme has shaped not only female businesses but also the very fabric of our communities by breaking down barriers, opening doors of opportunity and transforming the challenges faced by businesswomen into stepping stones.

The two cohorts who completed the three month business accelerator programme achieved notable outcomes, including a doubling of sales, a 20 percent rise in production and the securing of over 25 partnerships with retail partners valued at more than Rs 30 million.

As a direct outcome of the AccelerateHer initiative, three female founders have jointly secured more than 32 million rupees in seed funding. This achievement holds even greater significance considering the economic challenges faced by the Sri Lankan economy and the historically limited funding available to women led companies in the region.

And the recently graduated cohort alone collectively introduced 49 new products to the market and generated new jobs across the island. Their collaborative efforts have led to international expansion with products now being exported to 20 countries including the US, Australia and New Zealand, and in Europe, the Middle East and North Africa (MENA), and the ASEAN region.

The AccelerateHer boot camps designed for female founders with business ideas or recently launched ventures were conducted across six provinces, connecting over 100 determined women who are now equipped to run their own businesses.

“Reflecting on the journey, the influence of AccelerateHer reaches well beyond numerical data and statistics. It symbolises a shift in the tapestry of female entrepreneurship in Sri Lanka. Through the provision of opportunities, mentorship and financial support, this endeavour has effectively cleared a path for visionary women who are actively moulding the trajectory of the country’s economic landscape,” says Ruvanara Tillekeratne, Senior Program Manager of Hatch.

Here’s what the most recent batch of entrepreneurs have to say about AccelerateHer.

Q: How has the AccelerateHer programme helped you in your endeavours?

Nevindaree Premarathne (NP1): AccelerateHer has been an absolute game changer in propelling our business forward, with the capacity fund playing a pivotal role in our progress. This financial boost not only supercharged our operational efficiency but also positioned us for exponential growth within our industry.

Leveraging Hatch’s extensive network, we gained access to an array of game changing opportunities and connections that have truly transformed the trajectory of our business.

Lakmini Weerakkody (LW): AccelerateHer catapulted Lak Nature International to new levels of success, encompassing years of wisdom, hands-on expertise, invaluable business alliances, a thriving network and personal growth milestones. I was able to expand my product portfolio and production capabilities, which created a wave of new jobs, to enter new markets and enhance supply chain efficiencies.

I endorse AccelerateHer to entrepreneurs aspiring to expand their businesses to the global stage.

Arulpriya Kirekaran (AK): During the phase when I was rigorously testing the product prototype, I had the opportunity to pitch my business to AccelerateHer. The programme played a pivotal role in helping me transform that prototype into a fully fledged MVP, enabling me to secure the necessary machinery and successfully launch my business.

Beyond tangible business growth, AccelerateHer also provided me with invaluable experiences that contributed to honing my interpersonal skills as a young woman at the helm of a startup.

Nimesha Perera (NP2): AccelerateHer was instrumental in propelling both me and my business towards rapid expansion and advancement. It not only granted the necessary funds to expand our production capacity and refurbish our factory in alignment with SLSI guidelines, but also served as a platform for refining my skills, nurturing business principles and unlocking numerous avenues for investment opportunities.

Q: What is the most valuable knowledge/experience you acquired from the programme?

Achinthya Neligama (AN): What I consider to be the key takeaway from this programme is the personalised mentoring. As someone entrenched in the field of marketing, the insights and practical guidance on streamlining business finances were invaluable.

Soharni Tennekoon (ST): Above all, the standout component was the mentorship in finance. Recognising my areas of expertise and those requiring improvement, the guidance of a finance mentor proved immensely valuable as it allowed me to grasp a fundamental aspect of business ownership.

This mentorship extended its significance in nurturing a deeper connection with my customers – comprehending their challenges and effectively catering to their needs. I’m very excited to see where this will take my brand.

Shabnam Farook (SF): To question everything and stand firmly for what I believe in.

Q: How do you view the biz climate from a woman entrepreneur’s perspective?

NP1: The path I navigate mirrors the broader entrepreneurial journey, encompassing aspects like market expansion, talent acquisition, securing funding and more. It’s heartening to observe that the contemporary business landscape and evolving market dynamics is teeming with opportunities for entrepreneurs, regardless of gender.

SF: There is increasing support, which is a positive development, but it needs to be better coordinated to avoid duplication when supporting specific needs. The ‘one-size-fits-all’ approach needs to change and that’s what was unique about the AccelerateHer programme.

Q: What is your vision for businesswomen in Sri Lanka?

ST: I would like to see businesswomen thriving in their careers, shattering glass ceilings and having equal opportunities to scale their businesses.

Starting up a new business can be incredibly daunting especially when the current business culture isn't specifically geared to help females. Taking a leaf out of Hatch Co-Founder Brindha Selvadurai’s book, my vision for businesswomen in Sri Lanka is more female entrepreneurs empowering and supporting each other.

NP2: As a businesswoman myself, I strive to provide quality products and extra nutritional value for people’s busy day-to-day lifestyles.

I am also committed to achieving gender equality by empowering women to actively participate and thrive in the business world.

Q: How crucial is it for women to assert themselves as valuable members of the business world?

LW: Women are the most powerful force in the business world. They have the ability to balance their personal lives, financial management and strategic thinking in business and academics. Therefore, women can contribute to the country’s economy and financially support their families.

AK: The significance of women asserting themselves in the business world cannot be overstated. It not only fosters personal growth but also contributes to the advancement of society as a whole. By asserting themselves, women bring a distinctive set of perspectives, skills and life experiences that fuel progress within organisations.

It also becomes a source of inspiration for generations, instilling the belief that determination can blend seamlessly with embracing one’s true identity while achieving success in business.

– Compiled by Avanti Samarasekera
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