The support from USAID, the LIIN launched the "On Eagle's Wings" Program on August 15, 2024, a 32-episode reality TV initiative aimed at nurturing entrepreneurship and driving inclusive economic growth in Sri Lanka. Targeting over 400 impact enterprises and 2,000 entrepreneurs, the program provides mentorship, research and innovation resources, and access to capital, including support for climate-adaptive businesses. Emphasizing gender inclusion, it ensures 50% participation from women-led SMEs, helping bridge financing gaps and empower women entrepreneurs. By fostering innovation across sectors like agriculture, fisheries, tourism, and trade, the program seeks to strengthen SMEs, promote climate resilience, and drive sustainable regional development.
During the Introducing On Eagle's Wings Event
Colombo, Sri Lanka – With the support of the United States through the United States Agency for International Development (USAID), Lanka Impact Investing Network (LIIN) proudly announced the “On Eagle's Wings” Program on August 15. 2024. “On Eagle's Wings” is a groundbreaking 32-episode reality television program designed to nurture entrepreneurship and drive inclusive economic growth in Sri Lanka.
The launch event on August 15, 2024, brought together stakeholders, entrepreneurs, and investors to celebrate and support the next wave of Sri Lankan Small and Medium-sized Enterprises (SMEs). The program targets unlocking $3.5 million in capital, nurturing over 400 impact enterprises, and empowering 2,000 entrepreneurs. USAID’s Climate Adaptation Project and the USAID CATALYZE Sri Lanka Private Sector Development Activity supported the program development.
SMEs are a key component of Sri Lanka's economy, representing over 75% of the country's enterprises and providing around 45% of employment. Despite their significance, SMEs face a high failure rate of 45%, with 75% closing within seven years. “On Eagle's Wings” program addresses these challenges by providing tailored support to start-up entrepreneurs and enterprises by providing them with personalized guidance and mentorship, research and innovation resources, and access to private equity and accessible funding lines.
In line with national climate goals, “On Eagle's Wings” program will support over 20 entrepreneurs or enterprises focused on climate adaptation. By fostering innovative solutions in sectors such as agriculture, fisheries, tourism, and trade, the program is expected to contribute to regional development and climate resilience.
“On Eagle's Wings” aims to also put a special emphasis on empowering women entrepreneurs, by ensuring fifty percent of the participating enterprises or entrepreneurs to be women or women-led SMEs. This is with a view to bridge the gender gap in the SME sector where only 25% of entrepreneurs are women. Further, recognizing the pivotal role of women in driving economic progress, “On Eagles Wings” will strive to bridge the financing gap that often hinders women-led SMEs and women entrepreneurs from realizing their full potential. Also, by collaborating with financial institutions and investors, the program will provide women-led SMEs and women entrepreneurs with the necessary tools and resources to navigate the funding landscape effectively increasing women’s participation in the economy.
By fostering a culture of entrepreneurship that embraces inclusivity and climate adaptation and promoting nationwide collaboration, “On Eagle's Wings” program is poised to play a pivotal role in driving Sri Lanka’s inclusive economic growth bolstering the nation’s resilience against climate change.
"The growth and sustainability of small and medium-sized enterprises are crucial, particularly in light of the significant impact of COVID-19 and the economic challenges the country faced in 2022," said USAID Sri Lanka Mission Director Gabriel Grau. "Climate change adds another element of risk for these businesses. That’s why the business community is such a key catalyst in this battle - it can foster innovation, mobilize capital, and advance Sri Lanka’s adaptation to climate change."
The Chairman of LIIN, Chandula Abeywickrema noted that "The 'On Eagle's Wings' program is a beacon of hope and a catalyst for change in Sri Lanka's entrepreneurial landscape. By providing essential support and investment to SMEs, we are not only fostering economic growth but also championing sustainability and gender equality. Together, we can empower our entrepreneurs to soar to new heights, driving innovation and resilience in the face of global challenges.”
About USAID Climate Adaptation Project:
The USAID Climate Adaptation Project aims to enhance the capacities of the governments, private sector, and local communities to adapt to climate change in ways that contribute to sustained, inclusive, market-based growth in Sri Lanka and Maldives. The project works to identify and scale up innovative solutions to manage climate-related risks through market-driven private sector and community engagement; Strengthening governance to address climate-related risks; and improving availability and access to high-quality information for decision-making to reduce vulnerability to climate change.
About USAID CATALYZE PSD:
Through the USAID CATALYZE Sri Lanka Private Sector Development Activity, USAID Sri Lanka enhances private capital infusion into crucial sectors of the Sri Lankan economy, with a particular focus on bolstering the agribusiness sector to catalyze innovation, economic growth, and workforce development in this rapidly evolving industry.
About The Lanka Impact Investing Network (LIIN):
The Lanka Impact Investment Network (LIIN) is dedicated to fostering sustainable economic growth through impact investments. By supporting SMEs and promoting innovation, LIIN aims to create a thriving entrepreneurial ecosystem in Sri Lanka.