A platform to support entrepreneurs to make their new business concepts and innovations a success

Abstract

"Problem Domain - Entrepreneurs and start-up owners in today’s business world encounter multiple challenges while trying to start new businesses and develop in their chosen industries. Following the Covid-19 outbreak, Sri Lanka had a significant economic collapse, with startups finding it challenging to establish their presence in the market. Due to their approximately 70% contribution to Sri Lanka's GDP and employment creation, entrepreneurs and small businesses are essential to maintaining the nation's economic stability. A rise in the number of entrepreneurs and start-ups failing will exacerbate the state of the economy in country. It is crucial to comprehend the primary causes of these failures and to approach each problem with a methodical and sustainable solution.

Methodology - In-depth analysis of the selected problem area and a thorough literature review were used to evaluate the background. Background reading, document analysis and brainstorming sessions were conducted to gather information and gain knowledge on the problem domain. An industry survey by incorporating various user groups was conducted to identify the requirements that would be appropriate for the proposed solution.

Findings - Through industry surveys and interviews with aspiring and established entrepreneurs and business owners, as well as domain experts from a variety of industries, the research highlights the primary areas like funding, market analysis, mentorships, raw material supply, and technology support where entrepreneurs are seeking support.

Solution - The proposed solution 'EntreFusion' is developed as part of this research offers tailored features such as a finding investors or partners, business advisor portfolio which facilitate mentorship matching with industry experts, raw materials trading and inquiry ticket maintenance system. Furthermore, the platform enables users to interact with like- minded individuals through networking opportunities and community-driven support."