Sabaragamuwa University Business Linkage Cell (UBLC) is passing a new milestone with its effort for the University-Industry Collaboration in partnering with the Sabaragamuwa Chamber of Commerce and Industries (SCCI) to create an environment where the university researchers and SMEs can meet together for mutual research collaboration and innovation.
The Vice-Chancellor of the Sabaragamuwa University of Sri Lanka, Director/University Business Linkage Cell, CEO, and Past Presidents of Sabaragamuwa Chamber of Commerce and Industries, university researchers and some owners of the SMEs in Ratnapura District participated in a meeting with stakeholders in this regard.
The University Business Linkage Cell of the Sabaragamuwa University of Sri Lanka was established with reference to the University Grants Commission Circular No.10/2016 from May 2018. The main role of this initiative is to transform the innovative ideas of the university into commercially viable products. Sabaragamuwa University has seven faculties with highly qualified academic staff with much intellectual excellence. In the technology transfer process, the UBLC transforms the ideas into intellectual property by filling the patents and other forms of Intellectual Property (IP) and with the help of industry partners, UBLC looks for commercial exploitation.
The UBLC of the Sabaragamuwa University of Sri Lanka is now stretching out helping hand to SMEs located in the region to address the issues faced by the SMEs with regard to intellectual property.
Professor Indunil Dayaratne pointed out that an alarmingly 99% percentage of Sri Lankan SMEs are not aware of and cannot identify the intellectual property (IP) or intellectual assets (IA) that they have within their business, or which of those assets they own.
The dearth of so-called awareness forgoes business opportunities that can be created with IP strategies. Further, he empathized that the SME sector contributes more than 50% to GDP, however, the sector is not fully empowered to cater for the emerging knowledge-based economy of Sri Lanka amid the lack of IP knowledge.
In the rural sector, most of the SMEs have emerged from the business models with the traditional knowledge they have in the communities which pass through generation to generation. Moreover, the ignorance or lack of effort in the exploitation of traditional intellectual assets due to lack of awareness of IP strategies leads to the disappearance of valuable knowledge from those communities. For SMEs, if IP is unprotected, a good invention or creation may be lost and goes to the hands of larger competitors that are in a better position to commercialize the product or service at a more affordable price, leaving the original inventor or creator without any financial benefit or reward.
The IP protection for SMEs encompasses numerous value creation propositions such as inducing Potential investors, licensees require reliable information relating to ownership, scope, and status of IP within the business. The UBLC of the SUSL is in capacity and has a keen interest to provide IP consultancy services to uphold the SME sector in Sabaragamuwa Province.
Aim of the Collaboration is to strengthen the university-industry collaboration in creating value in a knowledge-based economy in real sense.
Both parties agreed to form a committee to work on the task ahead. The representatives of the Chamber also agreed to organize an industry forum where SMEs and academia meet together for achieving mutual goals.
Sabaragamuwa Chamber of Commerce and Industries, CEO, D.A. Ranasinghe said, “The Sabaragamuwa Chamber of Commerce and Industries is willing to initiate an Industry Forum to support the inventors of Sabaragamuwa University of Sri Lanka by granting an opportunity to exhibit and demonstrate their inventions.” Further, he stated that they extend their fullest cooperation to bring the university inventions to the marketplace.
Sabaragamuwa Chamber of Commerce and Industries, Past President, Chamly Gunaseela said, “As Sabaragamuwa Chamber of Commerce and Industries our intention is to help add value to those inventions and make these investors into entrepreneurs, or create a platform for investors and inventors to meet, commercialize their products and bring them to local and international markets.” Moreover, he stated that this initiative would allow inventors in Sabaragamuwa University and Sabaragamuwa Province to gain much-needed recognition and pave the way for them to scale up their inventions in a successful marketplace. In the end, the parties came to an agreement to move forward with the initiative for a success story with many happy endings for the inventors in the region.
