Startup Sri Lanka: Why 1Mby1M Is a Game Changer for Acceleration

The Accelerator Conundrum is a multipart series that challenges the prevailing wisdom of the tech startup ecosystem that entrepreneurs should Blitzscale out of the gate. Written by Sramana Mitra, the Founder and CEO of One Million by One Million (1Mby1M), the world’s first global virtual accelerator, it emphatically argues that a better strategy is to Bootstrap First, Raise Money Later, focus on customers, revenues and profits. 1Mby1M’s mission is to help a Million entrepreneurs reach a million dollars in annual revenue and beyond. Sramana’s Digital Mind AI Mentor virtually mentors entrepreneurs around the world in 57 languages. Try it out!

Sri Lanka’s ecosystem needs a continuous, scalable, and inclusive platform to complement its existing accelerators. This is precisely where 1Mby1M’s Virtual Accelerator delivers value.

How 1Mby1M Solves Local Gaps

Additional Advantages

1. Affordability: Lower cost than traditional accelerators, making it accessible to founders with modest resources.
2. Bootstrapping Focus: Perfect for Sri Lanka’s small domestic market, teaching founders to grow through revenue rather than heavy external funding.
3. Digital AI Mentor: 24/7 support in English, helping founders get immediate answers and strategic guidance.

By filling these gaps, 1Mby1M doesn’t compete with local accelerators — it complements them. A founder could, for example, go through HatchX and then continue their journey with 1Mby1M for long-term scaling support.

The Road Ahead for Acceleration

For Sri Lanka to unlock its full entrepreneurial potential, stakeholders must work collaboratively to build a sustainable, inclusive ecosystem. Here are the key recommendations:

1. Promote Bootstrapping as the Core Philosophy

• Encourage founders to prioritize profitability and sustainable growth before seeking funding.
• This aligns with Sri Lanka’s realities: limited capital pools and a small domestic market.

2. Expand Regional Access

• Create hubs and virtual pathways to reach entrepreneurs in Jaffna, Galle, and rural areas.
• 1Mby1M’s virtual model can serve as a backbone for nationwide reach.

3. Hybrid Models

• Combine local physical incubators like Hatch Works with virtual accelerators like 1Mby1M to create a continuous support pipeline.

4. Strengthen Funding Pathways

• Encourage angel investors to adopt patient, founder-friendly capital structures.
• Experiment with revenue-sharing models and non-dilutive grants.

5. Build a Global Vision

• Train Sri Lankan startups to think globally from day one.
• Leverage 1Mby1M’s worldwide network to access international markets and mentors.

Sri Lanka stands at a pivotal moment. With its talented youth, strategic location, and growing ecosystem, the country can position itself as a regional innovation hub. By combining bootstrapped growth, virtual mentorship, and global connectivity, Sri Lanka can build a startup ecosystem that is resilient, inclusive, and globally competitive.

The 1Mby1M Digital AI Mentor is a game changer for Sri Lankan entrepreneurs because it provides scalable, always-on guidance in English and Tamil, a language widely spoken across the country. This language capability ensures that founders can receive mentorship in the language they are most comfortable with, breaking down barriers that often prevent effective learning and application. The AI Mentor delivers practical, step-by-step advice on bootstrapping, customer acquisition, and strategic growth, tailored to the founder’s stage and sector. Unlike traditional accelerators, it can simultaneously support hundreds of entrepreneurs across urban and rural areas, including women and minority communities who may face social or logistical constraints. By combining localized language support with unlimited scalability, the AI Mentor empowers Sri Lankan founders to build sustainable, revenue-generating ventures with confidence and independence.

One Million by One Million (1Mby1M) is the first global virtual accelerator in the world, founded in 2010 by Silicon Valley serial Entrepreneur Sramana Mitra. It offers a fully online entrepreneurship incubation, acceleration and education resource for solo entrepreneurs and bootstrapped founders working on tech and tech-enabled services ventures. 1Mby1M does not charge equity, offers an AI Mentor in 57 languages, and offers a distinct advantage over other accelerators including Y Combinator.

This segment is a part in the series : Startup Sri Lanka