An Insight Into Dr. Dayan Rajapakse's Youth Entrepreneurial Journey: From Medical Student To Building ESOFT
Shakila Ifham
August 28, 2024
In Sri Lanka, youth and female unemployment exceeds a staggering 7.5%, a statistic that emphasizes the urgent need for a shift in how we prepare our young people for the future.
The current educational system, while well-intentioned, sees around 600,000 students attempting the Ordinary Level examination annually. Yet, only about 60% of these students’ progress to Advanced Levels, and of those, just 175,000 pass the examination.
Even fewer, approximately 25%, advance to university. These figures highlight a crucial gap that must be addressed—not every student will pursue a traditional academic path, and that’s where the emphasis on entrepreneurship becomes vital.
In an inspiring interview with Dr. Dayan Rajapakse, the visionary behind ESOFT Computer Studies, we delve into the remarkable journey of an IT entrepreneur who navigated the tumultuous waters of early business struggles to create a thriving enterprise.
Dr. Dayan’s deep-rooted passion for IT was evident even before he embarked on his medical studies at the University of Colombo. His enthusiasm for the subject not only guided his academic pursuits but also spurred him to establish ESOFT Computer Studies with an initial investment of just 1 million rupees—shared equally among five investors, including Dr. Dayan himself—the foundation was set for what would become a transformative venture.
The company faced significant hurdles in its initial years, leading to growing dissatisfaction among the investors. Faced with the prospect of failure and the potential withdrawal of support from his friends, Dr. Dayan had to take control of the company. Juggling the demanding roles of a medical professional and a business leader, he confronted severe financial constraints. With no banks willing to extend loans, Dr. Dayan had to launch new initiatives with minimal capital and low risk. Despite numerous setbacks, a few successful ventures emerged, providing the momentum needed to turn the tide.
In those formative years, Dr. Dayan was deeply involved in every facet of the business—from marketing and product development to handpicking his team members. His hands-on approach proved crucial, with some of those early team members still serving as key pillars as ESOFT approaches its 25th anniversary.
The company’s trajectory shifted dramatically with strategic partnerships and regional expansion, coupled with a steadfast commitment to affordable education across Sri Lanka through the “Shaping Lives, Creating Futures” initiative.
Dr. Dayan stated that, “Entrepreneurs are crucial for the growth of any economy, especially for a developing country like ours, with a GDP of USD 85 billion and only 12 billion in export revenue, entrepreneurs, could capture global markets, increasing the export revenue.”
He further added, “Youth entrepreneurs are particularly important in this context because they are more in tune with the current trends and innovative technologies. They tend to be resilient and adaptable, bouncing back from failures with fewer personal commitments holding them back. Therefore, starting an entrepreneurial journey at a young age can lead to a greater achievements and success.”
The challenges we face are not only educational but also societal. Governments can topple in any nation, even in developed countries. Therefore, it is imperative for individuals to focus on self-transformation. The responsibility to adapt and thrive starts with oneself. While social factors play a role, personal development and the acquisition of transferrable skills are key. In particular, skills such as teamwork, self-management, and communication are essential in today’s dynamic world.
“More funding options would undoubtedly be a great catalyst for enhancing entrepreneurship in Sri Lanka. Providing funding for high-potential projects without requiring a mortgage is crucial. Additionally, government support is needed to help entrepreneurs recover from failures.” he added.
Dr. Dayan believes that instilling entrepreneurial mindset within universities is vital, so that graduates aren’t solely focused on seeking employment. Stating how significant diplomatic missions and trade agreements should be utilized effectively to help young entrepreneurs discover new markets.
To truly empower the youth of this nation, a shift in focus is needed—from solely academic achievements to a more holistic development that includes entrepreneurship and the mastery of essential, transferrable skills. This transformation begins with each individual, laying the foundation for a more resilient and prosperous future.
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