Identification of factors for the success of the Sri Lankan independent inventors

Sustainable economic growth is in theory, positively related to Schumpeterian 'creative destruction', which occurs due to innovation, technological change, and entrepreneurship - factors that can transform inventions into marketable innovations. Sri Lanka has produced many independent inventors with high technical merit, and many of have won awards in international competitions and exhibitions. However, the country remains heavily dependent on the import of technologies. By improving the local innovation system, the country may be able to achieve a higher level of economic success. In this study, we investigate award winners of the Sri Lanka Inventors Commission (SLIC), who likely have the highest potential to commercialise their inventions. We conduct a detailed survey of award winners' demography, inventive, and commercialisation aspects, and find that around 75% of the local independent inventors have not achieved commercial success due to insufficient support from external parties. Based on our findings, we make recommendations for inventors, national entities such as the SLIC, and supranational entities interested in promoting economic development regarding the proper use of the invention process and support for the facilitation of commercialisation of these inventions.