1. Impact on the Sri Lankan Venture Capital ecosystem: The Sri Lankan start-up ecosystem is nascent and, while seed funding is generally available, there is a lack of institutional funding for Series A onwards. Outside of the software sector, connections and exposure to other more developed ecosystems (e.g. Silicon Valley, India, Singapore) is limited. The government is making efforts to promote entrepreneurship through promotion of networking events, incubators etc. by bodies such as Startup Sri Lanka and SLASSCOM. Due to the small scale of the ecosystem, there is a lack of mentors/advisors to assist young entrepreneurs in starting and growing their businesses. The success of PickMe would have a strong demonstration effect which is expected to foster entrepreneurship and attract both entrepreneurs and institutional investors to Sri Lanka.
2. Impact on drivers as SMEs: PickMe has a positive impact on its drivers, through increased earnings, financial inclusion and training. As outlined above, the Company provides drivers with an opportunity to double their earnings by reducing idle time spent waiting for customers. PickMe contributes to financial inclusion and literacy as it requires its drivers to open bank accounts, through which they can receive real time payment transfers, which enables them to begin building a credit history. PickMe also provides training to its drivers on customer service which enhances their self-esteem and status in society as they can interact in a more professional manner with customers.
3. Convenient, reliable, and affordable transportation: As there are limited attractive transportation options for Sri Lankan consumers, especially women who do not own their own vehicles. PickMe enables consumers to move around cities in a safe, convenient, reliable and affordable manner. Consumers using a vehicle hailed through PickMe are safer than consumers using vehicles hailed informally as (i) PickMe checks that vehicles are adequately insured to carry passengers and (ii) the PickMe app includes a SOS button that gives the rider an option of alerting the police in case of an emergency. A 2015 survey commissioned by the United Nations Population Fund (UNFPA) revealed that 90 per cent of women in Sri Lanka have experienced sexual harassment on public transport, while only 4 per cent sought help from the Police. These barriers pose a threat to gender parity, the physical and mental wellbeing of women, as well as female labor force participation, which is currently at only 35 per cent, significantly lower than some other countries in the region.
