The National Institute of Business Management (NIBM), Sri Lanka’s leading educational and management institution, officially unveiled the Best Innovative Business Model Awards (BIBMA) 2026 on July 14, 2026. This initiative underscores NIBM’s dedication to promoting business excellence, innovation, and sustainable economic development within the country. As the institute nears its 60th anniversary of providing educational services, conducting research, offering consultancy, and engaging with industries, it continues to implement programs that enhance the business landscape and support organizations in becoming competitive on a global scale.
BIBMA 2026 has been established as a distinguished national initiative aimed at recognizing organizations that have innovatively changed their approaches to creating, delivering, and capturing value in a swiftly changing business climate. The awards are intended to set a national standard for innovative business models while motivating organizations to prioritize innovation, sustainability, and long-term competitiveness.
The awards are open to entities from four categories: Start-ups, Micro, Small and Medium Enterprises (MSMEs), Corporates, and Public Enterprises, with a total of 30 awards available across these sectors. The application process commenced during the launch event, with the deadline for submissions set for September 15, 2026. Those shortlisted will be informed by November 15, 2026, ahead of the final evaluation and the celebratory Awards Gala later this year.
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BIBMA 2026 utilizes a comprehensive evaluation framework grounded in the globally acknowledged Business Model Canvas developed by Osterwalder and Pigneur, and it incorporates the United Nations Sustainable Development Goals (SDGs). Organizations will be evaluated on nine critical aspects: Key Partnerships, Key Activities, Key Resources, Value Propositions, Customer Segments and Relationships, Channels, Revenue Streams, Cost Structure, and Sustainability Integration.
More than just an awards program, BIBMA 2026 is a national movement aimed at enhancing business excellence, fostering ongoing innovation, and reinforcing Sri Lanka’s business ecosystem. An independent Assessment Council, consisting of respected academics, industry specialists, policymakers, and business leaders, will conduct a thorough and impartial assessment process, providing participating organizations with valuable comparisons to internationally accepted business model standards.
Dr. E. N. Chinthake Perera, Chairman of NIBM, remarked, “Innovation is fundamental to achieving sustainable business success in today’s fast-paced environment. Through BIBMA 2026, NIBM is establishing a credible national platform that encourages organizations to rethink their value creation strategies, adopt innovation, and compete globally. This initiative showcases our commitment to assisting Sri Lankan businesses in developing robust, future-ready models that drive national economic growth.”
Dr. D.M.A. Kulasooriya, Director General of NIBM, expressed, “For almost sixty years, NIBM has been pivotal in cultivating professionals, organizations, and industries that advance Sri Lanka’s economic development. BIBMA 2026 adds a new layer to our consultancy efforts by acknowledging innovative business models that generate sustainable value. Our goal is to help organizations align themselves with internationally recognized standards while promoting innovation and long-term growth.”
Mr. Kolitha Ranawaka, Director of the NIBM School of Business, added, “The NIBM School of Business has a longstanding reputation for excellence in business education, executive training, research, and consultancy. BIBMA 2026 is a natural progression of this expertise, offering organizations a structured and independent platform to assess and enhance their business models. We anticipate that this initiative will not only award excellence but also motivate organizations to persistently innovate and improve their competitive edge.”
Dr. Baratha Dewanarayana, Chair of the BIBMA 2026 Steering Committee, noted, “BIBMA 2026 aims to honor organizations that have effectively redefined how value is created, delivered, and sustained. It establishes a credible national benchmark that fosters continuous innovation, cross-sector learning, and business excellence while promoting sustainable practices throughout Sri Lanka.”
Ms. Sandamini Withanachchi, Consultant/Lecturer and Project Lead for BIBMA 2026, stated, “The program provides organizations with the chance to benchmark their business models against recognized best practices, gain national visibility, and showcase their accomplishments. More than just an awards ceremony, it encourages participants to reflect on their strengths, embrace innovation, and develop resilient business models capable of generating long-term value.”
In addition to honoring excellence, BIBMA 2026 serves as a venue for knowledge exchange, collaboration, and networking among leaders in Sri Lanka’s business sector. By uniting organizations from four diverse sectors under a single nationally recognized framework, the initiative aims to encourage cross-sector learning and inspire the adoption of innovative and sustainable business methodologies that bolster the nation’s economic progress.
Organizations interested in participating can submit their applications through the official BIBMA website. The application fees are categorized as follows: Start-ups – LKR 10,000, MSMEs – LKR 25,000, Public Enterprises – LKR 30,000, and Large Corporates – LKR 75,000.
For more information regarding the Best Innovative Business Model Awards (BIBMA) 2026, please visit www.ibma.lk, email info_bibmawards@nibm.lk, or contact +94 70 133 1000.
Dr. E. N. Chinthake Perera – Chairman – National Institute of Business Management (NIBM), Sri Lanka
Ms. Sandamini Withanachchi – Consultant, Lecturer & Project Lead
Dr. D.M.A. Kulasooriya – Director General – National Institute of Business Management (NIBM), Sri Lanka Advisory Committee Member – NIBM Best Innovative Business Model Awards 2026
Image Caption:
Dr. Baratha Dewanarayana – Chair – Steering Committee, NIBM Best Innovative Business Model Awards 2026, Head- Management and Development
Dr. Asanga Ranasinghe – Director – Postgraduate Institute of Management (PIM), University of Sri Jayewardenepura, Advisory Committee Member – NIBM Best Innovative Business Model Awards 2026
Dr. E. N. Chinthake Perera – Chairman – National Institute of Business Management (NIBM), Sri Lanka
Dr. D.M.A. Kulasooriya – Director General – National Institute of Business Management (NIBM), Sri Lanka, Advisory Committee Member – NIBM Best Innovative Business Model Awards 2026
Mr. Kolitha Ranawaka – Director – School of Business, National Institute of Business Management (NIBM)
Dr. Anil Perera – Director – Market Operations, Central Bank of Sri Lanka, Advisory Committee Member – NIBM Best Innovative Business Model Awards 2026
Financial Chronicle Biz English | Sri Lanka Business News.
