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The Government of Sri Lanka together with the ministry of Science and Technology launched the Sri Lanka Nanotechnology Initiative in 2007. The brainchild of this initiative, the Nanotechnology Company (NANCO), was set-up with BOI status. A 60 acre property in Homagama has already been ear marked for this project with the Government pledging to allocate over Rs. 5 billion over the next five years. NANCO will become a holding company in the “Science Park” to be created in Homagama where new Nanotechnology inventions will be commercialized by interested private companies.

Coupled to this venture, Sri Lanka Institute of Nanotechnology (SLINTEC), whose goals are more immediate, was set up in 2008 as a private company. SLINTEC is a Rs. 420 million venture with the Government investing 50% and five joint venture partners. They are namely Brandix, Dialog, Hayleys, Loadstar and MAS Holdings equally investing the rest. The Ministry of Science and Technology is the focal point of the Government’s investment which will oversee its responsibilities through the National Science Foundation. Under its mandate, SLINTEC will provide a Nanotechnology research-based industrial platform, to the existing product line up of these companies, thus enhancing their global competitiveness.
Investment into Nanotechnology “Technopreneurship” through NANCO and SLINTEC, the Government has recognized that scientists can make a big difference in national development by helping to exploit good technologies. However, Nanotechnology should be implemented with care and synergy with the environment and a careful life cycle analysis of products. It is important to note that SLINTEC is committed to sustainable Nanotechnology where a sustainability screen would be applied to all the research they undertake

The chairperson of NSF, Prof. Sirimali Fernando visited SLINTEC on 12th August 2009. The SLINTEC Science Team presented the inaugural SLINTEC initiated projects of its industry partners at this occasion. Distribution of Lab coats to Team SLINTEC was also done by Prof. Fernando and Deshamanya Mahesh Amalean, the Chairman of SLINTEC /MAS during this event.