Innovation in Action 

Entrepreneurship Project Carried out at Postgraduate Institute of Management - University of Sri Jayewardenepura

CeySpecia Exports Private Limited was incorporated to supply spices and spice-based premium products to the local and international markets. The company has three directors, including a technical expert who is responsible for the production process. The authors of this project report contributed to the full investment of the project and continue to contribute to the management of the project. The company has selected cinnamon-based gel and liquid air fresheners, cinnamon-based mouthwash wash and cinnamon encapsulation to launch into the market, targeting mainly the herbal product users. 

The company was incorporated on November 29, 2013, with the view to starting the business under a limited liability company. Soon after the registration, management has taken various measures to achieve milestones of the project step by step. The company made arrangements with an Industrial Technology Institute to transfer the technology relevant to the air fresheners and mouthwash. However, the Industrial Technology Institute has not yet completed the clinical trials relevant to cinnamon encapsulation at the time this report is completed.

The required equipment and materials were procured from reputed organisations, and the samples were produced at Piliyandala, one of the director’s properties. It was planned to move the factory to the Horana area to commence commercial production. Measures have already been taken to get the necessary approvals to set up the factory. The factory will be set up in several phases to accommodate production expansion in a diverse product range. The director who has technical expertise will head this expansion process. The company is of the view that all the products are premium products compared to the products prevailing at the market, and some of these products could be considered to represent a blue ocean strategy. Further, some of the materials could be imported directly and the expensive input items, such as cinnamon bark oil, could be produced by the company itself and thereby reducing the supply chain costs. These measures would be useful to increase the profitability of the company and to make the company more competitive in the market by reducing prices.

The sample testing has shown positive responses from the selected customers, which compelled the company to commence the commercial production in the near future. However, there is enough room to accommodate the changes in packaging, labelling, constituents and the pricing based on the evaluation of the final sample results. The company would take further measures to produce encapsulated cinnamon bark oil products once the clinical trial results are available from the Industrial Technology Institute.

The authors of this project report had the opportunity to use and develop a set of skills, such as cognitive skills, analytical skills, negotiation skills, communication skills, technical skills, etc. It was evident in many instances that those skills were required throughout the project implementation period. The authors were delighted by the confidence received from the Master of Business Administration at the Postgraduate Institute of Management to face complex situations.  Finally, the management skills project outfits authors to be entrepreneurs by seizing the opportunities and innovatively solving human needs innovatively and profitably and to serve with social responsibility.