The bill provides for the establishment of the agency and incorporation to seek private sector support for innovation, to contribute to national research, and to identify barriers to innovation. The National Innovation Agency is administered by a governing council and the chairperson of the council will be the Secretary to the President.
Other members of the council include high ranking officials from the Development Strategies Ministry, Director General of the National Planning Department or his nominee, Director General of the Intellectual Property Office of Sri Lanka, representatives from the Science, Technology and Research Ministry. The council will also include a high ranking official from the International Trade Ministry and the Chairperson or his nominee of the Sri Lanka Institute of Nanotechnology.
The Governing Council will act in accordance with the directions of the President from time to time. Also, the President can make orders on matters contained in this Act. Every order will be published in the Gazette and presented to Parliament for approval within three months.
The agency will be responsible for maintaining a national innovation environment in line with the innovative entrepreneurship strategy, facilitating high technology enterprises generated by research and technology interchange, and coordinating with the private and public sector.