[3][4][5] The idea of a national science policy for Sri Lanka was first discussed in the 1980s, although the matter did not move forward in any concrete way for several decades due to the more pressing economic and budgetary needs of the civil war on successive administrations.

[6][7][8][9] Despite these efforts, R&D investments in the country were minimal, being just 0.19% GDP in 2006 (0.11% in 2008), lower than regional peers such as India (0.61%) and Malaysia (0.63%), and generally holding at <0.2% through the years.

[6][10][11] This has been attributed to various factors, including a lack of an innovation culture in Sri Lanka and a risk-averse private sector that did not see much benefit in local R&D ventures.

[13] Due to a lack of funds, however, the project stagnated until the efforts of Ravi Silva, a Sri Lankan professor and nanotechnology specialist at the University of Surrey, who persuaded five private companies to consider investing in the venture.

[37] The school offers MPhil and PhD degrees in Nano- and Advanced Sciences, and was formally inaugurated on 22 September 2017 at the Lakshman Kadirgamar Institute.

[38] SLINTEC then established the Academy as a separate entity for the execution of the institute's educational mandate, with industrialist and entrepreneur Mahesh Amalean appointed Chancellor.