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Home / Offbeat / Digital Life / Venture Engine returns to empower aspiring entrepreneurs

Venture Engine returns to empower aspiring entrepreneursBy editor on May 1, 2014 |

2 years, Rs. 200 million in funding, 12 start ups and counting.

Blue Ocean Ventures and the Indian Angel Network collaborate for the third successive year to host

Venture Engine 2014, a project aimed at fostering entrepreneurship in Sri Lanka. Over its brief two

year duration, the project has served as a springboard for 12 businesses, garnering Rs. 200 million

in investment collectively. In addition to opening the door to financial backing, Venture Engine

provides startups with access to a breadth of expertise in the form of workshops and mentoring

sessions via Lankan Angel Network (LAN) and the Indian Angel Network (IAN).

Endorsing the event for the third consecutive year are platinum sponsors Expolanka and Orion City

and gold sponsor Dialog Axiata, organisations consistently at the forefront of the Sri Lankan

business arena. Venture Engine is run, mentored and filtered by Lankan Angel Network, Sri Lanka’s

first alliance of angel investors.

The competition is open to owners of startup businesses and aspiring entrepreneurs. An open call

for business plans was officially launched on the 29th of April and the close of submissions is

scheduled for May 26th, after which a rigorous selection process will ensue. A panel of potential

local and overseas investors will review business plans of applicants, selecting a minimum of 20

applications to move on to the second pitch round, and provide valuable critique and insight during

this segment of the process.

The top applicants benefit from valuable opportunities to enrich their business plans through a

series of workshops and one to one mentoring sessions with successful local and international

investors. These entrepreneurs will make a final pitch to a panel of local and international

investors with the most exceptional business plans announced at a finale.

“A salient feature of Venture Engine is that the entrepreneur is granted the opportunity to pitch

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Ranil to step down?directly to the investors. The selected candidates are mentored by LAN and IAN, and there is no

ceiling on funds made available through the angel group. Thus any fundable startup in the top ten

has a good opportunity to gain the required investment to set up and expand their company,”

explained Prajeeth Balasubramaniam, Managing Director, Blue Ocean Ventures.

“We were charting new territory in 2012 when we launched the first Venture Engine programme.

With foreign investors eager to capitalise on post war growth and budding entrepreneurs looking to

spread their wings, the need for an effective startup ecosystem was identified. Over the last two

years we have witnessed an impressive display of talent and drive, reinforcing our decision to

launch Venture Engine in Sri Lanka.

“The success of startups from the last two events has seen our investor base expanding.

Sustainability is key and Venture Engine’s role effectively extends beyond the immediate capital

infusion. Our team of mentors continue to provide insight and guidance after the new ventures are

underway,” added Balasubramaniam.

“Venture Engine is a unique initiative. It has inspired entrepreneurship and also driven angel

investing in Sri Lanka. Year on year, it has brought critical money and mentoring to young Sri

Lankan entrepreneurs. IAN is proud to have helped found Lankan Angel Network, partnered VE and

brought in investors from around the world to the island nation,” said Padmaja Ruparel, President,

Indian Angel Network.

“From simple beginnings as a small fruit and vegetable exporter in Dam Street, Expolanka has risen

to a diversified conglomerate ranked amongst the top ten business entities in Sri Lanka with a

global footprint across 18 countries. Entrepreneurship is the cornerstone upon which our success

is built and we understand the challenges of venturing out on new territory. We see immense value

in the exposure and guidance VE provides its participants and its cascading effect on the

economy,” stated Hanif Yusoof, Group CEO, Expolanka.

“Innovation and entrepreneurship are such fundamental principles of the IT industry that the terms

have almost become synonymous. The most significant technological advancements have been

brought about by entrepreneurs with marketable ideas and unwavering drive. Without platforms

such as VE, we run the costly risk of these ideas never reaching realization. Orion City, once a

startup itself, understands this need and is committed to developing the Sri Lankan IT sector.

Furthering this goal, we are excited to announce the launch of Orion Nest, a dedicated facility for

start-ups,” emphasised Jeevan Gnanam, CEO/Director of Orion City.

“The Venture Engine amply demonstrates the value creation potential of a synergistic platform

which brings together Innovation, Risk Capital and Domain Expertise. World over, Venture capital

has proven to be an essential ingredient in driving innovation and national competitiveness. Dialog

is privileged to be a partner in the Venture Engine competition for the third successive year and it is

particularly rewarding to note that within a short space of two years, the Venture Engine

programme has succeeded in seeding several business ventures which are globally competitive,”

said Dr. Hans Wijayasuriya, Group Chief Executive of Dialog Axiata PLC.

Venture Engine has made substantial headway not just in facilitating startups, but in creating

general interest in entrepreneurial ventures amongst investors and potential candidates.

Information on the programme, previous years’ events, and past participants are available on the

project website www.ventureengine.lk. Application process information and resources are also

available on the website with entries accepted on submissions@ventureengine.lk. Further

assistance will be provided on contacting inquiries@ventureengine.lk.

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