The 2013 edition of Sri Lankan start-up competition Venture Engine has already shortlisted a number of companies for potential funding, on the way to its Grand Finale slated for end-June. Now in its second year, the competition still continues to feature many IT related start-ups, looking for seed capital to advance operations beyond the infancy [...]

The Sundaytimes Sri Lanka

Strong showing for IT start-ups on Venture Engine 2013 shortlist

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The 2013 edition of Sri Lankan start-up competition Venture Engine has already shortlisted a number of companies for potential funding, on the way to its Grand Finale slated for end-June. Now in its second year, the competition still continues to feature many IT related start-ups, looking for seed capital to advance operations beyond the infancy stage, and to make a truly sincere effort in growing these fledgling projects.

Before continuing, it is important to first point out that, this year, there were many more non IT related startups making the grade, out of the over 100 odd entries in total submitted for consideration. These included eco-friendly village-style hotel Saraii, music studio Ace of Clubs, ethical fashion label Red Cocoon, fashion designer Prabath and Push Skateboards. In addition, there was even a trading company, a lighting designer and an educational institute for kids with disabilities, along with two competitors even returning from the previous year, the House of Lonali and Nithya.

Even when it came to ventures which had some IT focus, the goal for startups appeared to have shifted to more elementary requirements being met by IT functionality this year. Or it could have just been that the attraction for seed capital has just gotten wider, going beyond the stage of intensive IT start-ups participating only. At the same time, Venture Engine 2013 did feature entries from ventures such as LinkLK.com, by local IT company Ridgecrest, a platform on which TicketsLK, and last year’s entry FinanceLK, is built. This IT infrastructure platform allows users to set up businesses online, with online payment gateway facilities, and employs “Single Sign-On” for customers, via a Central Authorisation Server (CAS) client, thus enabling access to all websites available on this platform, along with exposure to thousands of customers using LinkLK sites and related Facebook fans. Similarly, there was also a computerised Bill of Quantity (BOQ) solution for architects, by Environmental Solutions in contention.

In fact, several of the startups in this edition of Venture Engine are currently using social media, such as Facebook, to extend the scope of businesses. An example of this is Al Maas Jewels, by Rayhana Jiffry, which currently uses Facebook for awareness, but wants to expand by setting up a dedicated website it plans to call Pretty Metal. Featuring an online payment gateway, which will also allow for international sales of its handcrafted silver jewellery, with local gems, this site has been envisioned as an “online market place for trendy, eco-friendly Sri Lankan jewellery for both local and international customers”. Another such venture is an already operating small scale bakery called Scrumptious Brownies, which plans to use any funding it secures to take the leap into the wider desserts category, and later even found its own store. The reason this project is categorised as IT is because it plans to also make the jump from direct selling and promotions, to online selling via kapruka.com, auragifts.com and wow.lk as well as Scrumptious’s own website.
Meanwhile, on the other hand, there were also multiple ventures which are categories as born online, including iAccidente from AppStreet. This smartphone and tablet app speeds up processes for reporting accidents, and even submitting claims, and is useful for all audiences; insurance policy holders, assessors and companies alike. AppStreet, the company behind this app, also claims that, aside from faster response times and better overall customer service, there is also almost 30 per cent saved in terms of costs to insurance companies.

Another new online is Indian IT startup TryB4Buy which allows customers to utilise augmented reality to visualise the products they want to buy in their home environments. While, yet another, funbox.lk allows customers to create personalised greeting cards online and pay to get them printed and delivered to family and friends anywhere in the world. Founded by Mahesh and Melissa Dharmadasa, this simple, yet fun, concept even allows customers to upload photographs to be used in cards, with the founding duo planning to use any seed capital from Venture Engine 2013 to further improve product development, while also making their value- chain more efficient and carrying out marketing, branding and promotional initiatives.

However, the most novel idea shortlisted at Venture Engine 2013 is, undoubtedly, Sarasi Gunaratne’s Seedz. This venture described as an online trading platform gearing up to bring together the buyers and the sellers of garden seeds, an idea that can also help prove the notion that IT is becoming even more commonplace in everyone’s day-to-day life.




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