Start-up landscape in SL changing for the better
View(s):Start-ups, design thinking, and innovation are shaping the world of business more than ever.
Those in this part of the world are geared up on entrepreneurship and innovation and Sri Lanka’s talent in this game is just as good as any. But in order to continue to build local communities and expertise in these areas many issues have to be sorted through leadership, a top start-up specialist says.
Many local entrepreneurs who aspire to get beyond the ‘art of the start’ feels that when registering their company, Prajeeth Balasubramaniam, founder member of the Lankan Angel Network (LAN), told the Business Times.
His own venture in this regard BOV Capital (Blue Ocean Venture Capital) in 2009 was incorporated in Singapore mainly for these reasons, he says. “The ease of doing business in Singapore and the infrastructure for start-ups is far greater in Singapore when compared to Colombo,” he says. Also there’s a strong legal framework for start-ups which is a great comfort zone for potential investors in these firms, he added. But now things are changing.
LAN in 2015 pitched for and beat Malaysia and Singapore when they won the bid to host Asian Business Angels Forum’ (ABAF) in Colombo next month. This is Asia’s largest premier angel investor gathering and conference for emerging and growing business.
It’s a 2-day event comprising a variety of conferences, workshops, panel discussions and investment pitching sessions, which provides an exceptional occasion where renowned speakers, business leaders, angel investors, venture capitalists, policymakers, entrepreneurs from around the globe meet to swap best practices and insights on investment in innovation and technology industries.
“They said that Sri Lanka is a great holiday destination, ‘but what else’?
We showcased some of the start-ups that we funded and expanded to the region. This is how we ‘wow’ed them,” Mr. Balasubramaniam said. He added that local entrepreneurs are mavericks and their passion drove their new business. But to scale the business, they need the complementary expertise, experience, connections, oversight, and new capital which is what LAN provides.
Simplex (an e-commerce firm dealing with logistics issues), Intelocut (a materials cutting and sourcing firm which helps apparel firms cut down on wastage), Aqem (a data analytics firm for the pharma industry) and Zigzag (a site which caters to mass ladies products) are only some feathers in LAN’s cap.
The local start-ups with high stakes and even higher prospective for disruptive growth and success are slated to see some potential investors, Mr. Balasubramaniam said.
Some 45 delegates from 25 countries are set to participate in this year’s ABAF on October 11.
It has been held every year since 2010 in each Asian country to build and revitalise angel investment networks among the countries.
(Duruthu)