Ekva to power Sri Lanka’s start-upsView(s):
A high-profile team from Ekva LLC, a US company with strong Sri Lankan roots, will launch their accelerator in mid-March in a bid to strengthen, support and grow local start-ups.
Their accelerator, uniquely called ek’celerator will accept applications from incorporated or non-incorporated start-ups at any stage from an idea, proof of concept (PoC), or minimum viable product (MVP) to those vying for traction and early revenue, Amith Boteju, CEO Ekva was quoted in a media release by the company.
“The ek’celerator will place the candidates through specialised educational courses to enhance their skills such as finance, management, relationship building, language, presentation skills, go-to-market strategies, crisis management, and fund raising.”
Selected start-ups should aim to raise the first round of seed funding in 6-12 months and will be selected by the Ekva Investment Committee (IC) to participate in a part-time accelerator programme during a 3–4-month period to build their companies. The companies will receive a pre seed investment from Ekva Accelerator to support the company and fast track its development during the programme. Selected companies will participate in the programme while working full time in company building.
Initial rounds will be done in major cities such as Colombo, Jaffna, Kandy, and Galle with the finale done Live in Colombo.
Mr. Boteju added that exclusive video production will be made and there will be a live YouTube and Television broadcast of this programme.
Local and international TV rights are under negotiation, he added.
“With Sri Lankans at the lead, we understand the local needs, local flavour, and local thinking. We teamed up with international experts who have worked in top management positions at leading corporate giants such as JP Morgan, Deutsche Bank, AT&T, Cirque Du Soleil, MGM Hospitality, Akon Legacy Ventures, Rabo Bank, Finish Line etc. to bring in international expertise to find bright lights in the country,” Mr. Boteju said.
Ekva will secure special support from partners such as AWS, Google, Azure, Salesforce, Hubspot, etc to provide essential tools to the selected start-ups.
“We will give umbrella support in HR, Legal, Marketing, Accounting and Compliance to the selected start-ups,” Bradley Seelig, CFO Ekva said noting, “Our long-term aim is for Sri Lanka to join the Unicorn Club within the next 10 years, hopefully with one of our portfolio companies.”
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