Brandix launches $1 mln venture to mentor, inspire start-ups
View(s):Sri Lanka’s Brandix Group is investing up to US$ 1 million over three years on a new venture aimed at fast-tracking the country’s evolution into a knowledge and innovation hub for the apparel, textile and fashion accessories sectors.
The new venture ‘Disrupt Unlimited’ will run a seed accelerator that will inspire, mentor and fund start-ups with breakthrough solutions to disrupt products, practices, processes and business models in these sectors, according to a company statement.
The objective of the company is to encourage innovators from across industries to develop technology-driven solutions that address challenges at every stage of the supply chains, leading to revolutionary changes in the way apparels, textiles and accessories are made, packaged, distributed and consumed.
“Like other seed accelerators across the globe, Disrupt Unlimited will provide start-ups with access to seed funding, advisors, practical workshops, networking opportunities, collaborative workspace and legal and administrative services, along with the opportunity to pitch game-changing ideas to venture capitalists and angel investors at an exclusive Demo Day,” it said.
Among the company’s identified roles are collaboration with industry partners, securing the support of private partners, mentors, and advisors, development of idea/entrepreneur pipelines, building a network of investors in Sri Lanka and overseas, investing in start-ups, running seed accelerator programmes and supporting start-ups through commercialisation.
This innovation-centric new entity was launched at Brandix Essentials on 21st February 2014 with the start of a two-week ‘Disrupt-a-thon’ at which 20 innovators will grapple with eight industry-related challenges in collaboration with mentors from companies in the Brandix Group and from the Group associate Textured Jersey Lanka PLC.
“The inaugural Disrupt-a-thon participants working in teams with Brandix mentors and specialists have two weeks in which to submit conceptual solutions that could, if accepted as potential game-changers, be supported with seed capital for commercialisation. Disrupt Unlimited plans to conduct four Disrupt-a-thon challenges per year and to draw on existing founder pipelines including universities, the Sri Lanka Inventors Commission, MIT Global Startup Labs programme, and Sri Lankans living overseas. Additionally, Disrupt Unlimited will help build this pipeline by running ‘founder dating’ events and collaborating with academic institutions to implement entrepreneurship programmes. Selected entrepreneurs must have an idea for a disruptive, scalable innovation, as well as a team with the right skill-set to develop and commercialise it,” the statement said.