Start-up fever to hit Colombo this September
Asia is the fastest-growing market in the world today and is well perched to become the most important world economy of the 21st century. So it’s no surprise that it is by now home to some of the globe’s most important start-up firms and Sri Lanka too can claim its start-up hub status before long.
The start-up industry in the country is slated to witness its ‘next best thing’ this year when Asia’s largest premier angel investor gathering and conference for emerging and growing businesses, ‘Asian Business Angels Forum’ (ABAF) will for the first time kick off in Sri Lanka this September.
Prajeeth Balasubramaniam, founder member of the Lankan Angel Network (LAN), told the Business Times that the 2017 ABAF which is to be held in Sri Lanka in September in a 2-day event comprises 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, entrepreneurs from around the globe meet to swap best practices and insights on investment in innovation and technology industries.
“This would notably be a platform for the country’s emerging business ecosystem since many angel investors who would attend the forum from all over the world will have direct access to local entrepreneurs and vice versa. This sort of accessibility in such forums is important to the local start-ups because they offer a personal contact that is not there at large investment funds that solely focus on revenue generation and do not understand the needs of entrepreneurial businesses,” he added. Asian Business Angel Forum has been held every year since 2010 in an ASEAN region country to build and revitalise angel investment networks in the region.
To say that the start-up scene in Sri Lanka is becoming highly competitive is an understatement as this year’s venture engine, a competition to select the best start – ups based on their business plans will also happen alongside ABAF, Jamie Emmanuel Manager LAN told the Business Times. The local start-ups with high stakes and even higher prospective for disruptive growth and success are slated to see some potential investors will make this competition particularly fierce.
“Those participating will get a great exposure at this well-known start-up competition. Competitors receive key benefits including international spotlight, validation, and of course funding. Winners are often rewarded with potential investor contact and vital capital,” Ms. Emmanuel said.
Ms. Emmanuel added that this competition and ABAF itself are also gateways for companies looking to spark rapid growth and expansion into the region.
Of course, the track record of competition-winning start-ups is mixed.
Winning alone is not a guarantee of success but the early exposure and attention they achieve can be considered a viable path to success.
Though the thought of bringing your idea in front of a panel of judges and industry investors can be daunting, the benefits prove to be worth it. If you have a start-up in the works, consider taking that next step and bringing it to one of these contests. Meanwhile, BOV Capital (Blue Ocean Venture (BOV) Capital) based in Sri Lanka and Singapore which announced a Rs. 1.5 billion fund focused on Sri Lankan start-ups to grow regionally and globally has got investors from Dubai, Singapore, India and Malaysia. This fund is a collaboration between LAN founder Mr. Balasubramaniam, former LAN Chairman Eric Wikramanayake and Google Inc. Vice President Rajan Anandan and was incorporated in Singapore as their limited partners (LP) are based there and in India were considerate on the ease of doing business, Mr. Balasubramaniam, Partner BOV Capital said.
With many funds pivoting their cash towards Asia, Sri Lankan start-ups see a more than a fair chance with ABAF in Colombo this year, industry analysts say. It’s really upto them to show what they’ve got.