Venture Engine 2014 submissions close with record entries

Wednesday, 4 June 2014 00:09 - - {{hitsCtrl.values.hits}}

Entrepreneurial spirit continued to gather momentum after the third successive Venture Engine competition opened for entries in April. The program attracted over 100 applications from budding entrepreneurs eager to capitalise on the mentoring, funding and exposure made available by Blue Ocean Ventures, Indian Angel Network and Lankan Angel Network through Venture Engine 2014. This year sees the pool of candidates broaden, with several applications received from beyond Colombo’s borders. Of the business plans received, 50% were chosen for the next stage of the competition.

The response follows the success of two previous Venture Engine programs that resulted in 12 start-ups obtaining over Rs. 200 million in investment collectively. Continuous mentoring by investors and organisers played a pivotal role in the success of each new business. The business plans submitted for Venture Engine 2014 were meticulously evaluated by an panel of judges comprising of representatives from the Lankan Angel Network (LAN) and the Indian Angel Network (IAN) along with the event sponsors Expolanka, Orion City and Dialog Axiata. The fundable business plans will be accepted into the next stage of the competition where applicants will present a two minute pitch to the panel, followed by a question and answer session. The top candidates selected from this stage will participate in the first workshop session. “The response to our call for entries is very promising. We have received the highest number of submissions this year and have seen a marked improvement in the quality of the applications. It is evident that the ecosystem is developing rapidly, and this brings us closer to achieving our objective. We would like to encourage applications from more up and running companies looking to expand,” said Prajeeth Balasubramaniam, Managing Director, Blue Ocean Ventures. “After two years of running Venture Engine, we see more investor confidence and have successfully tied up with global angels to expand our portfolio of investors,” he added.

Supporting the event for the second year running are Platinum Sponsors Expolanka Holdings PLC and Orion City as well as Gold Sponsor Dialog. The continued and involved backing of these industry heavyweights further enhances the program. More information on Venture Engine is available on www.ventureengine.lk.