The Sri Lanka Inventors Commission(SLIC) signed a MOU with the Lanka Angel Network(LAN), a network for angel and private investors interested in investing in Start-ups and other business ventures by Sri Lankan entrepreneurs.
In accordance with the the agreement, SLIC will be responsible for bringing forward talented inventors and young entrepreneurs and commercialise their inventions. Apparently, the priority would be given to who were affected during the Sahasak Nimevum Exhibition. Afterwards the inventors will have to pitch their ideas and face a comprehensive and a strict selection process by a panel of experts of LAN.
According to Financial Times, in 2013 alone, LAN has managed to raise over Rs. 175 million for 12 start-ups in Sri Lanka. In comparison the average funds raised among angel groups internationally is approximately US$ 2.5 million.
Eight clusters according to which LAN organises its activities are as follows:
1. ICT (SaaS, ecommerce, online payments, gaming, Mobile & Telco VAS)
2. Tourism and Leisure
3. Knowledge, Learning and Education services
4. Energy (Renewable, Solar, etc.)
5. Fashion, Design, Retail and Consumer
6. Health Care, Pharmaceuticals and Biotechnology
7. Discrete and Process Manufacturing, Nanotechnology, 3D Printing
8. Agriculture, Supply Chain, Logistics, Shipping, Transportation, Packaging
Angel Networks, which are extremely popular and proved effective in North America and Europe, comprise of investors investing in inventors and entrepreneurs who are starting up their businesses. Due to the high risk nature of these ventures, the traditional funding methods such as debt capital may not be the most recommended. Hence, Angel Networks can assist these ventures to grow and thrive in the market. This is indeed a very good news for the Sri Lankan inventors and entrepreneurs.