SL entrepreneurship competition open until May 6

A high-profile entrepreneurship competition modelled on the premise of the 200 member- strong Indian Angel Network (IAN) will kick off in Sri Lanka on May 29, 2012, with applications currently being accepted.

This event, Venture Engine, is organised by IAN'S local partner Blue Ocean Ventures, while, at the same time, also being backed by local heavyweights Dialog and Expolanka. Additionally noted by organisers, the event will not only be open to start-ups pitching for seed capital but also for ongoing concerns looking into expanding.

Entries will remain open until May 6, and this will be followed by the field of entrants being shortlisted to 10 as of May 29. After this, and leading up to the event's finale on June 20, competitors will be judged on criteria, including required investment, value proposition, sales strategy, competitive analysis and risk strategy, with the ultimate goal being to fund the top three entrepreneurial ventures selected.

While the 10 initially selected ventures will receive mentoring and the opportunity to pitch their concepts to Sri Lankan and Indian entrepreneurs and venture capitalists, and a further shortlisted five will have access to workshops to finetune their offerings, all ideas will be seen by the entry panel and, thus, some ideas may potentially be picked up even if they are not selected to participate, according to organisers. More details (and entry forms) for Venture Engine are available at www. ventureengine.lk.