Local startup fund Lankan Angel Network launches

Local venture capital fund Lankan Angel Network (LAN) was launched this week, with the stated purpose of "bringing together the Sri Lankan investor and mentor community and to scale the startup ecosystem", according to a media statement from one of LAN's founding members Blue Ocean Ventures.

It said, "LAN has identified key challenges that entrepreneurs face at each stage of their life cycle and aims to enable them to overcome those obstacles and accelerate their business to the next level via access to potential investors and mentors in various disciplines".

In addition, it was indicated that "LAN comprises of individual investors, venture capital funds and corporate sponsorship representatives. The active investors will be directly involved in the investment process with a common interest in entrepreneurship. The pro- cesses and procedures set out in LAN will facilitate the investors to act together as a group, lowering risk and providing an easy exit as the company matures. The LAN will also set ethical practice, which governs investor behavior and protects the entrepreneur.

LAN members would usually receive a minority stake in the company, leaving the entrepreneur in control. The members will bring business building experience, functionality experience, industry experience, contacts for partners, customers and follow-on financing. The network is looking for a clear path to profitability, solid management, realistic business plan, scalable business, competitive edge, market acceptance, realistic financial projections, realistic valuation and a wellarticulated exit strategy for investors".

(JH)