Venture Engine 2014 submissions close with record entries

Entrepreneurial spirit continued to gather momentum after the third successive Venture Engine competition opened for entries in April 2014, the organisers said.

The programme 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 per cent were chosen for the next stage of the competition, the organisers informed the media through an announcement.

The response follows the success of two previous Venture Engine programmes 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 evaluated by an eminent panel of judges, comprising 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.

"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.