Humbled by overwhelming response for NAN Coimbatore Launch. 42 angels signed up and two investment announcements were made.
Nagaraja Prakasam, chairman and co-founder of Native Angels Network, said start-ups can be of three kinds. They can replicate models of successful ventures, tap the country’s strengths, and have disruptive innovation. The Angels Network will support grassroot innovation, those who have solutions to the city’s problems, and build businesses that will remain strong for years to come.
Angels come calling
Coimbatore has had some radical investments and innovative businesses – huge ventures – that fostered the city many years ago. Be it getting into textile machinery or setting up a viscose plant, these ventures manufactured quality products and generated jobs.
However, over the years, entrepreneurship became repetitive and there was no innovation.
“We need aspiration. There can be innovation in textiles, textile machinery, foundries, compressors, pumps and motors that are made here. There are opportunities in Coimbatore in all these sectors,” said Jairam Varadaraj, Managing Director of Elgi Equipments. He was speaking at the inauguration of Coimbatore chapter of Native Angels Network, which is a forum of angel investors, here on Monday.
Mr. Varadaraj spoke about the opportunities for innovation in not just technology-oriented areas, but also in the manufacturing sector. There were as many potential investors as potential innovators and hence resources should not be a problem, he observed.
Nagaraja Prakasam, chairman and co-founder of Native Angels Network, said start-ups can be of three kinds. They can replicate models of successful ventures, tap the country’s strengths, and have disruptive innovation. The Angels Network will support grassroot innovation, those who have solutions to the city’s problems, and build businesses that will remain strong for years to come.
According to R. Sivarajah, founder and president of Nativelead Foundation, Coimbatore has over 150 start-ups. The network will look at innovations in different verticals, apart from technology.
With about 40 investors in Coimbatore, the network has decided to invest Rs. 21 lakh first in a mobile application, developed by an Erode-based entrepreneur, for the mechanics in the unorganised sector. The network members will also invest soon in Buddies Café, a Coimbatore-based venture that serves 60 varieties of teas.
Mechanic app to raise funds from Coimbatore angels
When Sridhar Iyer graduated from Kongu College three years ago, he probably would not have dreamt that his idea would draw the attention of members of the Coimbatore chapter of Native Angel Network (NAN), a region-focussed angel investment forum.
But, as luck would have it, Sridhar’s venture “Mechanic App” became the first start-up to be funded by the regional investors. The 25-year old said that the app helps connect car and two-wheeler mechanics with customers on the one hand and auto component vendors on the other.
He has on date connected with over 600 mechanics in Erode District. He is looking to widen the base and launch the app in Coimbatore as well.
With the app, customers will be able to locate the nearest mechanic, know his profile and even fix an appointment for servicing the vehicle.
Pension scheme
Besides getting mechanics under one umbrella, Iyer is also trying to provide a pension system for them. A corporate group is said to be guiding this youngster to develop the application.
Iyer has indicated that he will require funds to the tune of ₹22 lakh in the first phase of this venture.
First NAN Pitch at Erode – the first tier III city to get a Angel Network. It was attended by 28 Angel Investors from Erode. Four startups in decent customer traction presented their business plans. The session was Moderated by Mr.Nagaraja Prakasam, Chairman of NAN. We also organised live streaming for the benefit of our members in Coimbatore, Madurai and Trichy. Thanks to Tex Valley for all the support.
It was great addressing 6000 students at Karunya University, inaguration Mindkraft 2017. Great to see them attentive for an hour on frugal innovation for smart India and how not to ignore the billion in the process.
#KarunyaUniversity management fest themed frugal innovation for smart #India will make the Prime Minister’s vision a reality
The three Day National Level Techno-Management Fest “Mindkraft 2K17” based on the theme “Frugal Innovation for Smart India” to be held from 23rd-25th March, 2017 was formally inaugurated by Professor Nagaraja Prakasam, Founder Chairman of Native Angel Network, Bangalore on 23rd March 2017 at University premises. He has invested in 20 start-ups and believes in the mantra and according to him”Start-ups should be the focus of India’s strength”. He also narrated the success stories of people of India who had obtained patent for their small innovative ideas and later they were commercialized because of its social importance. The chief guest motivated the students to think simple ideas and translate in to useful innovative products that would benefit the society at large. He also added that in order to sustain in this competitive world students should think of becoming an entrepreneur than looking for employment.
Dr.S.Sundar Manoharan, Vice Chancellor of the university welcomed the gathering and in his speech he stated that the spirit of students in making techno-products is increasing year after year. The Registrar Dr.C.Joseph Kennady introduced about the chief guest by briefing the achievements and accomplishments. Dr.Jibu Thomas faculty coordinator of Mindkraft 17 read the report on Techno Management fest- Mindkraft 17 to the august gatherings.
This is a Techno Management fest attracted 1300 participants from other colleges across India and similarly the event witnessed 500 internal participants too. The highlight of first day was the project exhibition in which more than 70 innovative products were displayed by the student participants. To name a few, air engine bike, smart shower, electricity generating doors, traffic signal priority system, smart parking facilities, sun-friendly umbrella, herbal biscuits, biofertilizers, waste water treatment plant systems, lichen power for removal of biofilm formations in catheter tube, instant coconut milk power, thermotorch and so.
During this exhibition, students had an opportunity to show case not only their talents at the same time they were able read others creative work. This paved a way to kindle their young minds by giving deeper understanding of the subject and also obtained insight into various fields of engineering, science and management. In addition to the research paper presentation (both oral and poster), the other events that are conducted are Futsal street, Aquarush, RC-Car, Auto-expo, Battle Programmer, Food Trivia, Robomaze, Bob the Builder, short film and photography competition.
