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.
“Affirmative Action and Diversity Measures in the Private Sector”, moderated by Nagaraja Prakasam
Conference Objective:
to address caste based discrimination in Bangladesh, India and Nepal. The conference is solution focused and forward looking, with four key aims:
- To understand on-going strategic initiatives, efforts and best practices emerging from Bangladesh, India and Nepal to address caste based discrimination, with a specific focus on Dalit women.
- To assess the current initiatives on addressing the intersections of gender and caste in terms of meeting the needs and rights of Dalit women.
- To examine best practices with respect to inclusion matters and the private sector.
- To understand the emerging public policy climate on caste based discrimination, with specific focus on intersecting caste and gender discrimination.
The conference sessions will highlight equity and inclusion strategies and achievements in a number of key areas covering policies and legal frameworks, affirmative action and diversity measures, addressing multiple discrimination against Dalit women, equal economic opportunities and employment, promoting inclusion via education, media and ICT, and localising the SDGs agenda to leave no one behind. Sessions will be in the form of dialogues between expert panellists facilitated by experienced moderators, leading to the formulation of a working regional agenda for social inclusion.
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.
