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.