November 22, 2015
The Young Indians (Yi) chapter of Confederation of Indian Industry (CII) Coimbatore invited applications from start-ups in the month of July this year. The applicants were classified into two streams, in order to mentor them and get them funding. About 200 start-ups responded. Yi partnered with Native Angles Network (NAN) – a forum for angel investors who are interested in investing in innovative ventures of local entrepreneurs.
Selected start-ups were put through a boot camp where they were mentored. At the grand finale called the Startup Summit, the organizers announced the names of the start-ups that have won the funding.
“The objective of the Startup Summit is simple – identify few innovative start-ups, mentor them and get them funding opportunities. The Startup Summit is a comprehensive programme where both start-up entrepreneurs and students will get a chance to pitch their idea before an angel investor, who will then screen and mentor them for a period of one month. The idea of the Startup Summit is to help those individuals who have the burning desire to become entrepreneurs,” Suchi Swaminatham, Event Chair of the Startup Summit, said.
Start-ups who made it to the grand finale – E Vagan Logistics, Builder Guru, Xsec Technologies, OnDeOs, and 27Mantra – were given an opportunity to pitch their business ideas before angle investors. Of them, the business module of OnDeOs and 27Mantra won the funding.
At the grand finale, Sivarajah R., Founder and CEO of NAN, said “All the start-up ideas were innovative. Some of them had out-of-the-box ideas. However, it is the angle investors’ personal interest in the start-ups that has prompted them to agree to fund the two teams. The start-ups that weren’t selected can keep in touch with CII and NAN and receive mentorship.”
Also present at the grand finale of the Startup Summit were Jayanthra Jayachandran, CEO and Director, Angler Technologies India Pvt. Ltd.; and Swaminathan K, Founder and CEO of Aspire Edu-Ventures. In his address, Jayanthra said “The city of Coimbatore has always been known in the international business circle as a city that promotes and encourages entrepreneurship. But recently, people are more interested in copying successful business ideas and models. This must change. If original business ideas and innovative business models thrive, Coimbatore will become the Mecca of entrepreneurship. With such initiatives like The Startup Summit that promotes and supports entrepreneurship, I see us getting there.”