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Sri Lankan entrepreneurship program selects 11 start-ups

COLOMBO (EconomyNext) –Venture Engine, a Sri Lankan entrepreneurship development program, has chosen 11 start-ups for support with three firms, Stripes & Checks, Yamu, and Audio Book named as having the top three business plans.

Stripes & Checks, is a manufacturer of made to measure shirts, Yamu an online guide to dining and leisure in Sri Lanka, and Audio Book a company that provides books in audio format which are also available native languages.

“The next step for these businesses as well as the other 8 finalists will be dialogues with potential investors and discussions on logistical decisions on the next phase of their growth,” a statement said.

Venture Engine 2015 saw 150 entries from a wide range of industries such as food technology and processing, ayurveda and healthcare, education, design, gaming, chemical and fertilisers, IT and ecommerce, social media, tourism, bio technology and logistics.

The finale was attended by potential investors from the Sri Lankan, Indian, Chinese and US business communities.

The Venture Engine panel of judges comprised members of the Lankan Angel Network and Indian Angel Network.

In the months following the program the entrepreneurs and investors will work together to finalise business plans, establish the businesses, and procure a client base.

The program also includes a session on follow on funding for previous years’ candidates to obtain guidance on expansion plans.
 

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