Last year’s event by Venture Engine was a huge success. Nine different businesses were helped to be more successful, both technologically and financially. Of these nine businesses that were helped, seven were startup businesses. This endeavor went a long way toward improving the economy of Sri Lanka, providing a much-needed boost and an increase in new businesses.
Last year there were seventy applications for the nine selected positions. Anticipation is for at least that many this year and possibly even more. The application period has already begun for this year and will conclude on June 3. Responses are expected to be even greater this year than last. For the entrepreneur looking for a financial boost, this is a wonderful resource.
Details of the opportunity
The website detailing this opportunity offers many resources in addition to the application materials. All will aid you in the application process, but the resources are beneficial in general for day-to-day help to aid a business person in making the best of the information available to them.
Though other areas worldwide have had such programs for some time, this is the first for the Sri Lanka region. The popularity and benefit of this program should indicate great things from the sponsors and founders of the program for a long time to come.
Participants of the program get many benefits, not the least of which is mentoring by established entrepreneurs and venture capitalists. They have the opportunity to pitch to investors and venture capitalists outside the program. There are gifts available for first through third places, based on business plan presentations.
Event Partners and Sponsors
Venture Engine is a combined effort between two companies, the Blue Ocean Ventures, and the Indian Angel Network. The 2012 effort has been hailed as a tremendous success. Expectations are that 2013 will be just as spectacular. This opportunity is one to remember and keep an eye on, especially if you are a new or struggling business.
There are many different styles of entrepreneurship. No two individuals are exactly alike. This brings a great variety in both businesses and in styles of entrepreneurship. But, whichever style suits you best, Venture Engine can make an excellent financial resource that might well mean the difference between success and failure in your own venture.
The applications are due by June 3, and several important dates follow that until the announcement of winners on June 26. These include filter top 20, 10, and 3. Each filtering activity will be prefaced by a pitch of the group involved. These dates are June 4, 13, 18, and 21. Final presentations and awards will be on June 26.
Types of Businesses and Requirements for Application
Both those businesses looking to expand in scope or reach into new realms are welcome. They may only need a bit of financing to move forward, or maybe need just a bit of mentoring to become more successful.
The application components are very specific. They include:
- Business plan
- Market research
- Equity report
- Projected growth rate
- Presentation statements
Once applications with the above criteria are submitted, they will be shortlisted according to the quality of their applications. Those lists will be the top 20, top 10, and the final 3 winners. Along the way, the shortlisted groups will have a chance to refine their business plans with the help and mentorship of both established businessmen and venture capitalists.
Even if a business is not one of the top 3, they still win. They receive invaluable information from established businessmen and venture capitalists. This information includes, among other things:
- Business planning instruction
- Mentoring to construct a plan to obtain funding
- Access to potential investors of a high caliber
- Networking with other entrepreneurs
- Feedback on business plans
- Exposure for business and PR blitz