Lankan Angel Network signs MoU with Yarl IT Hub

Wednesday, 20 August 2014 01:58 - - {{hitsCtrl.values.hits}}

Offers funding and mentoring to Jaffna IT and non-IT start-ups

Furthering the cause of innovation in Sri Lanka, local angel community Lankan Angel Network has signed a Memorandum of Understanding (MOU) with the Yarl IT Hub, a community dedicated to elevating Jaffna into a Silicon Valley type centre. In collaboration with Yarl IT, the Lankan Angel Network will also establish a presence in Jaffna to enable easier access to funding and mentoring for Jaffna based start-ups. The Lankan Angel Network, through its 1 August 2014 MOU, has started aiding Yarl IT Hub participants in commercialising their business ideas. This has included much-needed mentoring, in addition to other kinds of support, which was required to reach the full potential for these Jaffna-based start-ups. Importantly, the assistance provided by the Lankan Angel Network, whether it is funding, mentoring, networking or even access to expertise, will be to both IT and non IT start-ups.

With a framework for a strong partnership between both entities already in place, the Yarl IT Hub has committed to introducing suitable candidates for the Lankan Angel Network to invest in. The Lankan Angel Network will, in turn, reciprocate with expert advice, guidance and direction on strategic initiatives, promoting innovation across the community. It will also host events to foster knowledge sharing and best practices, eventually leading to identifying and uplifting the next generation of entrepreneurs. This new agreement marks the next step in the development of local angel investments pioneer Lankan Angel Network to assist entrepreneurs throughout Sri Lanka. The Lankan Angel Network has already funded dozens of start-ups, encompassing sectors as diverse as IT, hotels, travel, restaurants, apparel and textiles, sporting goods, education, etc. This network is also one of the principal organisers of popular start-up funding competition Venture Engine, which recently saw the successful conclusion of its third incarnation, featuring 14 top fundable start-ups. The Lankan Angel Network has also partnered with cutting-edge start-up promotion initiatives like Dialog’s Idea Mart, Brandix’s Disrupt and the Massachusetts Institute of Technology Global Start-up Labs Sri Lanka project. It has also signed MOUs with a number of like-minded local organisations dedicated to the cause of innovation in their respective sectors, including the Sri Lanka Institute for Nano Technology (SLINTEC), the Sri Lanka Design Festival and the Sri Lanka Inventors Commission. With a dream of turning Jaffna into a Silicon Valley type of hub, the Yarl IT Hub began as a social network just three years ago. Since then, it has already come a long way, becoming a fully-fledged incubator for start-up companies. To date, the not-for-profit Yarl IT Hub has hosted regular meet-ups and information sessions, which have connected entrepreneurs, corporate professionals, academics and students across a number of sectors. The Yarl IT Hub has also organised two consecutive Yarl Geek Challenge competitions where youth interested in both IT and non-ITfields are given the opportunity to tackle some of the world’s toughest problems, aided by experts in the field of their choosing. Commenting on the MOU, Balathasan Sayanthan of Yarl IT Hub said: “We are pleased to join with the Lankan Angel Network, an organisation with which we share a common purpose. We hope this MOU will bring much needed entrepreneurship-related knowledge and resources into our community, proving to be a catalyst for our ultimate evolution into an international IT hub.” Lankan Angel Network Chairman Eric Wikramanayake added: “The Lankan Angel Network is eager to help foster the start-up ecosystem in the Jaffna area which has a rich history and tradition of placing a high value on knowledge and learning that is critical to successful start-ups.”