Venture Engine shines light on local entrepreneurs for 5th consecutive year

• Hire 1 bags both Winner and Impact Entrepreneurship Award
• QueenBee Den and Direct2Door adjudged both first runner up and second runner up respectively

By Hiruni Dabarera

The 2016 edition of Venture Engines, widely known to empower entrepreneurs, drew to a close at Kingsbury recently awarding Wifyre, Vista Rooms, Cavani, Buzzflow, Gala, Kit Vita, M3Dlab, Hire 1, QueBee Den and Direct2Door as the finalists. 

“Venture Engine was started five years ago with the objectives of creating a platform to create awareness on start ups, to get discovered and funded and a forum for the eco system to come together. Through this we hope Sri Lanka to emerge as an extraordinary hub for innovation,” stated Google Vice President of South East Asia and India Rajan Ananda who is a co-founder of Blue Ocean Ventures.

Conceptualised by Blue Ocean Ventures, in collaboration with the Indian Angel Network, Venture Engine is run by strategic partner Lankan Angel Network. Five years ago there were 60 start ups, which presented applications and about seven finalists, but this year Venture Engines received close to 200 applications encompassing a wide range of industries including ICT, Tourism, Ecommerce, Food and Beverages, Logistics, Retail and Education from which 10 finalists were selected. 

The next step for the top three winners, as well as even other business plans that participated in the Venture Engine 2016 program, will be to meet and discuss partnerships with potential investors. A great benefit of this program, and its various partnerships, is the opportunities afforded to every participant regardless of their ultimate ranking. 

Throughout the competition, during pitches, workshops and presentations, participants have continual access to potential investment from the Lankan and Indian Angel Networks, as well as VCs, who often choose to invest in a number of companies beyond those only making it to the finale.

“Over the last five years 22 companies have been funded by local and global investors after been recognised by Venture Engines,” the Vice President further expressed. 

These companies include Takas.lk, Trekurious, OMAK Technologies, Ridgecrest (tickets.lk), Saraii (eco village), Simplex, Extrogene, Nithya, Katha, Wild Trails (eco-adventure), House of Lonali, Glitteray, Threadsol (IntelloCut), Lanka BPO Academy, MyWish (Weddings), Push Skateboards, Healthy Living, Zacki Herbal Products, Zigzag.lk, Endemic and 24-7 Techies. They have been mentored and funded to the tune of $ 7 million over the last four years. 

“The successful conclusion of this year’s Venture Engine is particularly special, since it puts us in the enviable position of being ready to host the Asian Business Angel Forum in Sri Lanka in 2017, during which our beautiful island will welcome a large delegation of potential angel investors, many of whom will be visiting us for the first time, and from locales as far away as China, Australia and the USA,” said Blue Ocean Ventures Co-Founder Prajeeth Balasubramaniam. 

Speaking to Daily FT the winner of the competition, Hire 1 CEO Yeshanth Gunewardene explained how his business was a logistics firm that provided its customers with instant couriers, instant taxis and fleet intelligence. “We are hoping that the title of Venture Engine winner provides us with the necessary confidence to expand to the global market in future,” he said. 

The first runner up of the evening – Quebee Den is a healthy and safe baby products brand while the Direct2Door, which won the second runner up title, is a grocery delivery venture. 

Finalist Vista Rooms with Lankan Angel Network Chairman Eric Wikramanayake (Right)