If you have an innovative idea and are passionate about putting it to good use but do not have adequate money or mentoring support, Native Angel Network (NAN) — a region-focused angel investment forum would probably be able to support you.
Facilitating platform
The forum, according to R Sivarajah, founder and President of Nativelead Foundation is intent on building new age entrepreneurial ecosystem in Tier 2 and 3 towns. It is looking for innovative ideas that can be transformed into social propositions.
Stating that NAN would only serve as a facilitating platform for budding entrepreneurs, mentor and investor, he said “members of the forum invest in ventures, albeit after a strict scrutiny of the proposal as bank credit is not easy for such relatively new ideas.”
No dearth of start-ups
Members belonging to Madurai chapter have in the last one year invested in three ventures such as RainStock, which is into creating awareness about conserving water and installing rainwater harvesting systems; FreshNV.com — an online portal for fresh meat, and Happy Hands — a free range poultry company, the Nativelead Foundation President said and observed that there was no dearth of start-ups, but the challenge was and still is in identifying the right proposal.
Incidentally, the forum, which established its presence in Madurai in 2012, has since strengthened its presence by opening a chapter in Tiruchi.
The Coimbatore chapter is slated for launch on August 31. Forty two individuals joined hands to promote the regional forum in Madurai, followed by 18 in Trichy. “Coimbatore Chapter has a confirmed membership of 41,” Sivarajah told BusinessLine.
Membership fee
Member enrolment involves a membership fee of ₹1 lakh or payment in instalment a sum of ₹30,000 a year for three years.
“These members thereafter can help raise seed capital (in prospective proposals) by investing in projects that interest them,” he explained, reiterating “NAN is only a facilitating platform.”