The Lankan Angel Network (LAN), the first of its kind in Sri Lanka is launched with the purpose of bringing together the Sri Lankan investor and mentor community and to scale the startup ecosystem.

The LAN has identified key challenges that entrepreneurs face at each stage of their life cycle and aims to enable them to overcome those obstacles and accelerate their business to the next level, via access to potential investors and mentors in various disciplines.

The LAN was born out of Venture Engine 2012, a unique project that was aimed at creating real opportunity for Sri Lankan entrepreneurs.

Conceptualized by Blue Ocean Ventures and the Indian Angel Network, the project created a platform for entrepreneurs to pitch directly to potential investors, while also providing comprehensive mentoring for the selected businesses.

The LAN takes forward the pioneering effort of Venture Engine to an ongoing platform.

The LAN comprises of individual investors, venture capital funds and corporate sponsorship representatives.

The active investors will be directly involved in the investment process with a common interest in entrepreneurship.

The processes and procedures set out in the LAN will facilitate the investors to act together as a group, lowering risk and providing an easy exit as the company matures.

The LAN will also set ethical practice, which governs investor behaviour and protects the entrepreneur.

The LAN members would usually receive a minority stake in the company, leaving the entrepreneur in control. The members will bring business building experience, functionality experience, industry experience, contacts for partners, customers and follow-on financing.

Further details can be found at www.lankanangelnetwork.com and www.ventureengine. lk.