SLASSCOM and LAN sign MoU to aid Lankan tech entrepreneurs and start-ups in securing funding

From left: LAN Chairperson Chandi Dharmaratne and former SLASSCOM Chairperson Sandra De Zoysa sign MoU

SLASSCOM and the Lankan Angel Network (LAN) have signed a memorandum of understanding (MoU) to collaborate in assisting start-ups and entrepreneurs in Sri Lanka’s tech sector to secure funding. 
As a result of this partnership, Sri Lanka will directly benefit in terms of an increase in the levels of demand and supply for knowledge workers, growth in global exports and enhanced economic dynamism, greater information technology adoption and a higher incidence of technology-focused start-ups.

This MoU between SLASSCOM and LAN builds on the strengths of both entities. LAN will provide investment opportunities for potential tech entrepreneurs, which will be backed by seed funding, while also supporting start-ups in their journeys with specialist coaching and mentor services. This will in turn better prepare each founder to raise funds by pitching via LAN’s investment committee and their wide network of investors both in Sri Lanka and abroad. 

LAN will also provide support in the form of workshops for tech companies registered with SLASSCOM, empowering them with the skills and knowledge required to successfully pitch to venture capital (VC) funds and high net-worth investors (HNIs).  In return, SLASSCOM will reciprocate by bringing in its existing entrepreneur development programmes into this initiative. These include the WTech Entrepreneur Development Bootcamp Programme, Regional Entrepreneur Development Programme and Tech Entrepreneur Market Access Programme.
SLASSCOM will additionally host a call for applications for its member community, ultimately shortlisting deserving entrepreneurs based on a predefined set of selection criteria. SLASSCOM also plans to organise periodic webinars, in collaboration with LAN, to educate the local tech community on funding methodologies and how to best access them. 

As this partnership progresses, both parties expect to offer greater support to each other in certain key areas. These include marketing consultation, branding, valuation, website development, social media presence, on-boarding digital platforms for selected entrepreneurs, etc.