The Hindu Business Line : Touched by angels

Aspiring entrepreneurs in India will soon have some help from angels; angel investors that is. For the National Entrepreneurship Network (NEN) and the Indian Angel Network (IAN) have come together to create a platform for angel investors and new entrepreneurs to interact.

The partnership is expected to provide support to the growing number of young entrepreneurs in India who need both mentors and initial funding.

“Initial funding is a critical component of the Indian entrepreneurial ecosystem and it needs to be strengthened. We see a great need and potential in India for angel investing and, therefore, found the partnership with IAN resonating with the National Entrepreneurship Network’s mission of creating a platform for new entrepreneurs in India,” says Laura Parkin, Executive Director, NEN, which is a not-for-profit initiative of the Wadhwani Foundation.

Country-wide network

The venture will make use of NEN’s presence, through partner institutions, in cities across the country to reach out to young entrepreneurs, especially in cities where there is no access or knowledge of initial funding and the issues involved, she points out.

IAN’s partnership with NEN will help reach entrepreneurs around the country, emphasises Padmaja Ruparel, Vice-President of IAN, which is a network of angel investors or investors interested in investing in start-ups.

The NEN-IAN partnership will provide new entrepreneurs in various Indian cities with access to angel investors who will review business plans and help translate ideas into businesses, Parkin explains.

The partnership will also create dialogue and mentorship opportunities for youth with angel investors, educate the youth about angel investing and facilitate the connection, she adds.

Internet platform

NEN’s Internet portal, www.nenonline.org, will be among the tools used to create channels for angel investors to connect with new entrepreneurs. Anyone from anywhere in India will be able to submit business proposals through the portal.

“The advantage of the online portal is that anyone who has an idea can reach us from just about anywhere,” Parkin adds.

In addition, the two organisations will also organise interactive forums — for serious contenders — that will discuss issues related to angel investing including pitch sessions, advice and provide mentoring to serious candidates.

“NEN and IAN will initiate angel forums for select entrepreneurs to raise awareness and generate deal flow. These forums will have a prior screening process carried out jointly by NEN and IAN,” she says.

Parkin believes the partnership will help angel funding reach the maximum number of new entrepreneurs, especially in areas where it was absent till now.

“We see a lot of interest from smaller cities such as Coimbatore, Bhopal, Jaipur, Indore and Bhopal. The basic challenge entrepreneurs from these cities face is the lack of mentors and this partnership allows bridge-building and easy facilitation,” she points out. However, funding for any business idea will be assessed by both NEN and IAN for its viability in the market, she adds.

According to Ruparel, all members of IAN are participating in the venture with NEN, depending on time and location.

“This partnership allows for street-smart, small-town entrepreneurs to connect with their entrepreneurial icons and helps them with mentoring, network and strategic thought leadership, apart from finances,” she adds.

Ultimately, the partnership between the two organisations is expected to help both budding entrepreneurs and angel investors.

It will create a platform that provides aspiring entrepreneurs with access to the reach and expertise of angel investors, Parkin points out. At the same time, the NEN-IAN partnership will help angel investors in their quest for new ideas and high-spirited new entrepreneurs, she adds.

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