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Venture capital group Indian Angel Network (IAN) is eyeing Bangalore-based tech start-ups. Bangalore has been identified as a focus region by IAN, a group of over 200 highly influential members, including some of India’s most successful entrepreneurs and CEOs.
IAN, which has funded nearly 35 differentiated scalable IP-led ideas from a variety of sectors, is currently focused on enhancing its presence in cloud-based projects in the Software as a Service (SaaS) and Platform as a Service (PaaS) segments, according to a press statement.
IAN is also planning to invest in skill-building and education start-ups. According to the statement, India’s National Skills Development Council (NDSC) is looking at technology-based solutions to skill over 500 million people over the next 10 years.
“The IAN members will evaluate the start-up ideas of young entrepreneurs from Bangalore and other cities in the South in mid-May. Those with the most promising ideas will be able to raise funds from IAN,” Mr
Saurabh Srivastava, co-founder of IAN, said in the statement. “They will also be able to access the strategic thinking of IAN members and global networks to grow their ventures,” he added.
“Our priority would be to create specific initiatives such as the SaaS platform as a service focus segment, and share experience around mentorship,” Mr Som Mittal, President of Nasscom said.
IAN is partnering with the Nasscom Emerge-Product initiative to pool their expertise and resources to validate and mentor some of the ideas. This initiative will bring two organisations founded on entrepreneurship to help develop next generation start-ups in India, according to the statement.
“IAN will provide start-ups the technology business expertise and C-Level connections that its members bring. By taking an investment from IAN, a start-up can leapfrog sales by getting introductions at the highest level in India’s leading companies,” Mr Rehan yar Khan, Indian Angel Network board member, said. “They will get board members and advisers who are experts at strategy and execution of technology businesses,” he added.
Entrepreneurs will be shortlisted based on their business plans submitted to IAN at the Indian Angel Network Web site. The shortlisted candidates will then present their plan to IAN investors in an informal setting at Bangalore in the second half of May 2012, the statement said.
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