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Nativelead Foundation (NLF) launched the Native Angels Network (NAN), a forum for enabling an enterprise eco-system for investments in tier-II and tier-III regions in southern Tamil Nadu, here.
The objective of the regional initiative is to support young entrepreneurs by funding and mentoring. Any local venture, with a business plan over three-five years with an investment of ₹25 lakh and with a definite exit plan for the investors, can avail of the support.
The investor-member has a minimum commitment of ₹5 lakh spread over a period of three years with a preference to invest in at least at 5 NAN-investee companies during the period. Indian Angels Network (IAN), Asia’s largest angel group is associated with NAN as its Knowledge Partner.
The forum is headed by Karumuttu T Kannan, Managing Director, Thiagarajar Mills. The first batch of 30 investor-members were introduced and two business ventures called ‘Rainstock’ and ‘Freshnv’ were announced at the event by R Sivarajah, Founder and Director, NLF.
Rainstock aimed to harvest rainwater, recharge groundwater and recycle grey water and Freshnv is an online meat store for delivery of non-frozen fresh meet to premium buyers. An incubation facility, where young entrepreneurs will have access to resources, is to be introduced soon, he added.
Sivarajah said that thirty ideas are being nurtured at present, including a web portal to book venues for events, online grocery store, battery car and motorbike designing.
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