Tamil Nadu is planning to soon launch an Angel Investor Network in a bid to support start-ups in the state. The aim is to woo domestic investors as well as those staying abroad to fund start-ups in the state. Meanwhile, the US-based Tamil diaspora has already promised to secure a $5 billion investment for start-ups in the state by 2025.
According to a report by The New Indian Express, a Memorandum of Understanding has been signed between the American Tamil Entrepreneur’s Association (ATEA) and Tamil Nadu Start-Up and Innovation Mission (TANSIM) regarding this. The announcement will be made at CATEALYZE 2022, which is to be held at the Bell Works at Holmdel in New Jersey on September 24.
Notably, the former AIADMK government also sanctioned Rs 5 crore through the Digital Accelerator Program for the American Diaspora to invest in start-ups in the state, for innovation and research and development.
Sivarajah Ramanathan, CEO, TANSIM told The New Indian Express, “Startups don’t require massive investment. Even Rs 10 lakh to Rs 25 lakh disposable income is enough for funding a startup.” He said that the government will act as a facilitator for bringing all stakeholders together. “We will start with the United States where we will work with multiple organizations with Tamil interest and Tamil entrepreneurship to partner with us,” he added.
Lena Kannappan, co-founder of ATEA said, “Startup ventures harnessing new technologies and innovation will be making their presentations at the conference, and industry speakers will be focusing on topics such as healthcare and life sciences, fintech and next-gen communication.”