Madurai :

A region-based angel network has been formally launched in Madurai city on Wednesday. Native Angel Network (NAN) is launched to exclusively focus on Madurai and southern districts. The network would not only help students but also people who are aspiring to become an entrepreneur. While many people come up with innovative business ideas they could persist with the plan due to lack of guidance and monetary support.

The network is very much similar to Indian Angel Network, which has got its presence throughout the country. The differences are the tune of money invested and focus area. NAN would be more region specific and would soon be in a position to invest up to Rs 25 lakh to potential business ideas.

The network has already attracted around 30 investors from Madurai and its surrounding regions. Native Lead Foundation which focuses on nurturing and developing entrepreneurs from this part of the state has started the network. According to founder R Sivarajah and co-founder R Ashwin Desai of Native Lead around 30 ideas which can be potentially turned into business model have been shortlisted from this region.

Of the total proposals, 12 ideas have already taken shape and two have already attracted funds. A group of angel investors who have signed up with the network have proposed to fund the projects. While one of the projects was recycling waste water and conservation of rain water the second one was online fresh non vegetarian sales.

Eminent people including Karumuttu T Kannan, an industrialist and educationist, K Pandiarajan, founder, Ma Foi group and Nagaraja Prakasam, angel investor and fund advisor are patronizing the initiative.

Addressing the investors, Kannan said it as a thing of the past where money is considered as everything. But, nowadays ideas and committed persons are considered as precious. While Chennai has already been over developed it is the time that other regions should be considered. Initiatives like this will help for the region distributed development, he said.

Pandiarajan said that people from Madurai and southern districts are known for business. Business and people here are inseparable. There are villages in southern districts where people respect those who do their own business instead of employed somewhere, even if one gets handsome salary, he said.

source: http://www.timesofindia.indiatimes.com / The Times of India / Home> City> Madurai / TNN / October 16th, 2014