Chennai, Sept 19 (KNN) The Tamil Nadu government will soon launch the Angel Investor Network with the aim to attract investments for the TN startups.

Speaking about the upcoming Network, Tamil Nadu Startup and Innovation Mission (TANSIM) CEO Sivarajah Ramanathan said the aim is to get global high net-worth individuals to invest in TN startups. The network will also target domestic investors.

“Startups don’t require massive investment. Even Rs 10 lakh to Rs 25 lakh disposable income is enough for funding a startup,” he said. 

The Tamil Diaspora body in the United States has promised to secure USD 5 billion investment for TN startups by 2025, the Indian Express reported.

While answering a question on the scale of investment, Ramanathan said it is not a venture where one could have a clear number. “It is individuals who come together and invest directly in companies. The government will act as a facilitator by bringing all stakeholders together,” he said.  

“We will start with the United States where we will work with multiple organisations with Tamil interest and Tamil entrepreneurship to partner with us. We have signed a Memorandum of Understanding (MoU) with American Tamil Entrepreneur’s Association (ATEA),” Ramanathan added. 

Lena Kannappan, co-founder of ATEA, said the association will make an announcement on the MoU with TANSIM at CATEALYZE 2022, a national entrepreneur’s conference, to be held at the Bell Works at Holmdel in New Jersey on Saturday. 

ATEA will help curate startup ideas emerging from tier 1 and tier 2 cities of Tamil Nadu submitted by TANSIM through this MoU.  (KNN Bureau)