TN set to build global Tamil Angels network to fund, encourage startups

CHENNAI: Ahead of Micro Small and Medium Scale Enterprises (MSMEs) Day that falls on June 27, the State government has charted an ambitious plan to build a global Tamil Angels network to fund and encourage startups.

“Angel investors are basically high net worth individuals who are present in every town and city. Tamil Nadu Startup and Innovation Mission (TANSIM) will facilitate investment by providing a platform for angel investors to connect with startups. We will provide orientation for angel investors and connect them with the right kind of startups. The work will be carried out by TANSIM through the three regional startup hubs that are about to be established in Madurai, Tirunelveli and Erode,” Sivarajah Ramanathan, CEO, TANSIM, told DT Next.

Recognising the key role that they play in ensuring a vibrant MSME ecosystem, the State government has prepared several plans to increase the number of startups in the State. One of the key plans is the establishment of regional startup hubs, he said.

“Lands for regional hubs are being finalised and at least two out of them will be launched by the end of July,” said Sivarajah adding that the important task of the hubs, which would function as TANSIM’s regional offices, is to create easy access for startups. Up to 100 startups would be housed in each hub, he added.

However, these hubs would not be like business incubation centres.

“The problem with incubation centres is that they are situated within educational institutions and are not accessible to people outside. These regional startup hubs will be for the entire community,” said Sivarajah, who added that the hubs would also identify angel investors in the area and enrol and connect them with mentors and corporate companies.

Meanwhile, in his MSME Day message, Chief Minister MK Stalin lauded their contribution of the 50 lakh such units in the State that provide employment to more than 1 crore people.

Realising the importance of MSMEs, the State government has introduced several reforms in the sector and increased budgetary allocation by 49 per cent, the Chief Minister added.