iAngels launches Chennai Chapter To Invest INR100 Crore In 50 Startups The launch is aimed at nurturing the ecosystem by enabling comprehensive development through collaborations with supporting entities, institutes and corporates
By Teena Jose
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India Accelerator (IA) backed iAngels has unveiled its Chennai Chapter to foster the growth of the thriving startup community in the Southern region of India. The launch is aimed at nurturing the ecosystem by enabling comprehensive development through collaborations with supporting entities, institutes and corporates.
According to an official statement, the angel network is planning to collaborate with Startup TN, IIT-M, KSUM, TiE Chennai and NSCREL to strengthen and build the local start-up ecosystem in Chennai and supplement it with global outreach, given its excellence in innovation.
"Tamil Nadu government has introduced multiple policies aimed to foster a culture of innovation and entrepreneurship, providing various incentives and support for start-ups. With the Chennai Chapter, we aim to leverage the advantages offered by the Tamil Nadu startup ecosystem and contribute to the growth of the region's startup community," said Mona Singh, co-founder, India Accelerator.
IA's iAngels plans to expand into Chennai, and augment the Tamil Nadu government's effort in fostering the startup ecosystem in the region by facilitating a robust infrastructure, guidance, network and resources.
Furthermore, the statement noted that IA has a rigorous selection process, which will be leveraged for the Chennai startups as well, maintaining an acceptance rate of only 4-5%. The selection process consists of multiple stages, each designed to assess the potential of the aspiring startups. Upon navigating all stages of the assessment, an updated assessment form is prepared, reflecting the startup's progress and potential for mutual growth. Moreover, startups that are successful in the process are welcomed into the program, marking the official on-boarding and commencement of the 4-month journey of business growth and mentorship.
With a commitment to foster the growth of promising startups in the region, leveraging the iAngels Chennai Chapter, IA is poised to provide a wealth of support, including mentorship, funding at multiple levels, corporate collaborations, global expansion prospects, and networking opportunities, the company asserted.
