A total of 250 potential start-ups and scale-ups have applied for the first round of MTI’s ‘idea2fund, the deadline for which was 29th February 2016.
“We are pleasantly surprised by the overwhelming response, specially the last day entries which accounted for almost half the total applications!” said MTI’s CEO Hilmy Cader.
Over the next 4 weeks MTI Consulting will be evaluating each of the 250 responses, with a view to shortlist those for the first round of concept presentations scheduled for 26th and 27th March at the Colombo Hilton in the presence of MTI’s CEO Hilmy Cader, who will be personally attending presentations by at least the Top 50 that make it to the concept presentations.
According to Gayan Dias, MTI Business Analyst, spearheading ‘idea2fund’: “This does not mean that those ideas that do not make it to the Top 50 will be totally eliminated. If these have potential, we will find a way to link them with potential funders.
MTI’s ‘idea2fund’ is NOT competition in that sense. As long as the idea has commercial potential, our 7 investment pledgers would be willing to consider funding even above the initial pledgers made.”
The investment pledgers are: Abans, Access Engineering, LOLC-Brown & Company, East West Properties, Hemas Holdings, Hirdaramani Group and MTD Walkers.