World famous entrepreneur and business angel Dr. Cornelius Boersch to enter Sri Lanka
One of the world’s well-known serial entrepreneurs and business angel Dr. Cornelius ‘Conny’ Boersch is reportedly venturing into Sri Lanka to invest in future-relevant startups, for which he is convinced the strategically located South Asian island nation is primed for, according to the Daily FT.
Conny is regarded as the most active European investor in startups, with a portfolio of over 400 since 1995 with his own money and is considered one of the best-connected networkers in the tech and startup scene.
He is also the founder of global company builder Mountain Partners AG as well as the co-investment company Conny & Co. He was voted ‘European Business Angel of the Year’ in 2009 by the European Trade Association for Business Angels and Early Stage Investors (EBAN).
Partnering Conny in Sri Lankan initiatives are Asad Sultan, a special advisor to Mountain Partners and Co-Investor, and Lion Ventures’ General Partner Love Yadav, who has 22 years of global investment banking and asset management experience.
“We like Sri Lanka very much as it has potential for growth. Despite several challenges, we actually think Sri Lanka is an interesting market with political stability following the election of a new President and Government. Within the South Asian context, we see Sri Lanka’s strategic geographical location offering many new opportunities. Sri Lanka is indeed a good destination to springboard to some of the larger markets in the region,” Conny has been quoted as saying in the Daily FT.
“We like Sri Lanka a lot and see a lot of opportunities. We will use our experience of investing early in India. The best is just coming to Sri Lanka and there is more in store with a young, skilled, talented and ambitious young population. We don’t want charity or incentives but want to harness this talent and start companies in Sri Lanka as well as invest in companies which have the best talent,” Conny has further stated.
Conny, who is currently a shareholder in around 200 startups via his companies, is keen to bring a portfolio of ideas and replicate those which are best suited in Sri Lanka.
“We look for local talent, policy support as well as awareness to ensure Sri Lanka benefits from digital transformation at the company, consumer as well as at a country level,” he has reportedly added.
“The recipe when it comes to investing in startups is very easy. If a model works in London, Berlin, Kuala Lumpur, it will also work for example in Sri Lanka. There is no magic involved. We transfer one proven business model from one part of the world to another where such does not exist. If it exists, then we look at whether we can buy it or can we start a company,” Conny has said.
He Has further noted that it was in this context that Mountain Partners AG’s relationship with Yadav’s Lion Ventures is important.
“We need local people who know the local market so we can bring our money and technology to be successful in Sri Lanka,” Conny has observed.
“For starters, we are not funds-starved, so we hope to jumpstart some of our initiatives and investments. Lion Ventures Ltd., has agreed on a term sheet with a consortium of global investors to inward invest into Sri Lanka on a build and scale-up model into few high tech ventures,” Conny has noted.
According to him, some of those in the pipeline are engaged in ready to roll out or developing solutions for smart communities, electric logistics, F&B Tech and Smart access management solutions.
“We are also looking at funding some winning startups locally as well. We will also look at either a buyout or build up a local tech development company supporting global tech teams in their tech rollouts,” Conny has reportedly revealed.
OSL take:
Sri Lanka’s ongoing development programme and the emergence as a future business destination in the South Asian region given it’s geographical positioning in the Indian ocean have attracted the attention of many foreign businesses/investors. These businesses/investors continue to explore opportunities in the island. Sri Lanka’s economy has shown great resilience to external and internal challenges through the years and is once again on the path to recovery after facing the impact of the global Covid 19 pandemic. Sri Lanka’s improving ease of doing business environment and the many trade agreements as well as trade concessions enjoyed by the country have further expanded business/investment opportunities in the country.
| Article Code : | VBS/AT/20210623/Z_5 |