The new and innovative Cayman business Ktone is the first to receive an equity investment by the Cayman Angel Investors Network.
The CAIN group of local investors has spent just over a year evaluating and advising on a range of small business proposals. Ktone, the investors say, had the potential they were looking for, said a press release from the Cayman Islands Investment Bureau.
‘The CAIN group could not have hoped to find a better company than Ktone for its first investment,’ said CAIN investor Steve McIntosh. ‘Their proposal combined a great idea, a thorough, well presented business plan and enthusiastic management. These are all critical elements in a successful business.’
Neil de Vere, Managing Director of the Ktone Group, noted that as a small business, Ktone is keen to take advantage of all new revenue streams within the company’s business model and area of expertise.
‘In this regard, CAIN and the Investment Bureau have greatly assisted us by providing a structured and expedient process to facilitate access to capital so that these opportunities to expand will not be delayed and possibly missed due to a short term lack of funding.’
Launched in 2006, Ktone is a state-of-the-art communication service that gives users the ability to stay constantly connected to the latest happenings in Cayman, free of charge, through their cell phones. Those who sign-up on www.ktone.ky can receive free daily text messages on the topics they’re most interested, including breaking news, local entertainment and promotions, government notices and hurricane advisories.
Mr. de Vere said this new injection of capital from CAIN will see the Ktone Group split into three entities in 2007, one of which will offer telecommunications services to the majority of the Caribbean through a partnership with Cable & Wireless. The other major area is marketing.
CAIN members are hoping to see more local entrepreneurs come forward with their business ideas or expansion plans for existing businesses. Members also assist entrepreneurs with developing their business plans, and preparing financial projections.
‘One of the most important characteristics for an entrepreneur to have is the drive and motivation to take their plans forward,’ said CAIN Director William Peguero. ‘Finally, after more than a year and a half of meetings and interviews we have a great company like Ktone become the first to use the system set up by CAIN members. We look forward to helping many more small businesses like this one.’
Administrative support for CAIN is provided through the Cayman Islands Investment Bureau. Interested applicants can contact Dwene Ebanks via email [email protected] or by calling 244-2202.
WHO THEY ARE
CAIN was launched March 22, 2006. It is an investment network made up of local business leaders and successful entrepreneurs who have an interest in stimulating Caymanian entrepreneurship by providing investment capital, strategic advice and mentoring to early-stage companies. The Cayman Islands Investment Bureau assists CAIN in providing technical assistance and administering the application process for equity funding.
WHO THEY ARE
The Cayman Islands Investment Bureau is the country’s official agency responsible for encouraging and supporting economic development in the Cayman Islands. It serves both local and foreign investors who benefit from the Bureau’s role in the coordination of resources pertaining to local business opportunities. The CIIB’s broad range of free services include consultation, liaison, and coordination services, delivered by a qualified staff who assist both foreign and local investors with their business ventures in the Cayman Islands. Visit www.investcayman.ky
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