Bangalore: Successful Indian entrepreneurs and businessmen from the southernmost state of the country are coming together to start a network which will help young entrepreneurs initiate their businesses and establish their products in the market.

Krish Gopalakrishnan will be anchoring the network along with some of the state's top entrepreneurs including CJ George, the founder of broking firm Geojit BNP Paribas, Sanjay Vijayakumar, chief executive officer of MobMe Wireless and Shyam Srinivasan, chief executive officer of Federal Bank will invest in the network.

The network aims to raise over $20 million for investment in startups "There are no angel investors or role models in Kerala to inspire the youth to take up entrepreneurship. There is no support system of mentors and technical support," said Gopalakrishnan, who grew up in Thiruvananthapuram, the capital of Kerela.

There is no lack of capital in the state. Last year, foreign remittances rose 40% to $11 billion, accounting for 15% of India's total remittances. The "Money mostly goes into gold and real estate, we are trying to divert a portion of it to angel investing," said Vijayakumar of MobMe Wireless. The network also has the support of the state government which will also invest in the initiative.

Read More:

Kochi Startup Village to Launch a Centre in US

10 Simple Mistakes that can Ruin Your Startup