The paperwork formalizing the S$15k pre-seed investment that JFDI.Asia puts into every startup on the JFDI-Innov8 2012 bootcamp took a while, but we got there in the end.
Here, team Flocations prepare to freak out the tellers at DBS with a giant cheque, specially formulated to meet a startup company’s needs. If not cashed, it can be used as a tent in times of tropical downpour, rolled up and used to propel explosively charged mangoes over ten miles, or cut and stitched to form a three-piece suit.
For those interested in the technicalities: JFDI takes a warrant over stock in each startup rather than actual equity on day 1, to avoid the need for audit and reporting that would otherwise be required.