SINGAPORE—JFDI.Asia today announced that applications are open for the first of two business acceleration programs it plans to run during 2013. JFDI.Asia operates the longest-running, most successful seed accelerator program in South East Asia, taking teams of digital start-up entrepreneurs from idea to investment in 100 days, with greater than 60% success raising an average S$650,000 per team.
JFDI.Asia was first in SE Asia to be invited to join the elite Global Accelerator Network founded by acceleration pioneer TechStars in Boulder, CO, USA.
While some teams applying will already have businesses up and running with customers, others may simply have an idea and passion for solving problems in an area of life where they have direct experience. Teams accepted onto the program will receive S$25k cash investment, over S$100k in technical facilities, office accommodation, intensive mentoring and an introduction to more than 100 active early-stage investors. It is a unique offer available nowhere else in South East Asia.
The program starts 14 February 2013 and runs through May. Start-ups seeking to apply can do so online until 24 December 2012, with teams applying early prioritized for evaluation. It will be the second time that JFDI.Asia works with a large batch of start-up companies this way. Experience suggests that Singapore’s sophisticated early-stage investor ecosystem will be eager to get first sight of the new batch of talent because they know that the teams will have been proven under pressure.
Hugh Mason, co-founder and CEO at JFDI.Asia said: “Independent valuations prove that we increase the value of start-ups by a factor of 4–5 in 100 days. Just as important, we probably cut a year or more off the time it would take an independent business to achieve traction. That’s why we call it an accelerator. Informally, we also call it a ‘bootcamp’ because it is a life-changing intense experience, like basic military training for entrepreneurs.”
The accelerator program will operate from JFDI.Asia’s new premises at 71 Ayer Rajah Crescent, in the heart of Singapore’s thriving digital technology hub. Interest in advance of today’s official opening for applications has already resulted in over fifty teams registering from Singapore, India, Thailand, USA, Korea, UK and New Zealand. All are looking for support to help engineer innovative businesses around their ideas.
JFDI.Asia’s approach is based on new insights pioneered by academics including Professor Steve Blank, at Stanford University, and Professor Saras Sarasvathy, at Carnegie Mellon University. Their work sheds light on how ideas can be transformed into valuable businesses systematically, de-risking the process of innovation.
“Traditionally, entrepreneurship has been seen as a game of chance played by individuals born with a special gift. Today, that view is changing,” said Meng Wong, co-founder and Social Engineer at JFDI.Asia. “Around the world, accelerator programs like JFDI.Asia are creating thousands of jobs and billions of dollars in equity value, proving that it is now possible to teach people to think and act entrepreneurially. We believe that innovation need not be a mystery, and that entrepreneurship should not be painful or lonely. Both can be learned, working with peers and guided by mentors.”
The Global Accelerator Network is the global champion of the seed-stage, mentorship-driven accelerator model and includes over 50 of the most respected accelerators from six continents around the world. Its members collaborate to share insights into the most effective ways to select, mentor and support early- stage businesses on their journey to success. To date businesses helped in this way have created over 1,700 hi-tech jobs and raised more than USD328million in funding.