The Joyful Frog Digital Incubator (JFDI.Asia) announced that, from today, it will accept rolling applications from ambitious early stage Internet businesses to its regular acceleration programs. Purely on the basis of merit, strong teams from anywhere in the world will be offered a place on the next available program. Teams already in Singapore will be offered immediate access to seminars and workshops that will help them make the most of the opportunity.
More than 280 teams have already pre-registered interest for the 12 places available in the next 100 day program, scheduled to start in August. In exchange for a minority equity stake, every team joining will be offered a package including S$15,000 (USD 11,700) net cash, mentoring valued at S$150,000 (USD 117,000), technical and other vendor perks worth S$300,000 (USD 234,000) and working space for the duration of the program.
Hugh Mason, Co-founder and CEO, said: “Historically, more than 60% of JFDI.Asia startups secure investment during, or shortly after the end of the accelerator program, on average raising more than S$650,000 (USD 510,000) per company. We achieve that result for two reasons: first because we recruit the very best teams, irrespective of nationality, and second because we offer an intense, collaborative experience working alongside other great teams and mentors who have personally built and sold internet businesses of their own.”
Teams applying to JFDI.Asia range from raw startups with just an idea, to companies that already have significant user numbers and prior investment. The program favours technology businesses that can demonstrate a real connection to Asia. All teams accepted are required to incorporate (or re-incorporate) in Singapore.
The new admissions process will offer every team that applies basic feedback free of charge. For those who want it, a more comprehensive individual assessment will be available for a small fee. The feedback will be delivered via the “Frog Score” – an interactive infographic that shows startups how they compare to other applicants on 36 dimensions including team strength and idea.
Meng Wong, Co-founder and Social Engineer at JFDI.Asia said: “We serve startups. They are the players; we’re just the coach. In that spirit, we aim to make the process of application as transparent as possible, because even those teams that don’t get accepted into the next upcoming bootcamp deserve attention, guidance, and support.”
Teams interested in applying to JFDI.Asia can learn more at http://jfdi.asia/accelerator/
JFDI.Asia is building an academy that accelerates, finances and teaches innovation and entrepreneurship, in Asia, for Asia. It was founded in 2010 in Singapore by Hugh Mason and Wong Meng Weng with financial support from successful entrepreneurs based in Singapore. In 2011 JFDI.Asia became the first SouthEast Asia member of the Global Accelerator Network (GAN) set up by US acceleration pioneer TechStars, on which JFDI.Asia is closely modelled. Around the world, GAN members follow a common code of ethics, share a time-limited, mentor-driven approach and exchange detailed information to ensure that they deliver best value for startups in the emerging science of early stage business acceleration.
In 2012, more than 60% of teams completing the JFDI.Asia program succeeded in raising an average S$650k per team.
Details of the accelerator program and the terms under which JFDI.Asia invests in startup businesses are set out at http://jfdi.asia/accelerator. The startups accelerated through the JFDI.Asia program to date are listed here: http://jfdi.asia/portfolio.