Professional Documents
Culture Documents
J F D I . 1 0 0
R E Q U E S T F O R
C O M M E N T S
Principals
Soon Loo
Hugh Mason
Wong Meng Weng
31 January 2010
2
JFDI
ASIA
1. EXECUTIVE SUMMARY
1.1. Need
1.2. Concept
1.3. Differentiation
3
JFDI
ASIA
We build on the success demonstrated by Y Combinator1 and other
pre-seed venture incubators including Seedcamp2 and TechStars3.
Unlike traditional incubators, they do not provide open-ended incu-
bation, but focus on graduating two batches a year. This rapid turn-
around cycle allows individuals and teams to move on, up and out,
whether or not their particular project gains traction in the market
place. This “fail fast” philosophy sacrifices individual companies but
preserves talent, benefitting the ecosystem as a whole.
1 www.ycombinator.com
2 www.seedcamp.com
3 www.techstars.org
4 www.agilemanifesto.org
5 steveblank.com/about/
4
JFDI
ASIA
1.4. Status
The pilot batch will run in Singapore during June, July, and August
2010. We intend to finalise the set of partners and mentors for this
pilot by April 22 2010.
5
2. INTRODUCTION
Singapore places high priority on the IDM sector and already has
a comprehensive support structure in place for startups6. In this
section we discuss the context within which jfdi.asia operates, the
need for a new kind of incubator, and our vision for jfdi.100.
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Funding: angels, VCs,
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POC funds, NRF
High net worth entrepreneurs Lawyers
f u e l g r ow th
Experienced entrepreneurs Bankers
First-timers Accountants
Students Educational Institutions
Mentors
Pr o
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Pe
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Ecosystem
Pl y
a l ic
Po
ce
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Grants
Communities Co-funding
Venues Incentives
nment
Happenings Permission
fo r c r it
Events Celebration
Seed Sponsorship
vi r o
Immigration-
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fr i
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2.1.1. People
6
The word “entrepreneur” describes a wide range of individuals,
whose age and experience vary widely. Some start young: Singa-
pore’s Institutes of Higher Learning offer entrepreneurship classes9
and other programmes such as NUSOC.10 Some individuals start
older, with perhaps a higher mid-career opportunity cost.
2.1.2. Professionals
2.1.3. Policy
2.1.4. Places
9 http://www3.ntu.edu.sg/ntc/academic/
10 http://www.overseas.nus.edu.sg/
11 Wong, Meng Weng, 2009: Map of Singapore’s
funding sources - http://bit.ly/8EQZyo
12 National Research Foundation - https://rita.nrf.gov.sg/IDM
13 Florida, R, 2004: The Rise of the Creative
Class - http://www.creativeclass.com/
14 JFDI’s founders also co-founded hackerspace.sg as
a daytime shared workspace and an evening non-
commercial meeting space in which technically
talented individuals can explore new ideas.
7
The supply of people is the weakest link: the ecosystem lacks a re-
newable source of credible, balanced entrepreneurial teams. Those
teams need to be nurtured to put forward investment-ready busi-
nesses. Time and time again we have seen good engineers fail for
lack of marketing ability: their product intuition is weak, and they
build a poor prototype which fails to serve a market need. We have
also seen good marketers fail for lack of engineering ability. Lacking
the resources to execute an idea, competitors beat them to market.
In other words, the ecosystem lacks a wellspring of savvy startups.
That is the role JFDI seeks to play. We can build one.
Fresh people and fresh thinking are needed to help the community
mature. JFDI.100 will address this by drawing in talent from around
the world to Singapore. We also train startups in business and tech-
nology best practices: outside the entrepreneurial context, these
best practices are typically passed down as part of on-the-job train-
ing. Startups by definition lack an organisational body of knowledge.
We help make up the difference through seminars and coaching.
8
We detect some cultural barriers to success, particularly around a fear of fail-
ure (kiasu) and family risk-aversion which hold back potential entrepreneurs
from committing fully. As a result, many first-time entrepreneurs tell us they
feel they have one shot (and one shot only) at trying to start their own business
before they must bow to family pressure and get a ‘proper job.’ Some try to com-
bine entrepreneurship with a day job and never fully commit to the venture
they seek to create. This is not a strategy for success.
Many Silicon Valley VCs have entrepreneurial and CEO / COO backgrounds.
Being familiar with all aspects of growing a startup and running a business,
they are not afraid to roll up their sleeves or even take an acting role in the
company.
9
2.3. Vision
Re c r u
itment ation
Bootcamp G r ad u
Eng ine 100 days go-to-market Innovative
er ing
Ideation Workshops
15 http://ycombinator.com/
16 http://www.seedcamp.com/
17 http://www.techstars.org/
18 Christiansen, J, 2009: Copying Y Combinator
– A framework for developing Seed Accelerator
Programmes, http://bit.ly/7THrGa
10
need to contribute talent and time. The invitation is open to anyone
aged 18+.
A travel bursary to cover the cost of up to five low-income partici-
pants will also be available and will be awarded on a meritocratic
basis.
19 www.bafspectrum.com
20 Technology Incubation Scheme, http://sgentrepreneurs.
com/news-stop/2010/01/05/7-incubators-selected-for-
singapore-nrf-tis-means-more-money-for-startups/
11
nels such as iMatch21 and BANSEA, 22 and through “Demo Days”23
which we will organize to conclude each 100-day batch.
21 www.idm.sg/imatch/
22 www.bansea.org
23 www.ycombinator.com/dday.html
12
3. OBJECTIVES AND STRATEGY
The business focus of jfdi.100 is IDM and Web 2.0. JFDI’s principals
are specialists in this area; it is fast growing, and evidence shows
value can be created quickly with minimal capital expenditure.24
This subsection itemises the four foundations of value that JFDI will
offer to startups: Market access, Money, Management Expertise and Men-
toring.
24 http://blog.jedchristiansen.com/2009/09/21/
copying-y-combinator-why-and-how/
25 www.steveblank.com
26 http://en.wikipedia.org/wiki/Crossing_the_Chasm
27 http://www.claytonchristensen.com/
28 http://azionecapital.com/
29 http://www.extream.com/
30 http://www.waldenintl.com/main/singapore.htm
13
ups. They have extensive networks in the media, publishing, gaming,
social media, and digital entertainment sectors, which will benefit
individuals and companies in Singapore’s entrepreneurship eco-
system, whether they are participants in jfdi.100 or not. Operating
mentors are described in more detail in Appendix B on page 29.
The principals are in discussion with several local and foreign men-
tors. We hope to secure the involvement of folks like
• James Hong, entrepreneur and founder of HotOrNot.com
• Dug Song, entrepreneur and founder of Arbor Networks
• Patrick Haller, hacker and cultural mentor
• Joichi Ito, successful angel and entrepreneur, NRF TIS
JFDI does not compete with any existing initiative in Singapore but
rather seeks to work with local players, wherever existing funding
program rules and incubator priorities make that possible.
We see other incubators as our customers. We sell them investible
startups. JFDI’s revenue model is based in part on partial liquida-
tion of stock during the funding process: in each round of funding,
JFDI will sell a portion of the stock it holds in each company.
14
This is our list of confirmed and potential partners:
Neoteny Labs www.neotenylabs.com NRF TIS incubator Active investor / exit partner
Plug and Play plugandplaytechcenter.com NRF TIS incubator Active investor / exit partner
Social Slingshot (Brad Greenspan) NRF TIS incubator Active investor / exit partner
Stream Global www.stream.com.sg NRF TIS incubator Active investor / exit partner
15
4. BUSINESS PLAN & OPERATIONAL FRAMEWORK
4.1. Capabilities
The 100-days program will operate very much like a bootcamp: in-
stead of basic military training we will offer basic entrepreneurship
training, taught by veterans who have been in the trenches them-
selves.
• At the physical level we will provide office space, food, and housing:
all the conveniences of an army barracks or college dormitory. The
goal: no distractions.
• At the infrastructure level we will provide legal, administrative,
and accounting support.
• At the training level we will provide seminars offering a crash
course in entrepreneurial topics.
• At the leadership level we will offer hands-on mentoring. JFDI
mentors will act as co-founders or acting CEO/COO figures. This
fills a gap in many startups who have good engineers but lack a
business head: we supply people who have 'been there and done
it before' and are competent marketers, in the sense of market
research and demand estimation as well as promotion and sales.
• At the product development level we will offer a structure to support
ideation, market research, engineering development, and project
management. This framework reduces execution and market risk.
16
The Management Board will be supported by an Advisory Board
which meets at the end of every cycle of operations. We intend to
draw our Board of Advisors from the list of partners above.
17
JFDI.ASIA ENTITY RELATIONSHIP MODEL AND OWNERSHIP DIAGRAM
JFDI.ASIA Pte. Ltd.
Persistent, long-term operating company. Maintains batch-to-batch
continuity. Responsible for operations. Contracts with vendors,
employees, mentors, and customers.
Batch1.Mentor1 Batch1.Mentor2
Natural Person or Corporate Natural Person or Corporate Batch1.Mentor5
Shell around Mentor. Mentors Shell around Mentor. Mentors Guest Mentor. Light
all companies in a batch, all companies in a batch, involvement. May teach a
heavy involvement. heavy involvement. seminar but refrains from
rolling up sleeves.
Batch1.Mentor3
Natural Person or Corporate Batch1.Mentor4
Shell around Mentor. Mentors Guest Mentor. Light
all companies in a batch, involvement. May teach a
heavy involvement. seminar but refrains from
rolling up sleeves.
JFDI100Batch1 Pte. Ltd.
Special Purpose Vehicle representing a given 100-day bootcamp. Asset holding company with zero cash
flow. This is the vehicle for compensating mentors. Mentors realize equity upside in successful startups
through this vehicle. Stock in this vehicle is convertible to stock in each StartupCo.
SC1.Founder2 SC1.ESOP
Natural Person. Employee Stock
Each founder Participant in Batch. Option Pool. Typically
also gets a
Co-founder of 20% of Common.
few options in
the batch
StartupCo1.
SPV, to
represent
intra-batch,
inter-company
collaboration.
20% 20% 20% 16% 20% 2%
StartupCo1 Pte. Ltd. future funding
Corporation representing the startup. There will be 5 to 8 of these per batch.
4.4. The Bootcamp Experience
There are two cycles of jfdi.100 each year. Each cycle comprises five
phases: Ideation & Recruitment (run in parallel); Boot Camp; then
Demo Day and Graduation.
The Boot Camp phase will run for 100 days, with a couple of weeks
of setup and tear-down at each end: 4 months in total for the partici-
pants, 6 months for the admin staff and core mentors.
The following diagram shows one possible breakdown of the 100-
day period into structured phases.
Every day for the first three weeks, we will conduct half-day morning
seminars. Mentors and guest speakers will speak on entrepreneur-
ship, marketing, growth strategy, agile development, and technol-
ogy trends.
19
We will convene investors at the beginning and the end of each se-
mester. In the beginning, investors will hear raw pitches, and give
feedback as to milestones they want to see. At the end, investors will
hear a progress report and updated pitches. We will continue to
coach founders through the fundraising process.
20
5. PROMOTION AND ENGAGEMENT
In this section we describe the strategies and activities we will use to JFDI.ASIA Pte. Ltd.
operating company
create awareness of and applications to the jfdi.100 program. We
seek engagement from two groups: individuals seeking to participate runs
as entrepreneurs in jfdi.100 and, in parallel, customers/investors JFDI.VMP
for their businesses. These two groups will be engaged respectively Visiting Mentor Programme
www.jfdi.asia
5.1. Promotion to Potential Participants: using jfdi.asia public website, blog, etc
31 www.jfdi.asia, http://groups.google.com/group/mengcubator/
21
Over time, we expect the jfdi.asia website to develop into an online
self-guided entrepreneur’s training course, so that anyone reading
it free of charge, anywhere in the world, will benefit. However, we
also anticipate that a significant number of talented individuals will
want to actively engage with the jfdi.100 program as potential par-
ticipants.
These meetups will also give us the opportunity to get to know po-
tential participants.
We will recommend readings to entrepreneurs both on the website Recommended books include:
and at the meetups. The Cluetrain Manifesto
The Art of the Long View
Getting it Right the First Time
Four Steps to the Epiphany
5.3. Screening Process for Potential JFDI.100 Participants Agile Project Management
Crossing the Chasm
The Art of the Start
Interested individuals will demonstrate their desire to take part The Portable MBA
by reading the book list posted on the site and contributing to the Founders at Work
shared portal of entrepreneurship know-how that jfdi.asia will be- Neuromancer
come through user-generated content and links to relevant resourc- Snow Crash
Diamond Age
es online. Accelerando
22
This will allow us to post submissions online for evaluation partly by
the rest of the community who will get the chance to vote on them.
The postings will be anonymous to eliminate prejudice.
The pattern of the incubator will repeat with two cycles per year, the
highlight of which will be the boot camp events during June – Au-
gust and January – March.
The following programme calendars for 2010 and 2011 show the
pattern in broad strokes.
23
4 January
Explore Public Calendar 2010
11 Funding
Write Prospectus
18
25 Get Endorsements
1 February Explore Private
Write Business Funding
8 Plan
15
22
29
1 March Begin Publicity Drive
8
15
Enroll Participants
22
29
5 April
12
19 Insight Start: 4 weeks
Go/No-Go Deadline understand the market, define the
26 themes, identify opportunities.
Recruit Investors
2 weeks prep, 2 weeks doing. and Customer
3 May Confirm Participants Confirm Housing and Other Representatives
10 Infrastructure Insight Resolution: 3 weeks who contribute
quantify market research and strategic important product
17 opportunities ideas
24
Product Ideation: 2 weeks
31 given the opportunities, identify potential solutions, and filter for revenue and implementation
feasibility. Investors and customers attend and assist with ideation.
7 June
Bootcamp Begins
14
Basic Software Engineering Training
21 build a sample web app to throw away
Business Mentors hold half-day
28 seminars
on business basics Customer Development: Sales and
5 July
Product Specification Begins Product Engineering Begins
12
19 Alpha Product Launch
Investor and Customer check-in
26 provide initial feedback
Beta Product Launch
2 August
Business Mentors hold half-day Revenue Service Begins
9 seminars Public Product Launch
on fundraising and revenue models
16
23 Demo Day
30 launch to a larger pool of investors and customers
Fundraising and Graduation
6 September assist with follow-on funding and semester wind-down
13
20
27
4 October
11 Enroll Participants Recruit Investors
and Customer
18 Representatives
who contribute
25
important product
1 November ideas
8
Insight Start: 3 weeks
15 understand the market, define the
themes, identify opportunities.
22 2 weeks prep, 1 week doing.
Confirm Participants Confirm Housing and Other
29 Infrastructure Insight Resolution: 2 weeks
6 December quantify market research and strategic
opportunities
13
20
27
24
3 January Product Ideation: 2 weeks
given the opportunities, identify potential solutions, and filter for revenue and
Calendar 2011
10
implementation feasibility. Investors and customers attend and assist with ideation.
17
Bootcamp Begins
24
Basic Software Engineering Training
31 build a sample web app to throw away
Business Mentors hold half-day
7 February seminars
14 on business basics Customer Development: Sales and
Product Specification Begins Product Engineering Begins
21
28
Alpha Product Launch Investor and Customer check-in
7 March provide initial feedback
14
Business Mentors hold half-day Beta Product Launch
21 seminars Revenue Service Begins
28 on fundraising and revenue models
Public Product Launch
4 April
11
18 Demo Day
launch to a larger pool of investors and customers
25 Fundraising and Graduation
assist with follow-on funding and semester wind-down
2 May Enroll Participants Recruit Investors
and Customer
9 Confirm Housing and Insight Program: 4 weeks Representatives
Other Infrastructure understand the market, define the themes, who contribute
16 identify opportunities. quantify, etc. 2
Confirm Participants important product
23 weeks prep, 2 weeks doing. ideas
30
Product Ideation: 2 weeks
6 June given the opportunities, identify potential solutions, and filter for revenue and implementation
feasibility. Investors and customers attend and assist with ideation.
13 Bootcamp Begins
20
Basic Software Engineering Training
27 build a sample web app to throw away
Business Mentors hold half-day
4 July seminars
on business basics Customer Development: Sales and
11
Product Specification Begins Product Engineering Begins
18
25 Alpha Product Launch
Investor and Customer check-in
1 August provide initial feedback
Beta Product Launch
8
Business Mentors hold half-day Revenue Service Begins
15 seminars Public Product Launch
on fundraising and revenue models
22
29 Demo Day
5 September launch to a larger pool of investors and customers
Fundraising and Graduation
12 assist with follow-on funding and semester wind-down
19
26
3 October
10 Recruit Investors
Enroll Participants and Customer
17 Representatives
24 who contribute
important product
31 ideas
7 November
Insight Start: 3 weeks
14 understand the market, define the
themes, identify opportunities.
21 2 weeks prep, 1 week doing.
Confirm Housing and Other
28 Infrastructure
Confirm Participants Insight Resolution: 2 weeks
5 December quantify market research and strategic
opportunities
12
19
26
25
5.7. Sustainability
26
Appendix A – VISITING MENTOR PROGRAM
A.1. Introduction
Over the course of 2010 and early 2011, JFDI.VMP will bring nine
outstanding international entrepreneurs active in the IDM field to
Singapore to act as mentors. The program includes provision to fa-
cilitate mentors’ activities while here and to maximise the return on
investment to Singapore’s IDM SME community by capturing and
disseminating their insights, experience and know-how.
Singapore was one of the foremost Asian Tigers of the 20th Century.
This growth was driven by modernization and industrialization, and
MNCs were a big part of the economy. Due to a national emphasis on
education, Singapore is now positioned to participate in the higher
tiers of the Knowledge-Based Economy: high-tech entrepreneurship,
after the model of Silicon Valley.
Silicon Valley developed over decades, and was itself only one of sev-
eral theatres of U.S. venture innovation: for every Xerox PARC on
the West Coast, there was a Bell Labs on the East Coast. Now Singa-
pore is attempting to jump-start a local ecosystem. It cannot do this
alone.
27
also makes sense to bring foreign entrepreneurs and investors to
Singapore. Hence, this program.
A.3. Operations
The JFDI Visiting Mentor Program will bring high-tech and media
entrepreneurs based outside Singapore to our island for short to
medium-term visits to act as mentors.
During these visits they will spend quality time enhancing the lo-
cal ecosystem, in several ways:
• they will engage in cultural diffusion by spending quality time with
local technologists in informal settings,
• they will speak at events such as entrepreneurship conferences,
• they will enter into mentoring relationships with startups or even
join them, and
• they may invest in or start companies here.
• their experience, observations, know-how and insight will be
captured in a rich media blog on the jfdi.asia website that will
disseminate what they share.
In the context of this program, in return for free travel and accom-
modation in Singapore, visiting mentors are expected to waive fees
for their time.
We expect startups who have been funded via i.Jam and/or iMatch to
be the primary beneficiaries of exposure to Visiting Mentors. Other
Singapore startups, entrepreneurs, and promising technologists will
also be invited to interact with Visiting Mentors, at the discretion of
the Program Manager. Generally we intend to be inclusive.
28
Appendix B – EXISTING STAFF EXPERTISE
29
Meng is a member of the board of directors of the Business Angel
Network of South-East Asia (BANSEA).
In Singapore, he organizes Barcamps, hackerspace.sg, TEDx, and
invite-only Foocamp events, spanning infocomm technology, ener-
gy, biotech, media, and next-generation investment sectors.
He volunteers as an EiR and mentor with Singapore Management
University, Singapore’s A*Star investment fund, and INSEAD Busi-
ness School.
30
B.2. Soon Loo – Director, Operating Mentor
31
B.3. Hugh Mason – Director, Operating Mentor
Short CV:
32
1995 – 2002 Founder and Executive Producer, Narrateo Ltd.
33
B.4. Juanita Sabapathy – Operations Manager
Director
Oct 2009 – Present Narrateo Singapore Pte Ltd
34
Assistant Protocol Officer
Feb 2006 – Feb 2007, Protocol Dir, Ministry of Foreign Affairs
35
Appendix C – FACILITIES
36
t his page in t e n tiona l ly l e f t bl a n k
37