Joyful Frog Digital IncubatorSpawning scalable startups, sustainably
echelon2010 June 2
Wong Meng Weng
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We’re going to start a Y-Combinator-like operation soon.– Chris Evdemon, Innovation Works, Beijing
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Seed Accelerator Stats2005: Y Combinator begins
$5,000 per startup + $5,000 per founder
172 startups later, total acquisition value = $84M
average value per startup: $488,000
funded by founding angels Paul Graham, etc.
In Mar 2009 Sequoia invested $2M into YC.
2007: TechStars beginsaverage $15,000 investment per startup
39 startups later, total acquisition value = $17.25M
average value per startup: $442,000
funded by founding angels David Cohen, Brad Feld
Source: Copying Y Combinator, Jed Christiansen8
3X in 3Y
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Paul Graham = awesome
Graham ended up investing in Alexis's company through what became the seed funding firm Y Combinator, but the amazing part wasn't the money. It was that Y Combinator helped him move past a bad business idea that he and his partner spent a year on, and discover a better one, which became Reddit, the social news site that was sold to Conde Nast within 2 years of launching.
Then there's Kevin Hale … during the interview, despite initial resistance, they were convinced to create a form builder instead. The business became Wufoo, the startup that reached profitability within 9 months.
AirBnb: When they joined Y Combinator, they had a site that gave travelers an affordable alternative to hotels by matching them with locals who had space in their homes. They had a national presence, but they were constantly struggling for cash. Y Combinator gave them some funding to keep going, but they told me it was Graham's suggestion that they focus on just one city till they got their product right, which changed everything. Within a few months, they had a better product and they were finally profitable.
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http://mixergy.com/y-combinator-paul-graham/
Y Combinator and TechStars
JFDI.Asia
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Founder InstituteA Real Estate Incubator
plus “mentoring”
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JFDI
startup
founder
founder
… You should think of them as a co-founder … – Chris Evdemon, June 1
Positioning
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Our #1 Value-Add
We force founders totalk to theirmotherf*ckingcustomers
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Ideation Workshops
run by our partner Propellerfish.comSpecialists in New Product DevelopmentMarket Research and Workshop Facilitation
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The ProcessStart with a few themes
Do market research ahead of time
Gather user requirements and pain points
Organize an Ideation Workshop
Bring in domain experts
Bring in investors
Facilitate brainstorming
Produce dozens of ideas
Evolve and improve.
Rank them for feasibility
Fit to teams
Vision for JFDI
Short term value prop: More pre-qualified dealflow for seed and Series A investors: solid businesses designed to be investment ready.
Long term vision: a self-sustaining startup ecosystem in Singapore that turns founders into funders and inventors into investors.
Improve the startup experience for founders and investors.
Our motto: spawning scalable startups, sustainably
Strategic PartnersCredibility, Know-how
Talent engagement
Resource support
Customer engagement
Investor engagement
Core public funding
+ Smart private money
Management Team• Soon Loo: Board Directors of IPIT, listed business trust with
US$500m+ market cap. Adjunct professor, SMU. Former Regional Vice President AXA Group Japan & Asia Pacific. Co-founder and senior VP Nextdoor Networks, a Silicon Valley IT company in Silicon Valley where he helped the company raise USD37.5mil VC capital. Formerly, McKinsey & Company consultant, Harvard MBA.
• Hugh Mason: Serial investor / mentor / entrepreneur in the IDM sector. Co-founder Pembridge Partners LLP, London-based business accelerator specialising in marketing, media and technology SMEs that has raised/invested directly GBP25mil. Co-founder Narrateo Ltd, international TV production business. Former BBC TV producer. Physics graduate, University of Bath.
• Meng Wong: Serial entrepreneur and software engineer. Founded pobox.com in 1995. Led SPF/Sender ID antispam standards project to success during 2003 and 2004. Founded Karmasphere in 2005. MBA dropout, National University of Singapore. Founder, hackerspace.sg.
Team credentials
• 33 man-years of frontline entrepreneurship experience
• 17 man-years of active angel investment experience
• Over 2,000 SMEs supported
• Raised ~ $100MM of investment directly and indirectly
• Networks in US, UK, China, India, and SG + SEA
• Interdisciplinary, multicultural team – technology, education, communication, leadership
Operations - bootcamp
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FAQs
Where will the talent come from?
Who will fund the startups subsequently?
What about exits? Who will acquire the startups?
How can I invest? :-D