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JFDI.Asia April Presentation
Transcript of JFDI.Asia April Presentation
seeks s$425,000 from private investors
matching s$778,900 of public funds
to launch 10 startups in 2010
using the TechStars / Y Combinator model. first, some background What's a Seed Accelerator? started by Paul Graham in 2005 hacker
angel investor founded Viaweb
sold to Yahoo!
became Yahoo! Stores runs two batches a year in one location in Silicon Valley
and Boston, MA
each batch lasts about 3 months ten to twenty companies per batch focus on dot-com, Social Web, Interactive Digital Media startups
applicants are screened for engineering ability and product intuition has seen 13 acquisitions already Reddit: $15,000,000 bought by Conde Nast
TextPayMe: $3,000,000 bought by Amazon
Anywhere.fm: $2,000,000 bought by Imeem
Divvyshot: $20,000,000 bought by Facebook
Omnisio: $15,000,000 bought by Google runs one batch a year in two locations one in Boulder, CO
starting one in Seattle, WA started by David Cohen, Brad Feld, et alia in 2006 hackers
angel investors founded PinPoint, sold to ZOLL
founded earFeeder, sold to SonicSwap ten companies per batch focus on dot-com, Social Web, Interactive Digital Media startups
applicants are screened for engineering ability and product intuition has seen 5 acquisitions already Brightkite: $3,000,000
SocialThing: $7,500,000 the first was then
was now there
are many The Model Premise: the VC model is broken. web startups need far less money
Amazon EC2 means you don't need your own data center
you can build an iPhone app for $20,000
you can build a Facebook game for $15,000
you can build a social web app for $10,000 You can launch a company in 3 months using Agile Development software engineering methodologies
with a very small team of 2 or 3 people for about $15,000 Y Combinator invests $5,000 per founder
TechStars does similar and put it in front of investors. Y Combinator's Demo Days attract the world's top VCs
75% of TechStars startups have received follow-on funding
DreamIt Ventures attracted 300 angels who competed for deals How is JFDI different from: Founder Institute? a VC firm / NRF TIS seed fund / iJam? a traditional incubator? received $2m from Sequoia FI provides training in a classroom format
3 hours a week, 12 sessions total.
Incorporation = Graduation Funds provide money and directorship but little mentoring. Traditional Incubators provide real estate but little money or mentoring. JFDI acts as a co-founder. In the crucial first 100 days, our full-time mentors act as interim CEOs and CTOs. How is JFDI different from other seed accelerators? JFDI offers market-oriented ideation. The 100 days begin with an ideation workshop run by our market research partner Propellerfish.
Bad: When you try to commercialize technology,
often you end up with a solution looking for a problem.
Good: Instead, start with futurism to forecast market demand.
Focus on commercial opportunities and specify creative solutions. We involve investors and customers from the beginning. They participate in the ideation workshop where they can add design value.
They stay involved during the 100 days. This primes them to invest at the end. but none in Asia! We assist with housing, visas, and other mundane concerns. The Deal qualified angel investors or VC funds only
3-year commitments sought, 1 drawdown per year
lot size: s$25k
LP equity stake in JFDI.201x Holdings Pte Ltd
which owns 18% of 10 companies each year What's the Plan for 2010? Starting in July/August/September,
JFDI will select 25-30 entrepreneurial engineers
from Singapore and around the world
to spend 100 days in a campus-like setting
building and launching 10 scalable startups.
In October we will demo the startups
to approximately 200 follow-on funders.
We expect 7 out of 10 companies to receive funding. The Team 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, $5m VC funded. ~MBA, National University of Singapore. What kinds of startups will JFDI produce? Most likely IDM (Interactive Digital Media) startups:
Social networking applications and games
Augmented reality applications
Mobile / Geo / Location based services
with an Asian focus Where will the talent come from? Seed accelerators screen for hackers.
Likewise, we look for entrepreneurial engineers.
Some talent available in-country.
Some talent drawn from US and Europe.
Some talent drawn from Asia.
TechStars will help handle the application processing.
In their experience, 80 applicants to 1 accepted. Who will fund the startups after JFDI? Singapore now has a funding ecosystem! Angels NRF TIS Series A BANSEA
Plug and Play
i2g iJam incubators Expara
NUSEC / Garag3 Walden
Giza Also, our network of investors in the US and Europe. Seed Accelerators at the very earliest stages
de-risk product development
validate market demand
discover an initial revenue model
reach a wide pool of investors efficiently Seed accelerators help startups We invite informed investors to subscribe for shares in a new asset holding fund, JFDI.2010 Pte Ltd, based in Singapore.
JFDI is a business incubator that will create approximately thirty new Interactive Digital Media startup businesses between 2010 and 2013, through a 100-day bootcamp process.
Each year we create approximately 10 companies.
JFDI is modelled on, and affiliated with, a successful US precedent (Techstars). 70% of its startups are self-funding or funded at the end of the bootcamp.
The operating budget for JFDI is $1.4m per annum, 70% of which is anticipated to be subsidised on a non-returnable grant basis by the Singapore government. The funding deficit is $426k per annum. JFDI seeks to fill that deficit with private investment.
Investors will make a return when portfolio companies are acquired or taken public, anticipated to be between 2012 and 2016. Executive Summary Our startups focus on Asian themes and Asian markets. Soon Loo Hugh Mason Wong Meng Weng 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. 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 £25mil. Co-founder Narrateo Ltd, international TV production business. Former BBC TV producer. Physics graduate, University of Bath. 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 More about TechStars 39 companies since 2007. http://techcrunch.com/2009/03/16/y-combinator-gets-the-sequoia-capital-seal-of-approval/ 75% either received funding or didn't need any.
13% already acquired around $3-7m. Corporate Structuring