A common question circulating in the minds of many entrepreneurs in the Asia Pacific is: “Which is a better place for startups—Hong Kong or Singapore?” Answers vary depending on who you ask.
Ray Wu, program manager of JFDI, would heartily say Singapore, the birthplace of The Joyful Frog Digital Incubator. Wu’s laidback and comical personality warmed up The Hive last week as he delved into the lifestyle of Singapore as well as the JFDI accelerator program. A 100 day commitment to live in Singapore and learn how to pitch in front of valuable investors may sound brutal to some, but to those willing to accelerate their startup see it as a great opportunity.
It all begins with a good pitch, one of the main aims of JFDI. Wu broke down the dynamics of a solid pitch into ten easy steps, from problem to vision, demonstrating the importance of communicating ideas to investors. Funders want to see a scalable business, something that can produce an income in a predictable fashion over a short amount of time. JFDI not only perfects pitches and introduces entrepreneurs to investors but also connects with each participant on a more personal level. Wu stressed the importance of getting to know the person behind the idea because this added element can strengthen the interest others have in the startup. With 60 percent of startups funded after graduation from the program, JFDI creates an environment where ideas are welcomed and pursued.
But the question still stands—“Why Singapore?” Besides Wu’s opinion on the mediocre culinary skills of Singaporeans, he did mention the rapid development taking place in Singapore, as well as the vast amount of investors that are present there. Also, its location (one hour from major cities in the Asia Pacific) puts it in a prime position for major interactions with international individuals. Summer weather year round and tax incentives for foreigners could also be enticing reasons to join the technological movement in Singapore.
Regardless of the reason, Wu recommended visiting Singapore and participating in the program. Three months of mentorship and constant communication with other entrepreneurs all leading to a demo day can be stressful but it can also lead to a better business plan and a profitable income. With a plush frog as his companion, Wu is always reminding founders to “Just Frogging Do It.”
Thanks to SoftLayer for sponsoring the event and The Hive for hosting it.
If you are interested in applying for the next JFDI class – please click here.
Ray mentioned that JFDI co-founder Meng Wong did a map of all the Singapore startup funding and here it is for you to check out:
