Joyful Frog Digital Incubator (JFDI) has announced the first of three batches of startups for its accelerator programme for 2014. Thirteen teams have been selected from a pool of over 353 that applied online. This translates to an acceptance rate of 3.6 per cent, making it a remarkable achievement.
Startups were selected predominantly on the basis of the team’s potential, track record and expertise in a business domain. The teams’ description of their business is as follows:
Autocus (India): Connecting and automating applications and hardware to create rapid ‘mashups’
Codetoki (Philippines): An online gamified learning platform for IT/CS students.
Contentfactory (Singapore): Creating high quality, affordable marketing content for the internet
DocTree (India): E-bay for elective surgery in India
Glints Intern (Singapore): An internship portal for companies and interns to find each other
Huddling Penguins (South Korea): Creating constructive alternatives to make world more fun to live
Kallfly (Philippines): Telephony on the go
Obilis (Thailand): Collecting, sharing and discovering products from anywhere
StoryRoll (Lithuania): Collaborative storytelling
Stumply (Singapore): Matching people with the right flatmates and rooms quickly
Vixhub (Singapore): Back-office solution for small businesses
Wikasa (Indonesia): Finding great study courses online
XySec Labs (India): Automating mobile security
The business accelerator programme will help these thirteen teams of entrepreneurs to take their business from prototype ideas stage to possibly ten times their original valuation in 100 days.
Wong Meng Weng, Chairman of JFDI.Asia said, “It feels great to be working with such talented people. We look for teams that have a mix of the right skills, attitude and knowledge of the domain in which they want to work, because we know that the actual idea they are working on is very likely to ‘pivot’ over the next 100 days that we work together.”
Each team will stand to gain a S$25,000 (US$19,650) cash investment by JFDI, plus a package of intense mentoring and valuable support services worth S$150,000 (US$118,000). Since 2012, six out of ten teams, which subsequently completed the JFDI programme, have succeeded in raising an average of S$650,000 (US$512,000) per team.
The programme, which will end with a demo day to active early-stage investors early in July, is developed and run as part of a strategic partnership between JFDI and Infocomm Investments Pte Ltd (IIPL), the investment arm of the Infocomm Development Authority of Singapore (IDA).
Steve Leonard, Executive Deputy Chairman of IDA and Chairman of IIPL said, “It’s great to see the overwhelming response from startups from around the world, and we all feel the growing energy in the Singapore tech community. IDA, and our investment-subsidiary IIPL, are committed to ensure that Singapore is a great place for tech-product startups to come to life and to address world-wide opportunities.”
e27 will covering the startups in detail on a daily basis as #ToadAtJFDI on Twitter and in this archive. The teams announced today brings JFDI’s portfolio of startups to a total of 40 companies, with a further 25 to 40 companies expected to join the later two programmes in 2014.