JFDI mulls ‘JFDI Score’, says it will accept second round of applicants to startup bootcamp soon
October 20, 2012 by Terence LEE
It concluded its inaugural 100-day JFDI-Innov8 Startup Bootcamp in May this year, the first of its kind in Southeast Asia.
For the upcoming round, the application process will be more transparent. Startups which apply for the upcoming bootcamp will get to understand how exactly they are evaluated. The applications will open “this coming year”.
The post also revealed that JFDI has been using its own model of evaluating startups. It’s one that it hopes to further develop into a “ third-party, objective assessment” of a startup and its team — dubbed the “JFDI Score”. It will be prototyping the process during the next round of applications.
JFDI is also thinking of eventually opening the method up to any startup — not just those who apply for the program.
“If this takes off, I could see a world where VCs ask startups: What’s your JFDI score? Don’t have one yet? Go get an assessment done, and come back when you do. Insert freemium model here,” wrote the author.
Of course, JFDI is not the first to attempt something like this. YouNoodle tried, and so did the Startup Compass. They’re all part of a movement to transform early stage investing into more of a science rather than an art.
Since then, incubatee FetchFans have gone on to raise further funding, while Flocations and ShopSpot have received investment offers. Some, like ShopSpot and Kark, have even received funding while the bootcamp was still ongoing.
Another alumnus, TradeGecko, has recently launched their product.
It’s not all good news however. At least one team, Remember, has decided to call it a day soon after the program.
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About The Author
Terence LEE - Editor
Terence writes mainly about technology trends and startups in Asia. He believes in crafting smart content: Not just a regurgitation of text, but well thought-out pieces that serve the reader using a combination of data, design, narratives, analysis, and visual impact. His articles have been published on Venturebeat, Yahoo!, Straits Times, Today, and The Online Citizen. He also co-founded NewNation.sg, a satirical news site covering Singapore affairs. Engage him on LinkedIn and Twitter.Read other posts by Terence LEE