Even though JFDI puts a strong emphasis on creating solutions “for Asia,” the program already has international appeal. And considering its location, it’s easy to see why. Singapore ranks #2 on the Index of Economic Freedom and has several entrepreneurship visa options. Startup Weekend has landed there, as has the DEMO conference. Local media outlets like SGE and Tech in Asia host events and monitor activity. According to Hugh Mason, CEO of JFDI, the lean startup movement has also hit Singapore. Ash Maurya’s book Running Lean came out last March, and Singaporean entrepreneurs are learning to test, fail, and iterate. Singapore also had a presence at this year’s SXSW, with government agency IDA bringing nine startups. This was IDA’s third year with a booth at the SXSW trade show, where they aim to promote Singapore as a startup and investment destination. Dave McClure and 500 Startups are also keen to learn about Singapore. Geeks on a Plane, their band of traveling startup brothers (and sisters), is headed to Singapore in June to check out the action. But one of Singapore’s challenges, as I describe in my Asian startup report, is dealing with fear of failure. Though 7 out of 11 JFDI startups have raised funding, Mason has already gotten flack from those focusing on the failed 4. But Mason is optimistic. He compares Singapore’s startup scene to a soccer club from his hometown of the United Kingdom – a core group of hustlers supported by tons of wannabe, supporting fans. Those fans just need a bit more courage to jump into the startup game.
