In a post on the Battle Ventures Blog, Jeffrey Paine, Executive Director of Battle Ventures and the Local Director of the Singapore Founder Institute, recounts what he's learned about founders in directing four Singapore FI programs, and comes to the realization that, in helping people chase their dreams and launch companies, he has "the most remarkable job description in the world."
The Final Application Deadline for the Founder Institute is this Sunday, May 20th. To get expert training and feedback to build a startup in 2012, apply today at http://fi.co/apply/singapore.
You can see the original article here - below it is republished. You can also follow Jeffrey on Twitter @jpaine.
"Coming off Adeo Ressi’s post on himself coming back to run another Founder Institute Silicon Valley chapter, I wanted to share my thoughts about running Founder Institute in Singapore since late 2009.
As I am writing this post, our fifth semester of SGFI will be commencing on May 22, 2012. The excitement is in the air since a few weeks ago with emails flying everywhere with questions about work load, why people get cut, what should I prepare, visa processes (for foreigners flying in to join us) and other minor logistics issues. The admitted class has been communicating virtually proactively and has even planned a meetup one week prior to the start of the class and has cordially invited me to join them. Hmm…very interesting.
The Story behind FI in Singapore
It all started with a little notion to write my own job description (cheesy? tell me about it), it was Summer of 2009 in Dubai hiding from the heat where I was dreaming of ways to help improve the quality of startups in Singapore after seeing the trials and tribulations of MDA’s iJAM portfolio meltdowns. The simple answer to startup woes in Singapore to me were simply “getting early feedback from people who knows stuff” and unfortunately there aren’t many of them around in Singapore then. Through a mutual friend in Abu Dhabi, I came to know about the X-Prize and upon more research heard that TheFunded.com had launched the Founder Institute in the Bay Area on May 2009. My knee jerk reaction is “We gotta have that set up in Singapore!”. I emailed them and within minutes, we spoke over Skype, and with the help from the IDA, we managed to wrangle the first ever Asian chapter for Founder Institute in Singapore - a seemingly tiny and yet mysterious island hub to most people. Two years and change later, we are entering into our fifth semester, with over 40 companies and 50 graduates, and over 50 local/regional mentors in tow and growing.
The Founders
Over 100 founders came through the Founder Institute Singapore after passing a rigorous application process, coupled with an online aptitude test (acceptance rate is 35% on average in Singapore). Here are some profiles of typical founders I encountered when they first start:
- Some are technical (45%), while some are business-types (65%).
- Most are currently working for someone (65%), while the rest are fresh graduates, entrepreneurs (formerly ran services businesses or built a product but have hit a wall), or are serial entrepreneurs
- Most are in their late 20s/ early 30s.
- 5-10% are women (a number I would like to increase – I believe we have the most women this coming semester! Fingers crossed for them staying alive till the end of the program, go ladies!)
- Some have strong domain expertise and have ideas that clearly solve a domain problem, are building something to scratch their own itch, or have an idea they just want to push out to users/customers. Most, if not all the ideas starts out having small visions.
- Some are mature and possess clear leadership qualities. Some are lost and finding where they fit and need polishing. Some are reserved but have great insights. Some are loud and seemingly uncontrollable. Some are charming. Others ooze that 'd-baggy car salesman' aura.
- A minority do surface as a “wrong fit” (our test sometimes do miss out). The majority of this group falls either into the “clueless and timid” bunch, or the “arrogant, un-coachable and hard of listening – please be less of an a-hole” bunch. These bunches may learn their ways after setbacks, or they may not.
And by the end of the semester, over 4 months of relationship, a few things are clearER:
- Some are born leaders who are comfortable being a solo founder. Some are great lieutenants (No. 2s) and need cofounders to surround them. Some are great followers (Employee No. 1 for e.g.). And some are just not cut out to be founders (which is perfectly alright).
- Every founder has a story behind them that defines who they are (personally, financially, psychologically etc.). The human drama is fascinating even in such a short amount of time. Four months, in my mind, is not enough to get to truly know someone, but I do have a pretty good idea what makes each of them tick. I can never understand why investors can invest in teams they have only met a few times post pitching. Still baffles me…
- Ideas they started with have strengthened, changed slightly, or even completely. They are more bolder and confident. Pitching becomes second nature. Their confidence level and the ability to understand what it takes in the startup world is much higher. Some are so well schooled that they are now giving back by “educating” the community without themselves knowing it.
Final thoughts
Entrepreneurship is a life choice. Some people want to go slow with lifestyle businesses. Some people want to start businesses related to their passions or indulgence. Some simply want to be self-employed even before they know what business they want to be in. Some want to solve a problem that bugs them. Some want to change the world massively from day one. No matter who you are, I applaud you all for taking the first step. It has never been an easy step, not before and certainly not now.
We have learned a lot from founders as they come through the Founder Institute, as they mature and as they graduate - and we hope they learned a little thing or two from us as well. The learning and growing goes both ways. Give your best effort, do it with honor, make friends along the way, celebrate small wins and, finally, remember all the relationships that you have built along the way. Remember - people make companies - without them there is nothing. [Please also do not forget to: sleep more, workout 1-3X a week, maintain and build upon family relations]
I am still amazed at what I do for a living, even though many people still don’t know what I do (ask anyone in the CBD area). But this feeling resonates more after a short exchange with Paul Singh from 500 Startups (while he was in Singapore earlier in 2012 with Dave Mcclure who is a mentor at FI), where we went silent for a good 25 seconds after he mentioned “I am amazed that I am paid to do what I do everyday, to help and support talented people who are changing the world”.
With that, I want to thank everyone (aspiring applicants, founders, graduates, interns/volunteers, mentors far and near, the global FI family, sponsors, government supporters and the various startup ecosystems around the world that have touched us) for giving us the most remarkable job description in the world.
Thank you."
