Singapore Founder Institute launches for 2013, promises to be ‘a lot more brutal’

The Singapore chapter of the Founder Institute is launching its program for 2013 (apply here). It is slated to start on 28 May 2013. Founder Jeffrey Paine promises that this iteration will be “a lot more brutal,” while at the same time he expects “bigger and bolder ideas” to come forth.

The 14 week program, known for its rigor and high dropout rate, will see founders go through the process of creating a startup, finding a market, testing a business model, and pick up skills in marketing, sales and fundraising.

Selected applicants will be asked to take a Predictive Admissions Test which will determine if they possess entrepreneurial traits. If they pass the test, they will need to submit a USD 995 course fee on top of a USD 50 application fee.

Some applicants may eventually receive funding from the Institute through Warrents, which give the Institute an option to purchase a 3.5 percent share of the startup at market price. The FI will also facilitate meetings with investors.

The program typically gets over 100 applications each round, out of which 30 to 40 will be selected. Some notable FI Singapore alumni include Gridblaze, which was recently acquired, as well as iCarsClub, which closed a funding round.

Applications close 19 May 2013.