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Frequently Asked Questions

How much funding do Abacus companies receive?
You get your approved first year operating expenses or not more than $200000 (whichever is lower) in seed funding. We've proven that this is plenty of money to survive for a year to crank out a substantial prototype or a business idea and commericalise it to the next level. You also get a free server hosting, a nice place to work, legal services, and more. Finally, there is immeasurable value in the connections and advice that you'll receive when you start your company with Abacus.

What sorts of companies do you fund?
We fund technology oriented companies, typically these are web-based or other software companies, but we've funded companies that don't quite fit that mould like BPO companies. We're also looking for companies that can have worldwide reach. Specifically, we don't fund medical device companies, biotechnology companies, restaurants, or consultancy oriented companies.

Who's behind the program and why are you doing this?
We are a group of very successful entrepreneurs and investors who truly enjoy helping startups and think that Singapore is a great place for them to be.

Why does Abacus need and want stock in my new company?
Like you, we're entrepreneurs. We think that the value of the learning, networking, and coaching provided by the program is of tremendous value. The Abacus program will provide you with the healthiest possible start and greatly improve your chances for success and sustainability. Once we invest, we're motivated to help you succeed by introducing you to people who can help, assisting you with strategy, finding more investors, and generally helping you to succeed. That's a good deal for both of us.

Abacus almost sounds too good to be true. What's the catch?
There's no catch. Just ask any of the companies who've been through the program.

Do I have to stay in Singapore when the program ends after a year?
No. It's your company, so you'll live where you want to. Abacus is a major commitment, and we expect you to be around or contactable most of the time.

What else does Abacus provide? Office space, Internet, legal, hosting, etc?
The more than 5000 square foot office in the central at Toa Payoh.

We provide working and meeting spaces, as well as a nice pantry all with super fast 100mbps and reliable wireless Internet access. APC hosting is a sponsor of Abacus, and they provide our companies with free top-notch hosting during the program. Legal Soulutions LLC and Ascentia Law Corporation LLC are two outstanding legal firms who provide free legal council and services for our companies. Abacus Websoft Technologies is a premier technology provider who is also a sponsor providing free services. Basically, we'll help you get everything covered with minimal expense. We just want you to focus on creating a great product or idea while you're here, and not have to worry about all this other stuff.

How can we get funded after Abacus' initial funding?
We provide the seed funding to get you going, but you may well need more funding to really make it. You maybe required to pitch to angel investors and venture capitalists whom will check out your company and listen to your pitch. We'll coach you so you're as effective as possible, and do everything we can do help get you follow on funding. We may also fund your company further ourselves in some situations.

What if my company doesn't ultimately succeed?
Well, at least you tried. Because not just anyone is accepted into the Abacus program, you'll have an impressive resume item for your next idea that will look way better than almost anything else you could have spent your time doing. And you will have met a large number of smart and well connected people who can help you tremendously with whatever you do next. Hopefully that will be another startup.

What sort of control am I giving up by granting equity to Abacus?
Abacus wants to be viewed as a co-founder. We expect to have all the same rights as any other founder, relative to our minority ownership position. In a nutshell, we don't want any special or controlling interests in your company. We won't ask for a board seat or for any uncommon investor rights. You will still run the show.

I'm a single founder. Can I get accepted into Abacus, or do you only look for teams?
We look for great, balanced teams who have a full range of skills. We strongly advise you to seek co-founders or pioneers who balance your skillset. For example, if you're a strong developer, you might consider adding someone with business and/or marketing experience. If you're a great business evangelist with no developer, it's very unlikely we'll accept you into the program, so go find a star developer to join you.

How do you choose which companies to accept into the program and to fund?
We will choose great founders who are proposing products or ideas that solve real problems or create meaningful innovations. For us, it's about the team. The best things you can do to strengthen your application are:
- Round out your team with business, technical, and other necessary skills.
- Make progress on your prototype or ideas and reference it in the application.
- Show us you've really thought about your business and have gotten off your butt to do something about it.

Is my age a factor in your selection process?
No, but if you're a young entrepreneur it's important that you better understand what else might be a factor. The typical age range of our founders is 25-40 years old, but we've had much younger founders and much older founders in the past.

Do I need to send in a business plan?
No. Just sent us a one page executive summary.

What will a typical day be like for a Abacus founder?
It's your company, so you'll be hard at work on your ideas. You can choose to work out of office if you'd like, or you can work anywhere else that you might prefer. In general though, you'll be working on your ideas each day, just like all of the other founders in the program. We don't tell you what to do or when, but we create an environment that is conducive to helping your startup every day. And we'll make sure you have lots of experienced mentors around to help you.

Can I apply if I'm not from Singapore?
Yes. As long as you and your team can be in Singapore legally for the duration of the one year program, please do. We have accepted overseas founders in the past.

Is my company too early (or late) stage to apply to Abacus?
Almost nothing is too early. One of the great things about Abacus is that we help you refine your idea and business model. Likewise, no company is too far along to apply

I'm concerned that if I apply, you won't protect my intellectual property. Should I be worried about this?
We're certainly not in the business of stealing ideas, and we won't show your application to anyone outside of Abacus. Each year, we see hundreds of applications and many of them include similar ideas. For this and other practical reasons, please don't ask us to sign an NDA. Our application does not ask for your "secret recipe", and there is no reason you have to disclose this to us if you're not comfortable doing so.

My team outsources software development. Are we still qualified to apply?
Yes. We think it's best not to outsource what you are, but it obviously works in some cases. We're happy to consider any application. Just remember that we're primarily focused on the team.

When is the deadline to apply and what's the overall timeline?
Application opens on 1 June and application deadline on 30 October of preceding year. Program starts on 1st working day and program ends on the last working day of following year. If you apply early enough, we may invite you to a tour at our office. This is not a required step, but it can be a great way to learn more about Abacus and for us to get to know each other better.

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