Small World Group Incubator has been operating now for 26 months in Singapore. We have started 9 companies and a 10th will launch in March.
And we have had 3 companies have up rounds beyond the money we initially gave them for starting capital, these 3 are – HeyPal, Green Koncepts and Third Wave Power.
And for all of this time we had no failures but it had to happen eventually. And so it has.
What is most interesting is that the company closed not for failure of the technology, nor of market interest. The company failed because the founding team broke apart and under that condition we could not find a way to continue.
If any of you reading this have any conception that venture capital is about technology, engineering, business model testing, innovation, customers. It is about all of those. But beyond all of these it is a “people” business. And sometimes we just cannot figure that out even if we spend months getting to know a team.
So now our overall batting average looks more realistic!