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Im based in Sydney and our startup community is still a alot smaller than many other parts of the world. Locally there are not that many teams and our weekly nReduce gathering is small. That hasnt mattered though because the real power so far has been the feedback system created by the nReduce team.
Every week we post something we would like feedback on, and every week intelligent like minded people from around the world leave their 2c worth of feedback.
There is no doubt in my mind that my product, http://authic.com, will be better as a result of that feedback. The fact that teams can be introduced to mentors and investors is just a bonus because the nReduce is already worthwhile without them.
2 years ago on Virtual Incubator to All, nReduce Adds Mentors and Demo Days — Is It the Pre-AngelList?