Last Friday we sent out letters to the companies that applied to our Fall Program letting them know if they got in. With hundreds of applications it’s obvious that most companies didn’t make the cut. That being said, we had some very tough decisions to make and there were many companies that came very close but were ultimately turned down.
If you were one of the companies we had to reject remember that rejection is part of being an entrepreneur. And the ability to learn from rejection is one of the most salient attributes of successful startup founders.
In judging the suitability of applicants the selection committee used three criteria: (i) the team, (ii) the product and the company; and (iii) the size of the opportunity. We also considered whether or not we’d be equipped to add meaningful value to the company in the 4 months of the program. In many cases, the companies were interesting but the group felt that they’d be better off in another context. In other instances, the application needed to be more fully baked.
If you got a ‘no’ this time, and you’re serious about your startup you need to stay engaged to stay relevant and everyone who applied should remember that this is just the start.
GrowLab is just beginning and we’ll be running events and workshops as well as bringing speakers into the space to meet with aspiring startups in the city. So stay tuned and keep abreast of upcoming events by signing up to our mailing list and joining our facebook group.