Ask HN: Does it mean anything to have been a finalist for an accelerator?
I would like to think that being named a finalist for a highly acclaimed startup accelerator is a good sign, even if we were not selected. I am so grateful to have been considered and we learned so much from the experience. It certainly helped us to refine our product and it provided deeper motivation to succeed. So in these ways, it means a lot, of course. But does it serve as an indicator for the potential of the product?
3 comments
I was a TechStars Seattle finalist this year. We applied with a product/idea that was also implemented by another company in the most recent YC batch (I also applied to that batch before TS but didn't get an interview).
To answer your last question, yes, I think it's somewhat of an indicator that you have potential. It means, at the very least, you piqued the interest of smart investors. Not getting in just means a few dozen people had better ideas, better teams and/or more traction in their minds.
Of course, being a finalist doesn't beat having a product out in the market that people are buying/using.
For me, it was a good experience doing the interview with TS staff/investors, understanding what they want, etc. I've had moderate success with bootstrapped startups–but the accelerator/angel/VC world is new to me. Knowing you were in the top 25 applications out of 600 is an ego boost for about ... a week.
Here's the deal, though ... I've shuttered that idea. Partly because I know other people now have a leg-up, partly because I'm not in a big metro where it's easier to get traction, but mostly because I'd rather do something I'm a little more passionate about (Cilantro) and experienced in. I've applied to YC again–if I don't get in, I'll still plow forward. I've already got an MVP and users. I doubt I'll apply to TS again (moving to the valley is easy for me. Seattle/Boulder, not so much).
I don't know if that answers any of your questions, but that's what I got.
To answer your last question, yes, I think it's somewhat of an indicator that you have potential. It means, at the very least, you piqued the interest of smart investors. Not getting in just means a few dozen people had better ideas, better teams and/or more traction in their minds.
Of course, being a finalist doesn't beat having a product out in the market that people are buying/using.
For me, it was a good experience doing the interview with TS staff/investors, understanding what they want, etc. I've had moderate success with bootstrapped startups–but the accelerator/angel/VC world is new to me. Knowing you were in the top 25 applications out of 600 is an ego boost for about ... a week.
Here's the deal, though ... I've shuttered that idea. Partly because I know other people now have a leg-up, partly because I'm not in a big metro where it's easier to get traction, but mostly because I'd rather do something I'm a little more passionate about (Cilantro) and experienced in. I've applied to YC again–if I don't get in, I'll still plow forward. I've already got an MVP and users. I doubt I'll apply to TS again (moving to the valley is easy for me. Seattle/Boulder, not so much).
I don't know if that answers any of your questions, but that's what I got.
I really look back on the experience as a stepping stone. We really got our sh*t together after the interview. In fact we left the interview, went to a nearby University commons and reworked our product on the spot. We learned so much in that 20 minute interview that has helped us to make a better product. Of course, hard evidence is required so we will have our proto up in a month or so. Then we can begin the heavy lifting. Thanks for your response and good luck moving forward!
No one says it's the final word. Often the way you pitch yourself will be the way they turn you down. There are always other pivots you can make.
Who knows, you could have also been turned down for something they didn't feel comfortable saying in their response so they gave you feedback but didn't try to see the upside. There may be some elements of your team that accelerators will shy away from. I would spend some time looking inwards if these types of programs are what you want to get in to.
Good luck, and don't give up too soon! Can you share what the app was? My email is in my profile if that helps. I'd love to check it out and give you feedback.
Who knows, you could have also been turned down for something they didn't feel comfortable saying in their response so they gave you feedback but didn't try to see the upside. There may be some elements of your team that accelerators will shy away from. I would spend some time looking inwards if these types of programs are what you want to get in to.
Good luck, and don't give up too soon! Can you share what the app was? My email is in my profile if that helps. I'd love to check it out and give you feedback.
Thx. I did shoot you an email.
I think I'd take you more seriously, but then I would also think "these guys have some issue that is not immediately apparent". Unless you have a really good and clear reason why you weren't selected, you'd run the risk of looking proud to be a loser.
Sorry if the above sounds harsh, just trying to give productive advice. What program was this anyway?
Sorry if the above sounds harsh, just trying to give productive advice. What program was this anyway?
For now I am going to keep the name anon. We surely did not have our ducks in a row as we were very young in our partnership and product dev (1.5 months). Now several months later, we feel we are on the right track and should be well prepared for the next time. No sweat about your comments; I appreciate them.