In life we go through periods of ups and downs and none other than is that best manifested than in a rejection of some sorts. Rejection is a good example of one of those down points in life and everyone goes through it multiple times a day.
Rejection is problematic because by definition it is a refusal or dismissal of ones proposal, idea, affection or even efforts. I am sure everyone has had their fair share of spurning from a potential lover.
The rejection I am referring to here is not to dissimilar to that above but takes the different form of a decline from a top cyber security accelerator place. If you are not familiar already with what an accelerator is, then it would be handy to mention what it is.
Accelerator is a structured program that last usually from a couple of weeks to a several months and allows a startup to get mentors and advisors that help to build up a business and avoid problems encountered in the early stages. It helps you with pitches, connecting companies with other potential investors, refine and develop your product further so that you will be in a position to seek some initial funding after the program is completed.
They can be very useful program if you know what you want to get from it and know how exactly it can help “accelerate” your business further. Not all accelerators are equal as they all cater for different sectors, offer different amounts of funding and support, have differing prestige levels due to how long it has been around and different success stories from previous cohorts that have gone on to succeed or not as the case may be.
Accelerators are not for the faint hearted as they require a lot of effort and input from all team members and requires full engagement if you want to get what it is you want from it. It’s not cheap either as equity is taken up too from the business. So that is why it is important you evaluate if an accelerator or even an incubator is right for you and your business (http://www.techrepublic.com/article/accelerators-vs-incubators-what-startups-need-to-know/).
It’s a known statistic how many startup companies fail within 1, 3, 5 and even 10 years of setting up and that is why you must decide properly the pros and cons of whether or not an accelerator is for you and with the differing amount of sector specific accelerators coming up on the market, it would be wise to find out which one would be useful or better suited to your own situation and needs.
So what happens if you get rejected from an accelerator place that you wanted to get on so badly? Nothing. You carry on doing what it was you was doing already and get feedback as to why you didn’t make the mark and re-iterate again.
Fortunately for us we made the last 20 of 150 or so applicants and fell short at the final interview stage. Only 8-10 startups were getting shortlisted for the placement, which makes it by my maths roughly a 50-50 chance. Alas, it wasn’t meant to be but we got thorough feedback and advice going forward and that was very important to say the least. So it’s not the end of the world.
Startup ventures are not for the faint hearted if you can not handle rejection and bitter home truths. You need to have thick skin and broad shoulders in this game to take criticism’s in whatever form they come (and I promise you they will come in different forms), but as long as you can filter the good critique from the bad ones and take them on board and learn from it, then you will undoubtedly succeed eventually.
perseverance is another one of those other but equally important quality required to be an entrepreneur.