Got rejected from an incubation program... is this a sign to go bootstrap?
This weekend I was selected to attend a kind of 48h hackathon event where you would meet people, make teams, and work together to have a validated idea to pitch to some investors.
The weekend itself was great and I met really awesome people that I would love to work with if I have the chance in the future. But in the end, only a few people could make the cut and be selected for the incubation program.
We went to have some beers after the event and while there, the organizers start sending the emails where they stated who was in and who was not. It was a bit weird because we were hanging out with potential future co-workers but after rejection, it was unlikely to work with them anymore.
Obviously, it feels bad to be rejected. But then I started thinking, what if this is a sign that I should keep focusing on the indie hacking and bootstrap way of building a business and not going the VC way?
I'll keep going forward and pushing to get a profitable business up and running 😁
I don't understand...
Why bother with incubation programs, YC, etc.?
Why do you need an investor's permission to start a business?
If you just start, and get it to profitability, these incubators/investors will throw themselves at you.
I totally agree with you, this "incubation program" was kind of different. If you got selected, then you will start to build a team, search for an idea, and validate it with their support. I didn't have anything in mind, my main goal there was finding the right co-founders.
If I had already my own idea I wouldn't have bothered to look for incubators tbh, but I get your point
I will tell you how it went for me — the startup I was about to start didn’t get the seed funding from an investor (250k€ for like 16% of the company). We went and bootstrapped. It’s a constant fight for the money so unless you can be sure to have a revenue stream quickly be very careful.
I bet you know this. Rejection is part and parcel of the game we have chosen to play, entrepreneurship. In fact, we are going to be rejected more than being accepted. Hundreds of VC's are going to reject you, but all you need is one investor who likes you and what you do.
I reach out to many potential customers, and honestly, the majority of them say NO but the minority that says YES are the ones who matter to me. They pay for what I am working on.
Keep going, buddy. You are not alone.
Thanks for your words Deepak, we all have to keep pushing!