The Techstars process has undoubtedly sharpened our saw and taught us important lessons about what we require in an investor and an “accelerator”. The program is a rigorous and challenging process that pushes entrepreneurs to their limits. However, it is also an incredible opportunity to receive mentorship, guidance, and feedback from experienced professionals in the industry. At AllPeep, we saw each step of the way to the final stage interview as an opportunity to sharpen our pitch and hone our message.
During the selection process, the 15-minute calls with investors to pitch our business, explain our value proposition, and highlight our competitive advantage were instrumental in helping us refine our message. Most importantly, the feedback we received from these calls was invaluable. We learned what resonated with investors and what did not, allowing us to tweak and improve our pitch for the next call.
Perhaps the most significant takeaway from the Techstars process was discovering our expectations and requirements of “the right investor.” We realized that it is not just about getting funding, but finding the right partner who shares our vision and is committed to helping us achieve our goals. By making it through the final round of the Techstars selection process, we were able to clarify what we were looking for in an investor, which will help us make more informed decisions in the future.
However, the accuracy of market feedback on the Techstars selection process may not always be reliable. We believe that many companies go through the Techstars process solely focusing on being selected for the cohort and forget about sharpening their saw. While being selected is undoubtedly important, it is just one part of the journey. Many companies miss out on the many other benefits, such as valuable milestones and lessons that the Techstars selection process provides.
Despite this, we are extremely grateful for the opportunity to have gone through the Techstars selection process. It has not only helped us get closer to our ultimate goal, but it has also allowed us to gain valuable experience and improve our practices. All in all, we want to emphasize that the reward is in the journey, not just the outcome. We encourage all entrepreneurs to take advantage of the many opportunities that the Techstars and other accelerator programs offer and to focus on the journey, not just the destination.