With few chances to participate in accelerator and entrepreneurship programs, the competition has become rigorous. As working closely with many of Techstars Accelerator programs, here are 6 reasons that lead your application to rejection:
1) Not having a great team
Having a strong, comprehensive team is critical in the evaluation of early-stage startups, and that is why you have to show what makes your team unique and stand out in the field, in addition to the relationship that got you working together as well as the experience that inspired you to work together. Mentioning the experience you have in this field and showing how much you understand the problem you are trying to solve in addition to the market you are aiming at is also advisable.
2) You lack the numbers
It’s always good to tell the story behind your project, but mentioning numbers makes that story much stronger and makes your application stand out. This includes how much capital have you raised, years of experience, the numbers of clients and customers using your product, your revenues of the last month, in addition to new customers per month.
Using numbers shows how much you understand what building a project is all about, for it relies hugely on numbers because companies that rely on numbers and growth stand out during the selection and evaluation stages.