Many of the unicorn founders were rejected multiple times before somebody finally decided to give them a first cheque, a chance to prove themselves. The Ring today is valued at over $1 Bn, with investors like Richard Branson on their cap table, but it was rejected an investment on Shark Tank when pitched first. After the shark tank rejection episode, founder Jamie Siminoff became untouchable for VCs. He saw hundreds of rejections before he renamed Doorbot as Ring.
In the founder’s minds, they understand that they will experience rejection in their journey to raise funds. But when that moment comes, it’s not easy to digest. Even the inability to secure investor meetings is looked upon as a failure. Founders get on a high when they get initial meetings with VCs, and then finally, they get rejected. Then they develop a deep feeling of loss due to this fear-inducing rejection experience.
Read more here.
- 100X.VC Team
Published on: October 21, 2019