We just got rejected from a VC.I have an early stage startup (1 year old). We've just launched our beta, but had reasonable traction from SEO, early beta users, etc.We go through for an accelerator (a local but large VC) that provides 6 figure funding for early stage companies. They have an accelerator program that goes for 5 months and were supposed to start on Monday.To make it this far, we did 3 round of interviews, did all the prep work, got through the final round of Due Diligence, we informally accepted their term sheet two weeks ago. They are however still sorting out some of their funds, legalities etc and as turns out were going to begin the program, while continuing the DD/legalities in parallel for a few weeks.Today I find out that we didn't make it, this is after I got an email (two days ago) letting me know that the co-hort starts on Monday.This almost seems very unprofessional to reject a startup a day before their program begins. The reason they told us is that they find us 'too early' and don't have a 'competitive edge / product differentiator' from a product perspective (it's a saas). I mean, this is something you'd know after first round of interviews right?I am a little disappointing which is natural, not about the fact we didn't make it, but that they rejected us after we did all the work, it's been a 6 or so week process. And more so because they do this a couple of days before the program starts with the above reasons for not making it.I'm not angry or upset, because meh, this is business.But has anyone experience this? and is this indeed highly unprofessional of them? see hubwealthy.com/wealthy
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