Whilst rejection does not feel good, and it is easy to take it personally, especially when you own the business and have spent months or years building a product or service – I believe that it is necessary in order to be sustainably successful in the startup space.
We have all heard the stories of a good team securing angel investment based on their idea and elevator pitch. However, I found that since the GFC and the bursting of the dot-com bubble, the reality is Australian investors are risk adverse and capital is scarce. It seems to me only the very best start-ups are able to raise seed capital based on their idea alone. The days of an entrepreneur spending years burning through someone else’s money while figuring out their strategy and revenue model are long gone.