Lack of experience, probably the #1 reason. I think I just assumed every accelerator more or less followed the standards set by YC or very close to it.
Your question made me search my email to see if I missed something. I had't it just mentioned the amount and no details.
Other reason was, in their interview they did a great job selling us on how they have a network of investors as well as the largest hospital system in the world (partnering with them) where it will give us access to so much more than just their capital.
At the halfway point, we had a Webex call when their finance person took us through their financial terms. We still thought we were okay, since they indicated they would follow up on our existing seed terms. Well, they renegade that when the time came! Telling us, this would be a new term since our old term closed a while back.
Afterwards, I remember arguing with them when it came to their term sheet and using YC as the benchmark. It didn't persuade them.
So, the learning lesson for young founders who read this. Do your due diligence for the lessor known accelerators. Not just on financial terms. But overall benefits of the program.
Your question made me search my email to see if I missed something. I had't it just mentioned the amount and no details.
Other reason was, in their interview they did a great job selling us on how they have a network of investors as well as the largest hospital system in the world (partnering with them) where it will give us access to so much more than just their capital.
At the halfway point, we had a Webex call when their finance person took us through their financial terms. We still thought we were okay, since they indicated they would follow up on our existing seed terms. Well, they renegade that when the time came! Telling us, this would be a new term since our old term closed a while back.
Afterwards, I remember arguing with them when it came to their term sheet and using YC as the benchmark. It didn't persuade them.
So, the learning lesson for young founders who read this. Do your due diligence for the lessor known accelerators. Not just on financial terms. But overall benefits of the program.