One of the hardest things about running Techstars NYC is selecting 10 companies out of 1,000 applicants for every program. Many companies, especially the ones that didn’t get in, pointed out just how unfair this system is – some companies get in and some don’t.
Over the past several weeks David Cohen, Brad Feld and I have been working together to figure out how to solve this problem. We really wanted a solution that would once and for all eradicate the only 1% get in nonsense.
We spent countless lunches and dinner meetings trying to come up with a fair and balanced approach. After exhausting all the other possibilities we stumbled upon the answer that was staring us in the face all along – accept all 1,000 applicants into the next batch.
The benefits to the companies are obvious – as soon as you apply, you are guaranteed to get in. The benefits to me as the Managing Director are clear too – no need to meet the candidates, no need for lengthily and complicated selection process, no need for assessing the market opportunity or building financial model – all complexity is just gone.
Congratulations to all the future applicants, and particularly to the millennials. All you now have to do is apply.techstars.com and you are in.