Got Accepted Into The Biggest Pre-seed Accelerator... And Rejected It
When I first learned about the Founders Institute, I was instantly drawn to its mission of helping entrepreneurs launch meaningful tech startups globally. As the world's largest pre-seed accelerator, Founders Institute has an incredibly competitive acceptance rate - graduating less than 1% of applicants. But with my exam preparation startup IWE.ai just an idea in its infancy, I decided to take a chance and apply anyway, hoping to validate my concept.
After an intensive application and assessment process including pitches and interviews, I was shocked when I received my acceptance letter. I was one of the few selected out of a global pool of applicants to join the Lagos Fall 2023 Cohort! I was thrilled that industry experts saw potential in me and IWE.ai to cultivate into an impactful edtech company.
However, that excitement soon waned when I realized the tuition fee was entirely out of reach for me financially even with the offered payment plans. As much as I desired the immense value of Founders Institute’s structured curriculum, mentor network, and path to potential funding, there was simply no way for me to accept given my constraints.
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Still holding on to a glimmer of hope, I resolved to appeal to Founders Institute by applying for one of their selective scholarships which waive the tuition fee. I remained cautiously optimistic, continuing to refine my vision for IWE.ai while awaiting the fellowship decision.
Unfortunately, a week later I received another difficult email informing me that my scholarship application had also been declined. While disheartened, I focused on the invaluable lessons learned by pushing myself to apply in the first place. My eyes were opened to mistakes in my pitch material, focusing my mission, and realizing the steep challenges facing startups everywhere.
I may have faced rejections, but it reinforced my passion for tackling educational inequality in my country Nigeria using technology. I encourage everyone with a meaningful idea to pursue applying to accelerators regardless - you gain knowledge and experience for the journey ahead even in failure. I certainly haven’t given up on IWE.ai or my long-term goal of joining Founders Institute when the time is right. For now, stay tuned for my next piece detailing the IWE.ai pitch deck itself and what I learned presenting to experienced investors!