"When one door closes, another opens." "Every 'no' gets you closer to a 'yes.'" These common motivational quotes may sound cheesy, but there's still some truth behind them that rings particularly relevant for entrepreneurs—especially during the process of raising funding. In the first installment of WeWork's "Transparency Talks" speaker series tonight, Boston Globe columnist Scott Kirsner will be interviewing VentureApp/Streetwise Media co-founder Chase Garbarino about just that: the trials and tribulations of raising capital, and how fundraising feels.
The fact is, though, rejection is an inevitable part of nearly every process when starting a business—from seeking advisors to getting press—and if you let every "no" take a toll on your drive or overall swagger, your idea may never come to fruition. In fact, for some professionals, a "no" is precisely the push they need to finally take the plunge and launch their own company.
Don't take our word for it, though. We talked to a handful of startup founders about the "no" they're most grateful for. Because let's face it—it's a lot easier to see the bright side in hindsight.
Vinayak Ranade: Drafted co-founder and CEO
Before starting Drafted, Ranade worked at KAYAK.com for four years, most recently as the Director of Engineering for KAYAK Mobile. He holds a computer science degree from MIT, where he also has worked as a research and lab and teaching assistant.
He told BostInno:
“I once applied for a job at half a dozen bars. They all turned me down without so much as an interview. A few weeks later, one of my friends introduced me to someone that worked at a bar, who introduced me to the manager. I got the job 5 minutes into the interview...Three months later, I started Drafted.”
Katie Martell: Cintell co-founder and CMO
Prior to establishing the marketing tech startup Cintell, Martell was the Director of Buzz at NetProspex, (acquired by Dun & Bradstreet). She earned a B.S. in marketing communication, advertising and PR from Emerson College in Boston.
She told BostInno:
“Growing a startup is personal. There's no way around it. And hearing ‘no’ from a potential investor, customer, or partner goes straight to the heart when you've poured your time, energy, passion, identity, and career into an idea.
But entrepreneurship is also highly ambiguous—and those ‘no’ moments help to keep us on track by exposing the issues we need to fix or clarify. They're often more helpful than the ‘yes’ because they force us to work smarter. For example, when enough customers said ‘no’ to a feature idea: we stopped wasting time building it. When a potential investor said ‘no’ to our pitch: we fixed it, improved it, tore it down and built it up better. When the data showed no, a campaign test hasn't worked, we killed it and took it off the marketing plan. You eventually develop a thick skin for ‘no's,’ especially when the momentum of ‘yes's’ builds up because of your ability to use ‘no’ to get better.”
Rory Crawford: BevSpot co-founder and CEO
Before launching BevSpot—a Web-based inventory system for bars and restaurants—Crawford worked as an investment associate for both General Atlantic and J.P. Morgan. He holds a BA from Tufts.
Crawford told BostInno:
“The most helpful ‘no’ I received was when Yale said no to my college application. I had my heart set on going to Yale like my older brother and twin sister. They said no, which I think was the right decision for them, but it put a big chip on my shoulder that I still carry around today. Helps to have an underdog mentality!”
Aman Advani: Ministry of Supply co-founder and president
It was while getting his degree at MIT’s Sloan School of Management that Advani started the tech-infused business wear clothing line Ministry of Supply. He has also worked as business analyst and consultant for Deloitte.
He told BostInno:
“The founder of a prominent Boston-based apparel company ripped us apart in our first few months alive (we went to him seeking his feedback and advice, so it was certainly solicited). It was pre-launch, but delivered a lot of ‘brutal facts’ in that meeting - so many ‘no’s’ it was tough to count. He was polite, but direct. No doubt it was a wake up call on a lot of the inconvenient truths we're now constantly aware of, as a result of that meeting.”
All headshots courtesy of subjects.
