Ryo Chikazawa, CEO of Autify, responds to host Sean Weisbrot's question on why accelerators frequently reject founders.
Insight
Early-stage B2B products without paying customers are effectively worthless
“Even in the early days, like, if we don't have any customers, like, if we don't have anyone who is paying for your technology, that would kind of tell you that, you know, your technology, your product is worthless.”
Insight
Founders should reapply to Y Combinator even after seven rejections
“I talk to a lot of, like, YC alumni, and then they say, like, you know, they got rejected many times. They get accepted, like, after three times or four times, even, like, seven times or something. You should apply many times.”
Insight
Prospects saying 'let me know once built' signals no burning need
“Before that, like, hitting the burning news, they would say, like, oh, it looks It's cool. Like, let me know once you build it. So like you would get this kind of reaction many times, but like that is kind of signal that like you haven't identified any of burn…”
Assertion Not checkable as stated
Autify failed to raise any capital from Alchemist Demo Day investors
“Turned out, like, you know, we couldn't find any, like, good fit from the Demo Day, but we could have many opportunities to talk to a lot of variety of investors, so, yeah, a lot of learnings, although we couldn't raise any money from those investors from Demo…”
Opinion
Joining an accelerator is critical for scaling globally outside Silicon Valley
“I thought that joining accelerator would definitely be one of the important things to make the other successful startup that scales globally.”
Assertion Not checkable as stated
Autify spoke to 70 to 80 customers in three months without sales
“So we've been like talking to 70 to 80 customers already in the first three months, but we couldn't sell anything.”