Looks like I can delete two goals from my list from 2010. I just got an email rejecting my application for SeedCamp Zagreb. And while there are a few more camps in the short future I won’t apply to any of them. Please note I applied for funding with 3 other seed funds, but none of them failed at choosing applicants so badly.

SeedCamp sucks. There, I said it. Their name and their mission have nothing to do with what they actually do. As Wikipedia says: “Seed money is typically used to pay for such preliminary operations as market research and product development.”.  What SeedCamp really does is it funds startups who already have a finished product and have probably already taken up capital.

Here’s an excerpt from the email I received:

Some of the more common reasons for not getting selected were that there wasn’t enough information on the team for us to fully understand the depth and experience of the team, or the market opportunity was too small, the company was still at the idea stage whereas we do want to see at least a prototype, or we didn’t see how the company would benefit from Seedcamp’s network and base.

Let’s go through this. I applied with an idea (partially integrated) of an easy way to open an online store and sell stuff without any hassle. Market opportunity is HUGE. Face it, selling online is only going to grow. A prototype was submitted. And I’d benefit in a way that I’d grow my network and gain more experience from the SC mentors.

They had 3 weeks to review my application. That’s 3 work weeks, 15 work days, 120 hours. They had at most 70 applicants (email says more then 50). It takes 5 minutes to go through the prototype I provided. So much about dedication and the will to actually learn about the applicant.

I do understand it’s hard being a sole founder. Investors think people like me must be mad to start something on our own. I guess VC’s never heard of Michael Dell, Kevin Rose or a gazzilion others.

So who did they choose? Go check it out, I’m sure all 20 companies will make a billion dollar product. NOT. But this also goes largely with the Balkan mentality. If you’re friends with the organizers, you’ll get in (PSST, I never publicly accused anyone).

On the other hand, applying to TheDifferenceEngine was something completely different. Jon actually took the time to test the prototype and write a decent email saying I won’t get in but that he wanted me all the best and to let him know when I go live. The man even took the time to follow me on Twitter and DM me a couple of times. Need a mentor? He’s the perfect role model.

SeedCamp or not, I’ll finish the product as I intended (June, July) and launch it on my own. Wish me luck!