Normally I reserve this blog for more personal musings. But this post has to do with the company I am working at, GapJumpers and the media attention we have been getting the last few days.
Last week, the final winners of the UDD Ventures incubator contest were announced. We, along with three other start ups, were picked out of 200 applications (for a more detailed overview of all the winners please click here).
Yay us..or so we thought..
As they say; after the good news, comes the paperwork.
The requirements put in place and and plan we had set out to achieve are not compatible with the co-financing structure as proposed by UDD Ventures and CORFO.
Given the current structure to much of our time would be diverted to finding more capital to receive their commitment.
Instead of focusing on that, we will keep focus on scaling our product, client roster and team.
So that is why we’ve informed UDD Ventures that we are withdrawing GapJumpers from the final budget and approval process.
We are grateful for the selection, but the best thing for our company at this point is to keep the focus on our team, product and clients.
Just so we are clear: we are open to venture capital, however we won’t agree to tranched investment/ financing. This is not to say it can’t work for some, just that in our experience we have learned it doesn’t work for us.
Sometimes deals don’t work out, even with the best of intentions. And when that realization sets in, it is best to act fast and be open about why.
We wish the other three winners all the best as they develop their companies.. and if you are looking for a better way to screen applicants, give us a buzz..