Update to the Shareholders of Rapid RMS

for 14-JUL-2017

Dear Shareholders,

Rapid RMS was accepted into the TechStars Atlanta startup accelerator as one of the ten startups in their 2017 cohort.

For those not familiar with TechStars, it is regarded as one of the top three technology startup accelerators in existence (along with Y Combinator and 500 Startups). Alumni of these three programs receive 10% of all Series A venture capital invested in the United States. These programs are known for being extremely selective and having high quality methodology.

With more than 500 businesses applying for 10 positions, TechStars Atlanta has less than a 2% acceptance rate.

The Story of How We Made It Here

The Directors of TechStars Atlanta did a roadshow to Nashville and Chattanooga back in March. We were interviewed by them at that time and they asked us to apply. For the next two months, we made trips to Atlanta as we progressed through their selection process. Ultimately, we were told that we did not make it into the program, but that they really liked our team and wanted us to keep them updated on our progress. We moved on without giving much thought to how close we might have been to getting accepted.

Fast-forward to Friday (07-JUL-2017) when they called to inform us that one of the startups (an Israeli company led by a female founder) had to drop out at the last minute. We learned that we were the 11th company and could come into the program to take the empty spot. The next few days were extremely hectic. Internally, and with our board and advisors, we heavily debated whether to accept the invitation to join. TechStars requires relocating to Atlanta for a 90-day commitment that culminates with a Demo Day where we pitch to a large audience of potential institutional investors.

We ultimately decided that we had nothing to lose and potentially much to gain. So, Nirav, Saurin and I arrived at Ponce City Market on Monday, 10-JUL-2017. This is only our 5th day in the program, but already it has helped us focus our efforts and improve our business.

Over the next two weeks, we will be meeting with 100 potential mentors. Each of them will rate us and we will rate them. These ratings and other factors will be used to pair us up with the best mentors for our business. These mentors will not only provide input into our strategy, but will be instrumental in getting us key meetings with potential investors, corporate sponsors, and enterprise customers.

We have signed an agreement saying that we will not publicly announce our acceptance until Monday, 17-JUL. That is when all TechStars cities will announce their companies simultaneously. So please refrain from sharing this news publicly until that day. But we’ve been told to expect a great deal of publicity from the announcement.

In the meantime, we could really use your help. We are looking for housing near Midtown Atlanta. Our only requirement is that it would have room to sleep three people. That would be an enormous help to us.

We look forward to posting updates here on Medium (and the rest of our social channels) in order to share our journey through this process.

As always, thank you for supporting us!


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