Learn From Rejection | 4 Tips from Eric Netsch (Tapcart)

Demo Day has provided us with an incredible forum to meet new people and get to know their stories. But it has also given us the chance to reconnect with old friends and get an update on their entrepreneurial journeys.

Eric Netsch fits firmly in this second category. Eric and Sean have known each other since sharing office space at the OG co-working spot in Santa Monica, CoLoft. 

In this episode of Demo Day, Sean and Eric discussed the early days of Eric’s company Tapcart, what it’s like pitching investors, and how to find the right accelerator program for you. 

We’ve pulled out a few of our favorite takeaways, but if you want to get a deeper look into Eric’s mind, make sure to tune in. 

1. Everything You Need To Learn Is Online  

It’s easy to get caught up in the idea that you need a degree from a certain school, with a certain discipline, in order to be successful in business. Yet Eric grew up in a small town in the East Bay and was never very interested in school. Instead, he focused on learning at home. 

While his dad, an engineer, was trying to build a detailed tech product that required a lot of money, equipment and talent, Eric enjoyed the fact that with a computer you don’t need to rely on anything other than yourself. “You can do a lot in a small town at home…All you need is some time and a computer,” he says. When it comes to programming and building things, everything is already online.

Don’t let limited access to a formal education impact your quest for knowledge. There is probably a YouTube tutorial for any problem you may face, and the internet is full of information on how to start a business, lead a team, and pitch investors.

2. Consider The Community When Picking An Accelerator or Coworking Space 

For the founder who is ready to join an accelerator or who wants to set up shop at a coworking space, it’s tempting to take the first opportunity that comes your way. But before you do that, consider exactly what you want to get from the transition out of your garage

(Friendly Reminder: You don’t need to join a coworking space to save money— that’s why working from home was invented!). 

For Eric, it was all about finding a place that has peers. You, too, should look for a space where there will be like-minded people to bounce ideas off and for you to learn from. Go to the space first and talk to everyone so you can get a feel for the environment.

As for accelerators, you’re entering a community that you’ll spend every day with, whether you’re at your best or your worst. Part of the reason Eric was so excited to join Luma Launch was that they were a new accelerator, a startup just like Tapcart: “They were eating ramen too. We could be part of their story as much as they were part of our story.” 

Don’t chase the money or the hippest looking space — find the people that are most going to lift you up.

3. Learn From Rejection

College, jobs, clubs, dating — we’ve all been rejected in one way or another. But it’s what we do with this rejection that matters most.

For Eric, that means learning from every investor that passed on his pitch. When you get a meeting with a VC, “you get to sit down and interview and pitch and get feedback from, and have camaraderie with some of the smartest people in the world potentially…and to get feedback on your business, or your personal life, or whatever else you want, for free.”

When a VC rejects you, take the time you have with them to ask questions and see what led them to their decision. Maybe your business didn’t have enough traction, or maybe they didn’t have confidence in your team. 

The sooner you know the holes in your plan, the sooner you can fill them. 

4. Don’t Focus On The Finish Line 

Does every founder want their company to become the next unicorn? Probably yes. They dream of being on the cover of FastCompany, Forbes 30 Under 30, of cutting the ribbon on Wall Street. 

But when asked where he sees Tapcart in the future, Eric said that the fun thing about startups is that you never really know the finish line. The common analogy is rolling a boulder up a hill and never seeing where you’re going, but still having a willingness to push on.

So where will Tapcart be in a few years?

“I don’t know — and I like not knowing.”

Want to Learn More?

Learn how sales and engineering aren’t so different, how to bring ideas to fruition and more. Listen to Eric’s Demo Day episode with CoEfficient Labs on Apple Podcasts, Spotify, or our Demo Day Website today.

And as always, let us know in the comments below what you learned from our guest!