[gonepostal]

Correct me if I am reading too much into their response. But it sounds like they were at the tail end of closing a round of financing. The investors didn't like some of the startups in the current cohort so they made it a requirement that Bootup cut them from the program before the new round closed.

So instead of honoring their word they choose to take the money. Very poor business practice IMO.

[reitzensteinm]

I should clarify that by "decent explanation" I meant one that would make me think, "oh, that's reasonable", not merely one that fits the evidence!

[dustingetz]

seems if they didn't take the money, everyone loses

[realitycheques]

"closing a round" could be code for didn't have the money when the intake offer was made and couldn't raise the money for all the startups... so picked and kicked to stay afloat.