Evan Miller (emiller) and I applied for Summer 06. Evan had to do most of the work on our application because I had deadlines with my publisher on my Ruby book. I was proud that I was writing a book, so I mentioned it in my bio.
In retrospect, I wonder if that doomed us. Sorry, Evan. If I was reading applications, I'd have been like, "This guy thinks he's writing a book and starting a company? Fuggedaboutit."
But another one of my friends got into Winter 07 and he's very persuasive. A year after their session ended he convinced me to leave the corporate world and join him and his cofounder.
Wish I could finish the story by saying we're insanely profitable already, but hey, we're still alive, we've got a great product, and that's awesome.
There are a ton of ways to get a business off the ground, so one rejection from one incubator is really just the beginning. To everyone in that situation, don't give up. And if this one doesn't pan out, maybe you'll go even further with the next one!