I was told that Bloomberg filmed all of the teams and then chose whom they wanted to include. Could someone from TechStars clarify if teams were given a chance

I was told that Bloomberg filmed all of the teams and then chose whom they wanted to include. Could someone from TechStars clarify if teams were given a chance to opt out? EDIT: Just saw below that it was required for all teams to participate or drop out of TechStars. Wow.