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I Am Sam Altman, President of Y Combinator. AMA

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Re: I Am Sam Altman, President of Y Combinator. AMA

#531

Earlier quoted context omitted.

What are some counterexamples? I wasn't suggesting that you should only fund founders from top schools, but that you should select for it (which it sounds like you already do). The pedigrees of some of YC's most successful founders, for anyone who's curious: * Twitch: Yale, MIT * Cruise: MIT, Claremont McKenna * OMGPOP: Princeton * Heroku: UCSD * Airbnb: RISD, Harvard * Dropbox: MIT * Zenefits: Harvard It's interesti…

Reddit was UVA, which is a pretty good school but not really what people think of as "elite". Instacart was Waterloo, also a very good school but not a huge name outside of tech. RethinkDB was Stony Brook University. Mixpanel was an Arizona State dropout.

How is Waterloo not an elite school for people who actually know the field?

Re: I Am Sam Altman, President of Y Combinator. AMA

#532

Earlier quoted context omitted.

Can you elaborate on what makes a company "not very good"? Would you ever consider releasing anonymized data on companies that apply and are accepted along with those who apply but aren't accepted into a batch? That'd give future applicants much more insight into the process.

EDIT: i should emphasize this is only my experience as a startup hiring manager. maybe YC attracts nothing but geniuses, i dunno. i'm just a guy on the internet. since yc is obviously not going to talk shit on their own applicants, i'm going to go out on a limb here and guess that it's just like every other job application process when six figures (or more) of money is on the line. big paychecks attract plenty of, sh…

Oh wow. I wish they said that the bar was so low. I would like to apply as well if that's the case.

Edit: I still think the idea of Dropbox is pretty stupid and I wouldn't have given Drew Houston a penny if I was an investor. But I never thought the average application would be so far worse if Dropbox got funded and succeeded.

Re: I Am Sam Altman, President of Y Combinator. AMA

#533
post #500

Hey Sam, For a non-technical founder interested in building tech products; is it more important to learn how to code (well enough to build a prototype) vs understand software architecture (to manage the building of the product)

I would argue that learning how to code well enough to build a prototype is the same thing as being able to understand software architecture to manage the building of the product. A better question would be learn how to code vs be able to lead and manage a team.

thanks hahla, to your proposed question what do you reckon is better?

Re: I Am Sam Altman, President of Y Combinator. AMA

#534
post #338

Earlier quoted context omitted.

Hope @sama answer this question. IMHO hurry up to get a prototype in the client's hands. there you will know how good your team is and if you stand a chance in the industry (afaik your team looks very good)

Thanks! Maybe if people upvote the question he will answer. ;)

Embedded software at Medical device company here. Would love to talk to you.

Re: I Am Sam Altman, President of Y Combinator. AMA

#535

My company Krewe ( https://www.gokrewe.com ) is aimed at helping people make a new group of close friends in their neighborhood that they can see every day and build a strong local community. I only have a couple hundred sign ups (after about three weeks) so I don't know for sure that the concept will work. I also don't have a cofounder. Should I apply to YC now, or potentially wait for the next batch when I would (h…

Just stop working on this idea.

The main problem, imho, with the current model of startup creation, is that it heavily selects for young technical people with little in the way of other commitments to take chances on new ideas. Many young technical people are hard-working and driven and that's wonderful, but (1) they form a narrow demographic [if you hang out at too many hacker cons you'll wildly overestimate the popularity of crummy cable sci-fi shows, for instance] (2) they have very little exposure to meaningful problems, so we end up with hundreds of meal delivery and laundry startup, because what else troubles a recent college engineering grad?

I have seen hundreds of apps like yours. It's a terrible space. First of all, literally every social app in the world is designed to help people make friends. That's how friends are generally made: people have something in common like "takes the same bus to school", "works at the same company", or "comments on the same warhammer 40k miniatures painting advice forum", they get to know each other, things grow from there.

I posit that "Make a New Group of Close Friends in Your Neighborhood" is not actually a value proposition that you can deliver on, even with perfect execution and infinite engineering resources. I just don't believe it. But clearly you do, so let's put that aside and I'll grant you that this technology could exist and you implement it perfectly.

How many times in someone's life could you imagine them using this? How many close friends in their neighborhood can anyone really maintain? Once? Twice? Maybe three times if they move a lot? Let's say it's six total times. And let's also posit that, against all odds, it always works, there's always the right mix of people in a given neighborhood to make this always work.

What are you going to do? Charge for the six uses? Show ads six times? GEICO has ads on TV all the time because even though you basically never change car insurance, they need to be top-of-mind when you think of who to google. I think your cost of customer acquisition, given the idea that your technology works indistinguishably from magic, will be ludicrous. Remember, there's no reason for people to even tell their friends about this: its an app for people with no friends. I think you will have to spend a fortune continually acquiring users.

Then, what's your arpu over the customer's lifetime? I can't imagine how you can charge for this. Ads? Some sort of affiliate marketing? I would think, if your product worked, the total user engagement with the site over the entire lifetime of the customer would be on the order of what, an hour? There's just no place to make money here.

Personally, I also think this is not a real problem, customers do not exist for this service, etc. but you know, I'll spot you that, along with the idea that if it was a problem, you could fix it. _Even if those things are true_, you are going to end up with a horrendous business. See also: every "helps friends figure out who's down to hang out" startup, every "helps organize your travel plans" startup, every "uber for X" where X is something you buy like four times in your life startup.

There is something about the founder mindset that is drawn to this bad idea, just like founders are drawn to build "like making apps, but easier!" startups over and over again that essentially never work (maybe Hypercard?).

I read an autobiography once by a former Navy SEAL. He said the first thing he does when any young kid tells him he wants to join the SEALs is spend an hour or so telling the kid why being a SEAL sucks and why he'll never make it. He said 99% of the time, the kids give up on the idea. He said it's nothing personal, he usually barely knows the kids, it's just that if someone you barely know can talk you out of even trying to join the SEALs in an hour, there's no fucking chance you'll survive BUD/S and all that stuff, so he's really just saving them a bunch of time. He's doing his own "pre-BUD/S" screening that's a lot cheaper and easier for everyone, and that involves a lot less heartache. I always felt like that was a pretty good idea.

Re: I Am Sam Altman, President of Y Combinator. AMA

#538

Earlier quoted context omitted.

What are some counterexamples? I wasn't suggesting that you should only fund founders from top schools, but that you should select for it (which it sounds like you already do). The pedigrees of some of YC's most successful founders, for anyone who's curious: * Twitch: Yale, MIT * Cruise: MIT, Claremont McKenna * OMGPOP: Princeton * Heroku: UCSD * Airbnb: RISD, Harvard * Dropbox: MIT * Zenefits: Harvard It's interesti…

Reddit was UVA, which is a pretty good school but not really what people think of as "elite". Instacart was Waterloo, also a very good school but not a huge name outside of tech. RethinkDB was Stony Brook University. Mixpanel was an Arizona State dropout.

Waterloo is considered top tier by people in tech, which is the industry that YC is in.

Re: I Am Sam Altman, President of Y Combinator. AMA

#539

Earlier quoted context omitted.

Nice! I'm doing this out of Chicago, IL.

This would be a good place to start: http://digital.cityofchicago.org/index.php/developer-resourc...

They're the ones who inspired me to start these projects and seek funding, actually. Half of that inspiration comes from a huge amount of annoyance in the ineffectiveness of most of their work, though. It's all very feel-good in the same spirit as building useless schools in Brown Country is. That's not to say all of their work is bad.

For example, their speaker this week was an "Opposition Contractor" whose whole dig was that he sells himself out to the highest bidder to use data in ensuring the other candidate doesn't get elected - no matter the party affiliation. All discussed in the frame of "civics".

Pardon the cynicism. :)

Thanks for the help and motivation to get me searching again, though! Hopefully there's something out there..

Re: I Am Sam Altman, President of Y Combinator. AMA

#540

I'm at a YC startup that's successful. How do you look at early employees of such companies, and how I tactfully apply? There is no way I could without it getting back to my CEO (or so it seems to me)

YC is so big and has so many (1) existing portfolio companies and (2) applicants to go through that they simply don't have the time to even care about this. We graduated YC in S12 and, outside of fundraising, talk with partners on average once a year. I don't think we've reached out to YC or YC partners have reached out to us in any meaningful way for the past year or two.

Perhaps counterintuitively, this is even moreso the case the more successful a YC company becomes. There's little to nothing that YC can do to help Dropbox, but there's way more that YC can do to help a struggling 5 person company get off the ground.

Working at a successful YC startup can only help your chances.

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