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Applications Open for Winter 2008 YC Funding

ycombinator.com

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Re: Applications Open for Winter 2008 YC Funding

#91

Post by pg »

npk wrote: post #90
pg wrote: post #56

Earlier quoted context omitted.

Lately we've had a lot of people emailing us asking how to apply, so we got the w2008 application form up. Really there's no reason not to switch to the next cycle as soon as we pick the startups for the previous one. One the whole it's probably better to update the application incrementally. You'll get more attention that way; we may even suggest ideas; and we're not likely to have time to do that if you apply the d…

One the whole it's probably better to update the application incrementally. You'll get more attention that way; we may even suggest ideas... This statement sounds like the YC team reads unsubmitted applications. Have I misread? Anyone have hints on how to maximize the chance of getting comments back? :)

I was assuming by "apply" jsjenkins meant submit the application, since you can resubmit as often as you want. Since we read applications online, we see the most recently submitted version of any application we look at.

Re: Applications Open for Winter 2008 YC Funding

#92

Post by jsjenkins168 »

tx wrote: post #87

I hope my question gets answered here. In our case we're already incorporated and the product (not a prototype) is going through the final stages of beta testing. We are not very interested in money at this point (certainly not in $20k) but we are interested in good business contacts and very open to suggestions and advice from more experienced folks. I wonder if this makes any sense for us to submit an application,…

Up voted to bubble up your question.

In a few places I've seen PG mention that it is preferred that you are not already incorporated, but never that it is a requirement that you are not. The reason for the preference being that the custom legal work costs more for a group already incorporated.

Curious where you guys are in TX... Can you pls shoot me an email off-list? (email in my profile).

Re: Applications Open for Winter 2008 YC Funding

#93

Post by [deleted] »

juwo wrote: post #78
ragav wrote: post #76

Earlier quoted context omitted.

No opinion on the "nuttiness" but if you are willing to take feedback: I did see this in juwo http://www.juwo.com/company.html I often do not live up to it, but this is important: The good news about Jesus can transform your life. Jesus died for our sins and rose again from the dead. If you become his follower, you will have salvation (moksha). For a startup looking to attract co-founders I'm don't think this is very…

Everything else but this, can be changed. This is non-negotiable.

[deleted]

Re: Applications Open for Winter 2008 YC Funding

#94

Post by pg »

tx wrote: post #87

I hope my question gets answered here. In our case we're already incorporated and the product (not a prototype) is going through the final stages of beta testing. We are not very interested in money at this point (certainly not in $20k) but we are interested in good business contacts and very open to suggestions and advice from more experienced folks. I wonder if this makes any sense for us to submit an application,…

At this point half (maybe more) of the startups we fund don't need the money. And in fact the money is a pretty small part of what YC does. It works more like financial aid at a college: it ensures that the people who do need money can at least cover their living expenses while YC is happening.

It sounds like your situation is like Virtualmin's (including even being from Texas). They were in the last winter cycle. You should drop them a line; there's probably an email link at virtualmin.com.

Re: Applications Open for Winter 2008 YC Funding

#95

Post by SwellJoe »

tx wrote: post #87

I hope my question gets answered here. In our case we're already incorporated and the product (not a prototype) is going through the final stages of beta testing. We are not very interested in money at this point (certainly not in $20k) but we are interested in good business contacts and very open to suggestions and advice from more experienced folks. I wonder if this makes any sense for us to submit an application,…

I'll reproduce what I sent to tx via email, just in case anyone is curious (I'm with Virtualmin, the company pg mentioned):

We really enjoyed YC. I've talked about it a bit in public, here:

http://slashdot.org/comments.pl?sid=234583&cid=19110535

And the blowback from that on YC News:

http://news.ycombinator.com/item?id=21907

We definitely didn't care much about the $15k (in our two-founder case), though it did nicely offset the cost of my move (I sold my 350Z at a rather unfortunate price, and found myself spending more than twice as much on rent as I was paying on a mortgage in Austin). And we're not college kids (we're 32 and 33). We were already selling product when we applied.

We viewed it primarily as a really good set of introductions, a good learning experience, and the chance to bounce our product off of the folks who would in the end be the primary users. Our actual buyers are hosting providers, but they buy what their customers want, and everybody in YC is a hosting provider customer, and probably a thought leader in some area of development.

We don't begrudge the 5% stake that YC holds, at all, and I think we've already gotten our equities worth from the deal, and we continue to take advantage of their advice. If it hasn't already been made clear by the above bits and other stuff I've posted on YC News, anybody that goes through YC has a really really good chance of getting funding, if they want it. Nobody who aggressively sought funding has failed to raise it...some folks figured out during the program that what they had was not fundable and so didn't go after more money. Others (like us) are biding our time a bit, as we sign on bigger customers and get ourselves into a really solid bargaining position before seriously approaching anyone. We have lunch with them when they call us (and they do call), but we're not asking for money yet. We'd probably take angel money at this stage, but the VCs zeroed in on us as the only enterprise business in the bunch, so that's who we hear from. ;-)

If nothing else, moving to the valley was probably the best thing we could have done (Austin Ventures is great and all, and they do a lot of deals...but there's just the one of them, versus hundreds of funding sources in the valley...if there's any chance you'll need money, the odds of getting it are vastly higher here), and YC forced me to make that move (my co-founder was already in Santa Clara).

Re: Applications Open for Winter 2008 YC Funding

#96

Post by SwellJoe »

SwellJoe wrote: post #95
tx wrote: post #87

I hope my question gets answered here. In our case we're already incorporated and the product (not a prototype) is going through the final stages of beta testing. We are not very interested in money at this point (certainly not in $20k) but we are interested in good business contacts and very open to suggestions and advice from more experienced folks. I wonder if this makes any sense for us to submit an application,…

I'll reproduce what I sent to tx via email, just in case anyone is curious (I'm with Virtualmin, the company pg mentioned): We really enjoyed YC. I've talked about it a bit in public, here: http://slashdot.org/comments.pl?sid=234583&cid=19110535 And the blowback from that on YC News: http://news.ycombinator.com/item?id=21907 We definitely didn't care much about the $15k (in our two-founder case), though it did nicely…

Oh, yeah, we were already a Texas corporation, as well. We dissolved the TX business, and started fresh in Delaware. The structure that YC did for us was a lot nicer anyway. There's a lot of stuff that lawyers in Texas (at least the lawyer I talked to) don't even think about that can be problems later on when funding comes or when options are issued.

Re: Applications Open for Winter 2008 YC Funding

#97

Post by andreyf »

staunch wrote: post #52
andreyf wrote: post #51

Earlier quoted context omitted.

Agreed, something like "think more about tech question", or "think harder about innovative idea" would have taken 10 seconds, but have been significantly more valuable to an applicant - and yes, it is courteous to do favors for someone when the effort you put into it is so dwarfed by the benefit they receive.

As someone who has interviewed and hired quite a few people I disagree. I don't owe a rejected candidate anything. We both knew the arrangement ahead of time and both agreed it was worthwhile. We gave each other an opportunity and both contributed time to the process. We're even. I don't think this kind of entitlement-thinking will serve you very well. I recommend ditching it.

"I don't owe a rejected candidate anything ... I don't think this kind of entitlement-thinking will serve you very well."

I'm not saying you are morally obliged to, I'm saying it's the nice thing to do. For me personally, being nice is part of being courteous, which is why I used the more general word before.

Re: Applications Open for Winter 2008 YC Funding

#98

Post by elq »

I've recently come across an interesting situation and would like to know how it would effect my company's chance at being accepted by YC.

An investor I knew in a prior experience has expressed an interest in investing in my new endeavor. The application FAQ lists an understandable preference to avoid funding a company that has already incorporated.

The amount the investor suggested is sizable (enough to sustain operations for at least 3 years even after hiring some very much needed staff/co-founders), and since the idea is substantial the money is very appealing.

But, though the investor is an engineer, he has no affiliation with the tech industry at large, so I'm afraid that I would be missing a great deal of support by taking this money.

Thoughts?

Re: Applications Open for Winter 2008 YC Funding

#99

Post by pg »

elq wrote: post #98

I've recently come across an interesting situation and would like to know how it would effect my company's chance at being accepted by YC. An investor I knew in a prior experience has expressed an interest in investing in my new endeavor. The application FAQ lists an understandable preference to avoid funding a company that has already incorporated. The amount the investor suggested is sizable (enough to sustain oper…

I don't know exactly what your situation is, but if he is not someone you owe something to, the optimal solution would be to apply to YC first. If you're accepted, you can invite this would-be investor to Demo Day, where he can compete with all the other investors to fund you; if not, he's plan B.

Note that this assumes that you're not indebted to the guy in any way-- that he is simply a source of money.

BTW, 3 years is a lot of money. It suggests to me that you're either raising too much or (more likely) underestimating your expenses.

Re: Applications Open for Winter 2008 YC Funding

#100

Post by gyro_robo »

juwo wrote: post #78
ragav wrote: post #76

Earlier quoted context omitted.

No opinion on the "nuttiness" but if you are willing to take feedback: I did see this in juwo http://www.juwo.com/company.html I often do not live up to it, but this is important: The good news about Jesus can transform your life. Jesus died for our sins and rose again from the dead. If you become his follower, you will have salvation (moksha). For a startup looking to attract co-founders I'm don't think this is very…

Everything else but this, can be changed. This is non-negotiable.

A Y Combinator acceptance is nothing compared to eternal salvation. Angel funding indeed.
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