Earlier quoted context omitted.
Is this the only path to the job?
In the sense that wanting the job is disqualifying, yes.
A reasonable and logical litmus test. Thanks for sharing.
Tell HN: Ever think of applying to YC? Do it this weekend for S24
351–360 of 441 posts
Re: Tell HN: Ever think of applying to YC? Do it this weekend for S24
#352It's one of my great regrets that I didn't get into YC in 2007. There was no Dropbox yet, but we were building essentially the same thing except integrated into Windows rather than on the web, with an office collaboration focus. (Doing it on the web was such a better idea!) I vividly remember droning on at Jessica through a dry demo because I thought the team that showed the most features in the least time would win.
We ended up with a modest exit - life changing but not stop-working-life-changing. There was so much startup wisdom that we didn't know, that has now become Obvious and Trivial, that I think we would have learned. We made every mistake YCombinator warns against, and I like to think we wouldn't have if we had only been told. Would have been well worth the (IIRC) $14k they were offering at the time.
Now with kids and so on the residency requirement makes it tough. But even in my dotage as I am, with 5 startups in my past, I think it would be worth it.
Re: Tell HN: Ever think of applying to YC? Do it this weekend for S24
#353Dan, can you share stats on the age distribution between those who applied and those who got accepted?
Clearly there'd be a spike in the 20s, but I'm really curious what the long tails are like.
Re: Tell HN: Ever think of applying to YC? Do it this weekend for S24
#354How much time do you actually have to spend in San Francisco? I've seen 3 months mentioned, but also relocating...
Re: Tell HN: Ever think of applying to YC? Do it this weekend for S24
#355Re: "won't get in" How do I balance this encouraging advice with everything I've heard online about YC basically being a post-Ivy League thing? Seems like there's basically a 0% chance a random person would get into YC. And often those who did get in went to Stanford, Harvard, etc. and don't even have a product - sometimes they don't even know what they're going to build yet. I wrote the idea of VC stuff off long ago…
This inclination to "raise funds" is so foreign to me. VCs may tell you all the magic they can do for you, but at the end of the day you're trading ownership in your company for money (that you can't get elsewhere). You are running a profitable business, why play that game?
My partner wants nothing to do with a VC or even a loan - basically because what you're saying here.
The other side to it, as rfrey said, is it would enable a hyper growth mode and let us make moves earlier.
But stable growth mode is working fine, and overall there's not a huge reason to take out a loan or raise money, it doesn't feel like we're racing against a clock on some trend or any other reason to rush things.
Re: Tell HN: Ever think of applying to YC? Do it this weekend for S24
#356Earlier quoted context omitted.
This was not my experience. I have no degree, I'm not American, and I applied back in October 2021 about 3 hours before the dead line and filmed my application video from a coffee shop. I didn't have a good network. I didn't have a product yet. I was accepted first time. As you say, a lot of YC founders don't have a real business yet, but they're not there because they're well connected. They're there because YC thin…
>> They're wrong most of the time but it's a numbers game. I'm not sure you meant to communicate this VERY important point, this is a huge reason NOT to do YC.
You're right that I didn't mean to communicate that, but it's a good point. I agree with you entirely that this is the big downside of YC and frankly all VC backed entrepreneurship. It is not the path of highest expected return for a founder. If you want a high expected return then a FAANG job or a bootstrapped SaaS product you can build yourself are good options. Some days that's what I wish I was doing to be honest.
I think a lot of VC backed founders aren't just in it because they want to get rich though. Sure, we all want that, but we're also all predisposed to irrationally believe that we're the exception. That trait (for better or worse) comes with implications, and many founders I speak to are simply compelled to try because it's hard, and it's theirs, and they're impatient.
I also very much agree with the sibling though. Getting rejected does not carry that much signal, because YC are wrong more than they're right. So just keep trying.
Re: Tell HN: Ever think of applying to YC? Do it this weekend for S24
#357Re: "won't get in" How do I balance this encouraging advice with everything I've heard online about YC basically being a post-Ivy League thing? Seems like there's basically a 0% chance a random person would get into YC. And often those who did get in went to Stanford, Harvard, etc. and don't even have a product - sometimes they don't even know what they're going to build yet. I wrote the idea of VC stuff off long ago…
Congrats! These are great stories to hear. Our team has build a business without venture capital in a space where it’s commonly sought after. Instead we did find a strategic partner in the industry who invested earlier on but then later we established a venture banking relationship and credit facility. I had almost no idea the options that existed so wanted to post some ideas here for anyone reading. Venture Capital…
Thanks, and very cool, thanks for breaking it down! I appreciate you sharing numbers.
A bank seems like a much better option if you just need the capital but you don't want to give up too much (or any) equity. That's likely the route we'd go if we ever wanted to tap into funding.
Both private equity and venture funding seem more like you have to give up the company and go work for the investor. Investors bring some value sure, network and what-not, but I wonder how valuable their "advice" and network really is.
Re: Tell HN: Ever think of applying to YC? Do it this weekend for S24
#358Earlier quoted context omitted.
If you actually get 1% at seed stage and the company goes through a "few rounds" of funding (and subsequently exits), you're doing great . You've basically won a small lottery and have an excellent chance of being a millionaire. The problem with startup equity is that this is a very rare scenario, and most of the other scenarios aren't so good. If the company doesn't exit, your equity is worthless. If they exit at a…
That’s my point. Even in massive outlier upside cases getting a 1% equity deal at seed is not really worth more than just being a standard FAANG worker. And that requires many rounds of funding an and dilution and an exit. It’s worth remembering exits are very hard right now and founders have far more liquidity options. There have been multiple unicorns I’m aware of in the past 5 years with founders taking 8 figures…
>There have been multiple unicorns I’m aware of in the past 5 years with founders taking 8 figures in secondary and employees getting nothing.
I assume you are referring to employees who have an equity stake in the company. Can you explain how the scenario you describe happens?
Re: Tell HN: Ever think of applying to YC? Do it this weekend for S24
#359Re: "won't get in" How do I balance this encouraging advice with everything I've heard online about YC basically being a post-Ivy League thing? Seems like there's basically a 0% chance a random person would get into YC. And often those who did get in went to Stanford, Harvard, etc. and don't even have a product - sometimes they don't even know what they're going to build yet. I wrote the idea of VC stuff off long ago…
Congratulations on having a successful business. There's nothing wrong with a business that grows slowly, pays you a salary, and remains profitable. I've walked a similar path and, while I'll never be a multi-millionaire, I'm very comfortable and have more than I need. Small, stable, businesses that offer good secure jobs are the backbone of the economy. All that said, there are investors out there who are interested…
Very good points, especially about timing / stage of life.
> track record of success
This is another factor - I didn't work at Facebook or Google and am not a member of the Bank of Mom & Dad, so if I got into investing I'd want to have enough extra time and money built up that I could participate in (or lead) the round and get a number of others involved, rather than being a candidate/applicant asking for funds and help - I'd want to be active in it.
Great points, thanks for sharing!
Re: Tell HN: Ever think of applying to YC? Do it this weekend for S24
#360[flagged]