YC is famous for funding startups at a very early stage, even at a pre-traction stage, which seems to contradict the popular knowledge that an idea without a good execution is worth nothing. With just an application form and a 10 minute interview, how can you tell if the founders will be able to execute the idea properly? What are the most important traits that you look for in an application from a very early stage startup?
I Am Sam Altman, President of Y Combinator. AMA
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Re: I Am Sam Altman, President of Y Combinator. AMA
#42Have you guys followed the alternative lending IPOs recently? (Lending Club and OnDeck in December, both with billion dollar valuations). What does YC think of the industry?
Personally, I think it's super interesting. LendUp is a company we funded a few years ago, and we've done more recently.
What are your thoughts on the risks to pay-day loan type companies given Wonga in the UK has just taken a huge hit due to regulation.[0] Are they at risk to be regulated here in the US too?
Re: I Am Sam Altman, President of Y Combinator. AMA
#43More and more VC firms (GV, KPCB, Greylock, etc) are hiring designers/engineers-in-residence to help vet potential investments and provide guidance to portfolio companies. Is this something you've thought about implementing at YC?
Re: I Am Sam Altman, President of Y Combinator. AMA
#44Where do you see YC 10 years from now?
The evolution of the university. But I think it's a much better model--it's got just the right amount of decentralization, it attracts the best people in the world to one place because of the network effect, we pay you instead of the other way around, instead of asking for donations of our alumni in the future we'll let them invest in the ecosystem, etc. And I think you learn far more in 3 months of YC than 3 months of university.
YC is fundamentally just a hub of smart people that help each other.
I think there is some chance that the total aggregate market cap of YC companies by then is approaching the largest market cap of any company (though a safer bet would be 20 years from now). I hope that we'll have funded many of the most important companies, and been able to help them quite a bit. I'm pretty sure the network will be powerful.
I'm sure we'll also do new things that seem crazy today, e.g. a fundamental research lab.
Re: I Am Sam Altman, President of Y Combinator. AMA
#45I've been closely following YC and the startup scene in SF. What's your advice to a startup, applying to YC this season, and is from a foreign country? I've read most your writings and watched few interviews as well. It'd be great if you have something to add! And thanks for the AMA!
Re: I Am Sam Altman, President of Y Combinator. AMA
#46Any interest in a Y Combinator IPO?
No. That got a quick involuntary shudder out of me.
Re: I Am Sam Altman, President of Y Combinator. AMA
#47How should a company approach other offers (venture funding, other programs, etc.) prior to hearing back from YC, specifically when there are firm deadlines in place?
Re: I Am Sam Altman, President of Y Combinator. AMA
#48Hey Sam,
What would you try to optimize for in terms of learning and growth - good mentorship or fast growing companies? Or is there some other attribute you'd recommend optimizing for?
Re: I Am Sam Altman, President of Y Combinator. AMA
#49Do you think if Zuck applied to YC today with Facebook as it was in 2005 he'd make it in? (Assuming the 'social network' landscape still looked like it had in 2005).
Re: I Am Sam Altman, President of Y Combinator. AMA
#50With your recent hardware announcement and partnership with Bolt, are you more likely to accept hardware companies that can benefit from the new services you now have access to? In other words, will you be more likely to accept a larger number of early stage hardware companies?