Filling the form wasn't too hard. It's probably the kind of thing every founder should know and be able to answer. It's easier than most job applications. Definitely easier than college applications... if you wanted to compare it to college, getting financial aid has a tiny acceptance rate as well. YC is bundling the education and the financial aid.
Rejection isn't hard either. If you're a founder, you'll be rejected by VCs all the time, and many early stage investors offer far lower amounts and far worse advice. You'll be rejected by your product - MVPs often have to be reworked and pivoted. And then you'll face some more rejection when doing sales and product interviews.
I think it's important to be transparent about the rate though, but also important to make it clear that the low rate doesn't mean they're trying to push people away.
It's the same as selective universities telling every student that they should apply regardless of their chance. It makes sense they would do this since it's completely open.
It's not really a lottery, more like a messy matching algorithm for supply and demand. They give everyone a shot since they look at everything, but getting in is not evenly distributed :)
> I love the constant flex of their tiny acceptance rate. "We only accept 1% of applicants. Btw everyone should apply!"
I've seen this mindset among people promoting open positions at desirable companies that don't hire often. In most cases, applying is a waste of time because the company already made its decision to fill the position with an internal candidate.
For us, the application process was a big help in getting focus and better defining what we propose to build. And not getting in has led us to find some other, potentially much better programs which we will apply to. We don’t regret the effort at all.
My only complaint is that keeping everyone hanging on until May 29, ready to clear our plates in June, and then giving absolutely zero feedback for the rejection, was the sort of blatantly self-interested and founder-unfriendly move that, I suppose, it’s good to remember happens a lot in VC Land.
Out of curiosity, would you mind sharing some of those potentially better programs? I've also been trying to compile a thourough list, but the options don't seem better (in fact, all are plan B..Z)
e.g. Entrepreneur First ( especially their EU and UK offering), Founders Factory, Haatch, Seqouia Surge, ...
PearX is probably more selective than YC but at least if you're in the SF area, seems to be more of a real accelerator. (And not just for "get more money before demo day.")
There are others but these are the things that really stood out. We will go directly to investors too, hopefully someone in our network sees the potential and is willing to throw us some pre-seed to get it started.
I don't think the YC Standard Deal is bad, and I might try again next time, but there are things about the program that I think are not worth the time/money, and I'm not at all sure "access to their network" is any better than (even as good as) the same access from a different set of VCs.
He's not just out of touch he's actively pushing pretty horrific shit like the abolition of the state. He also agrees with Balaji about everything and therefore should not be trusted.
"Abolition of the state"? In the very article this thread is about he pushes for regulation against big tech, that does not sound like it could be achieved by abolition of the state
Well really think about the mindset of someone who collectively hates “the state” do you think that person is going to be honest about their actions? Of course not everything is about yourself over everyone else. This is free speech and not a personal attack.
The collective man hours wasted on appe every year for what is essentially a lottery is insane.