How to Apply And Succeed at Y Combinator | Startup School
09 Nov 2023 (10 months ago)
Intro
- Dalton expresses excitement about the topic.
Why It's Worth Applying to YC
- Reflecting on YC's application helps clarify startup thinking.
- Applying is a low-risk, high-reward situation.
- YC may be a good fit for watching the presentation.
Creating Luck
- Luck can be created by taking risks and increasing opportunities for success.
- Applying to YC is a form of creating luck.
I Am Too Early & I Am Too Far Along [136.0 & 147.0]
- Startups often pivot after joining YC, so being early isn't a limitation.
- Even well-established or funded startups can benefit from YC, as there's no standard "too far along."
Being a YC founder is different than watching YC YouTube videos
- Direct access to YC personal and internal tools isn't comparable to viewing online content.
- YC offers direct, real-time assistance and unshared secrets offline.
How to Stop Being Discouraged From Applying to YC
- Question the motivations of those discouraging you from applying.
- Often, gatekeepers may not have your best interests at heart or won't invest themselves.
Other Reasons Why People Don't Apply to YC
- YC understands diverse startups and accepts international applications.
- Even if YC has funded a similar company, it's not a reason to refrain from applying.
- Past rejections should not deter reapplication; persistence is encouraged.
Don't Overthink
- Keep decisions simple and take chances, even with long odds.
- Repeated applications to YC demonstrate persistence and are common among successful cohorts.
YC's Application Tips
- Be thorough and attentive to detail when completing the application and following instructions.
- Clear and concise answers are more effective than lengthy ones.
- Comply with the application directions carefully as adherence is part of the assessment.
YC Application Reviewing: The Basics
- Reviewers assess the founder's background and their connection.
- They evaluate the clarity of the startup idea and its current development stage.
- Significance is given to evidence that the product is wanted, based on users or customers.
- Assessment of the founder's commitment to the startup is critical.
- Applications should tell a compelling story that encapsulates the founders, the product, and the mission.
- Transparency and impressiveness in the application are vital; applications with obfuscation or non-concrete information are weak.
- Any form of misrepresentation in the application, intentional or not, leads to rejection.
- Claims made in applications should be supported with appropriate evidence.
What Are Your Odds of Getting an Interview at YC?
- Odds for an interview increase with the amount of technical talent on the founding team.
- Having technical experience from reputable tech companies significantly improves chances.
- Lower odds for teams without technical founders or with unlaunched "tar pit" ideas.
- Improving odds may involve adding technical talent, possibly through co-founder matching.
- YC's selection process does not require networking or pitch decks; it's based on the application form.
- Be cautious of external parties that claim they can influence YC admissions.
How to Prepare for Your YC Interview
- YC interviews are 10-minute Zoom calls with the expectation that interviewees are familiar with their application details.
- Interviewers ask basic context-dependent questions to understand the business.
- Candidates should not treat the interview as adversarial but as an opportunity to establish a working relationship.
- Recited responses, not listening to questions, or seeming untrustworthy can negatively impact interview results.
- Authenticity and mastery of business understanding are important; excessive or misleading preparation can backfire.
What Makes a Successful Interview at YC?
- Successful interviews answer all basic questions comprehensively.
- Founders should demonstrate thorough knowledge of their business, including challenges and future plans.
- Interviewees need to appear credible, honest, self-aware, and confident.
- Authenticity is encouraged, avoiding overly staged or unnatural presentations.
- The interview should feel like a natural conversation where the founder's true character is clear.
Post Interview Feedback
- YC sends an email with feedback if a startup is not selected, focusing on the key decision factors.
- Addressing the feedback in a future application improves the chances of acceptance significantly.
- The YC team keeps track of startups that reapply with improvements based on the feedback.
- Applying to Y Combinator is straightforward and offers considerable potential benefits for a small time investment.
- Encouragement for startups to persist and continually seek opportunities, aka "creating luck," in their entrepreneurial journey.