Consider the (admittedly obscure) object Just do it. Even building a working prototype at least demonstrates that you can build something, which eliminates some team and execution risk. By the way, applications close March 20, in 2 days, so get your app in if you want or forgot the deadline! This is your idea. We accept companies twice a year in two batches. If not getting into Y Combinator means your startup is going to give up, or won’t succeed, that’s already a very bad sign. MessageBird (YC S16) was making $20M a year and profitable prior to YC. For One Month, the way I did this was by asking other past YC founders I knew to review my application and give me feedback several weeks before the application was due. But it’s unfair to say that they do this just to test founders. Certainly not. A Big Idea: Y Combinator Now Lets Founders Apply Without… An Idea. Q: I’m a second time founder and my first company didn’t work out. You can … We think we can be helpful for any company that hasn’t yet raised a Series B. Q: Do all the founders have to attend the entire batch? More: Startups Technology Y Combinator They’re always looking for formidable founders. But, on the other hand, if you apply to the Y Combinator with intent to listen to … Q: I’m a second time founder and already have an exit, why should I apply? We accept companies twice a year in two batches. Ryan pitching UpKeep to investors on Demo Day. India: Razorpay, DocTalk, Kisan Network, Supr Daily, and Innov8 The program culminates in Demo Day, where startups pitch to a carefully selected audience of investors. You’re applying to Y Combinator and you want my advice about how to get in. On November 9th, we’re also opening Startup School to potential founders who are interested in starting a company in the future. In terms of demeanor during the interview, I’ve heard a lot of different things. Q: Is YC just for early stage companies? Getting in as a solo nontechnical founder with very little traction was also a very unique experience that I did not believe could happen.. YC’s program and being an alumni has definitely lived up to the hype; I feel like every month that passes I learn about new benefits I get from being part of such an amazing community. My experience interviewing for YCombinator W2019 and what I would have done differently, What 15 Years of Y Combinator Investments Can Teach Us About Startups, Go after a market / problem they already believe is big enough, Show them that you’ve talked to people with the problem / have done your research, Actually make money or get users by selling your product to people who have the problem, build a product they already think should exist, show them promising early results / tests / customer development of users in your target market using your product, actually have product usage, ideally where users are paying for your product, already have had a successful product or startup between your founding team, get along well enough to convince investors that it won’t be a problem, having successfully started and exited a startup in the past, to show them that you have what it takes to personally overcome the difficulties, demonstrating industry expertise, to show them that you’re able to anticipate potential problems in the industry, Why is now the right time for this product to exist? Q: Can you apply if you have raised money? You may hear a partner recommend that you do something different or explicitly question one of your assumptions. Also, Y Combinator just makes it really easy to raise money. If that’s what you wanted to do before reading this post, keep doing it. No. The best way to do that is simply to be concise. Choose ones in a similar industry or solving a similar problem because they’ll be more likely to be interested in you, your product, and helping you out. That’s kind of the point. We felt we had a great initial idea, and after generating $38,000 of pre-sales for Proof, we applied to Y Combinator. Because they’re very early-stage, they’re willing to accept a lot more risk than other investors are, but still not a huge amount. We’re approaching the S18 application deadline so we thought it’d be helpful to answer some of the most frequently asked questions about the YC application and program itself. There are 6 days left to apply. Also, they feel like they can get enough information very quickly. Click here if you have no idea what you want to build and want to apply anyway. Q: Do you have to spend the full three months of YC in Mountain View? Go after a market / problem they already believe is big enough 2. If you decide to email me, please read this first. They also want access to YC’s alumni network for hiring and introductions. Investors think about four different risks of a startup: 1) Market Risk2) Product Risk3) Team Risk4) Execution Risk. Y Combinator is now bringing this type of free-form entrepreneurialism to its seed-stage fund. Does the product that you’re building actually solve a problem that is big enough to create a large viable business around it, quickly? We started interviewing 1000+ people to … YC invests in your company, it’s not a loan. Y Combinator — the aspiration of many fledgling startups. And plenty of successful startups were never accepted by Y Combinator. How to get a busy person to respond to your email, 9 Pieces of Tactical Advice from Women Founders of Y Combinator, Being a Founder in the First Ever YCombinator Remote Batch. Each batch has at least a dozen companies that have already raised over $1M. If you think you’re too early, you probably aren’t. The program culminates in Demo Day, where startups pitch to a carefully selected audience of investors. A lot of big investors missed Airbnb because they thought it wouldn’t be able to overcome the legal and liability issues involved in having people rent out rooms to strangers at scale. https://blog.ycombinator.com/frequently-asked-questions-from-yc-applicants Whether you really believe it. For example, if you’re working on a hardware startup, befriend several other past hardware startups that have gone through Y Combinator, and then ask them for introductions to partners that have been the most helpful for them. So the rapid-fire approach tends to eliminate the faker or non-believers. A lot of Y Combinator startup founders were rejected the first time around (including me). The time is so short and you’ll forget anything else, so take it easy and just focus on those things. Welcome to YC Apply! Y Combinator (YC) is an American seed money startup accelerator launched in March 2005. This can be very frustrating, overwhelming, or anxiety-inducing. Ideas are over-rated. Q: Can you use the YC investment to pay your student loans? First, I’m going to put forward a model for how investors generally decide whether they should invest in a startup, which is all about de-risking. There are a number of ways to convince investors that your startup has low market risk: On top of investors believing that the market you’re going after currently exists, you need to be able to convince them that you can identify a core set of innovators & early adopters (see the technology adoption lifecycle), and that you have a reasonable strategy for expanding from those early adopters to a larger majority of people. Y Combinator announced today that you don’t even need an idea to apply for its upcoming program.What gives? They won’t give you much time to answer each one before cutting you off and asking another question. No. But given a, b and c how do we construct a[b[a][c]]?Well, we can do it with the s, k combinators.. What’s the chance that your team is going to blow up because of some co-founders strife? Pick a partner or partners that are interested in the market or industry that you’re going after (look at other companies they’ve invested in). It helps to have recommendations from other Y Combinator founders. Then getting that prototype in front of users and getting early feedback will further address all four risks: market, team, and execution. Because you’re paying yourself a salary, you can choose how to spend your salary including repaying your student loans. Each week they’d fly out to California for office hours and our weekly dinner. To apply for the Y Combinator program, submit an application form. Edit: A lot of people have been reaching out asking me for advice with the Y Combinator application process. Will YC hold that against me? We offer early decision for both the winter and summer batches, and you just need to specify it somewhere on the application. Please don't feel that you need to work on one of these ideas in order to apply to Y Combinator 1. You don't have to sell us on you. And it’s fairly random which partners you get in your room. Once you’re there, it’s all about the partners. For those of you who don’t know, if you’re a student, applying Early Decision to YC allows you to apply for one batch ahead of the current one. “That’s interesting, thanks for your input” or “Hadn’t thought about that, I’ll consider it”). Yes. If you apply to the Y Combinator with the hope that you will kickstart your business on your own, then that’s the completely wrong approach. Yes. Y Combinator Application Questions by Jason Lim Mar 18, 2011 Jun 7, 2020. The program includes dinners every Tuesday, office hours with YC partners and access to the network of other YC founders. Mostly it’s because they’re trying to get a lot of information in a very short amount of time. Now you need to convince them that your product actually addresses that market in a way that provides significant enough value that your company can grow big, quickly. Thanks to Daniel Gackle, Scott Bell, Dalton Caldwell, and Michael Seibel for reading drafts of this post. YC has a formal process that allows alumni to recommend applicants applying for the current batch. Check out yclist.com for a list of past Y Combinator companies. If the feedback is positive, then you’ve also addressed some of your product risk. It turned out that they were wrong, but the risk was still significantly high. I probably got about 6 or 7 positive recommendations by the time they reviewed my application. They will help you structure ideas around your fledgling company. Your product should solve a problem. Applying to Y Combinator is similar, except that YC’s acceptance rate is lower than Harvard’s! To be able to overcome all the ‘No’s? If you ask for a recommendation, they’ll know what you mean and exactly what to do. For example, you can apply for the summer batch alongside those applying for the winter batch. Ideas that are generated this way often take a form like "Uber for X," or "Airbnb for Y." But the process of landing a spot at this prestigious Bay Area seed accelerator is no cakewalk. (Rather than 10 years ago or 10 years from now). Yes. If you don’t, then you’re kind of out of luck, but that’s how things go. Once they gave me feedback, I submitted the application, let them know, and then asked them for a recommendation. How far will you be by the end of Y Combinator. During the in-person interview, you’re going to be bombarded with tons of questions coming at you from different partners very quickly. The idea was that any symbolic structure could be generated from some combination of s’s and k’s.As an example, consider a[b[a][c]].We’re not saying what a, b and c are; they’re just symbolic objects. For example, you can apply to YC in September, get your acceptance in October, and start the program in June after you graduate. The thing that … There are two stages in the Y Combinator application process: Once you’ve submitted your online application, if they like it or you then your team will get selected to visit for a short in-person interview (just 10 minutes in my case). Africa: Flutterwave, Paystack, Tizeti, and WaystoCap I don’t know much about that. The questions in our application are all things you should be thinking about at the earliest stages of launching a startup. These ideas are very often solutions in search of problems, so if you come up with an idea this way, you should be default skeptical, and you should think really hard about whether it is actually solving a problem. Y Combinator Application #1 (Failure) It took me about 12 hours to complete the YC Application and after reading multiple stories of successful applications here , … Follow. It’s not enough for your product to be better than any current alternatives, it has to be significantly better (in order to overcome switching costs). The ones that choose to do YC often want to be in the company of other founders where they feel a real pressure to ship their product and talk with customers. IDEA Why did you pick this idea to work on? You’re very unlikely to get accepted into Y Combinator with just an idea. In the past this was a hard requirement but we’ve since updated it. Getting into Y Combinator was a dream come true for me. No. The program includes dinners every Tuesday, office hours with YC partners and access to the network of other YC founders. Q: Do you need a visa to work in the US to apply? We launched Startup School as an online program in 2017 to support founders actively working on building their companies. We began offering the option to apply to Y Combinator Early Decision last September. Log in or sign up Q: How much money do YC companies raise at demo day? Cruise, for example, had been working on their idea for just two weeks when they applied to YC. Leading up to applications, partners get a ton of requests for meetings and advice, so it will be hard to stand out. If you are the founder of a startup—a startup that you believe will be venture-backed one day — I strongly recommend applying to Y Combinator. Fast Company. Let’s say you’ve managed to convince investors that the market of people with the problem you’re tackling exists and it’s large enough. This is actually a fairly large issue that a lot of startup founders don’t think about. You have a early-stage startup, or at least an idea … But then I totally forgot about it during the interview and didn’t remember until I was walking out of there. Also, here’s a copy of One Month’s Y Combinator Application for those who have asked. If you’d like to learn more about what Y Combinator actually consists of, check out my post on The Value of Y Combinator & Accelerators. If you have any other thoughts about getting in to Y Combinator, please post them in the comments. The point of the idea’s just to prove you as founders can come up with good ideas. Pete had his own fashion stores, found out that number 1 reason why people don’t buy is they can’t decide. We use software to help prioritize applications and route them to the right readers, but all the decisions are made by people. There will be several partners in the room with you for the interview. That may be a lot to ask from a startup, but you should know that it’s your ultimate goal anyway. It’s very hard for just one person to do anything, and being unable to convince other people to work on your startup with you is a big red flag (a major part of successfully building a startup is convincing people — including investors, journalists, customers, and potential employees). The best way to convince investors that your team is right for each other is: You want to have a team (solo founders are significantly less likely to succeed), because having more people helps eliminate some of the execution risk I’ll talk about below. Read this article on why we 100% recommend that you should. As we’ve talked about before, Cofactor is now backed by Y Combinator and was accepted into their Summer 2015 class. It’s still only a step on the way to success or failure for your company. To apply for the Y Combinator program, submit an application form. Winter 2021. Applications for the Winter class are open now (go apply! As PG wrote in Organic Startup Ideas, “the worst ideas we see at Y Combinator are from young founders making things they think other people will want.” For instance, if you want to build a WhatsApp clone simply because it’s the most popular messenger app in the world, you… Not an inconvenience. If you’ve convinced investors that there’s low enough risk in all of the above, the biggest major question left is: Will you actually be able to execute your plan? Apply Now. https://paystack.com/blog/company-news/paystacks-y-combinator-application I get a lot of emails like this, so I’m compiling the insights and thoughts I’ve had in the last two years, since One Month went through YC (Summer 2013). How to Successfully Apply to Y Combinator Read content published by Y Combinator : YC has publicly published everything you need to write a successful application . The questions I remember them asking me (and it’s been two years so I don’t remember it all as vividly as I once did) were: I prepared for the interviews by printing a big stack of customer testimonials from existing customers and putting them in my backpack. Execution risk is kind of a catch-all for a large set of potential problems. This was designed for students who would like to apply but need to finish school before doing the program. I think in those cases it’s best to thank them and tell them you’ll consider it rather than get defensive or tell them they’re wrong (eg. Q: Does a real person actually read my application? Q: Can you apply to YC with just an idea? Having an in with one or two partners can help in the application process. — Read this next: Why You Should Apply to Y Combinator. No. The ideal is that you have a product that is already out there and successful, meaning it has a large number of users, and/or is already producing revenue. Yes, people read every application and most are read multiple times. You have to have a solid idea, a scalable business plan, and the stamina to withstand rapid-fire interview sessions where you’ll have just 10 minutes to answer nuanced questions about your company’s goals and strategy. The combined valuation of the top YC companies was over US$155 billion as of October 2019. Founders in this position are usually able to fundraise on their own. ... “Anytime you apply to a program you want to look at the ... Gore came into the program with just an idea. Especially if you’re in a fairly crowded space, it’s likely that they’ve already heard some variation of what you’re pitching. South America: Rappi, Regalii, Hogaru, Tpaga, Beek, and Quero Education. I have a friend now applying for the June-August program with an interesting idea. Now some specific points about Y Combinator. How do you know people need what you’re making? In my case it was 5 partners. Questions on Location Traction. We fund companies focused on markets all around the world. Whereas if we can see obstacles to your idea that you don't seem to have considered, that's a bad sign. Yes. Many companies raise several million, and some have raised more than $40M. Some notable examples: During the interview stage, partners are meeting with dozens of companies every day, so they don’t really have time for hour-long conversations. In order to convince investors that it’s a problem worth tackling, you have to be able to clearly articulate who exactly has the problem, how many people that is, and how big the problem is for those people. Most founders I talked to who were accepted felt as if they had fucked up during the interview and wouldn’t get the call (if you get accepted, you’ll get a call from one of the partners that very same day, otherwise you’ll get an email later that day that you weren’t selected). If you don’t know any past Y Combinator founders, your job will be to identify past companies that are similar to what you’re working on. Finally, if you don’t get in the first time, don’t worry too much about it. Do you have domain expertise in this area? We accept companies at a wide range of stages into the batch. The great majority of startups we fund will continue to be the sort of Internet and mobile companies we’ve funded in the past. Your product should solve a problem. These are questions you should have answers to regardless of whether you plan to apply … If you’ve got a startup or you’re inside of a startup and you’ve got some idea, go through the application because it ... Part of that is because we had great metrics and great vision. Founders that have done YC after a successful first company include Michael Seibel, YC CEO, participated in the W07 and W12 batches, Kyle Vogt (founder of Twitch), Steve Huffman (founder of Reddit), and Parker Conrad (founder of Zenefits). The median fundraise at demo day is about $1M. Go talk to folks who have gone through Y Combinator, start with those in your network, but if you don’t have anyone in your network, you can reach out on LinkedIn or just email them. Not an inconvenience. 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