Applying to Y Combinator helps founders organize their thinking and creates "luck" by increasing chances of good things happening, even if not accepted.
Dalton Caldwell debunks common excuses for not applying, noting that YC funds companies at all stages and provides access to valuable resources beyond just the program.
Dalton Caldwell advises filling out the application thoroughly, being authentic during the interview process, and addressing feedback to improve odds of acceptance in future applications.
Meeting Notes:
Why Apply to Y Combinator
Going through the YC application process helps founders organize and clarify their thinking about their startup
The downside of not getting in is small (only a tiny bit of time spent on the application), but the upside potential is huge (getting into YC program)
Applying itself creates "luck" by putting yourself out there and increasing chances of good things happening
Debunking Common Excuses Not to Apply
"I'm too early"
Many great YC companies have pivoted after getting in, so there's no such thing as "too early"
Some founders haven't quit their job or written code yet when accepted
"I'm too far along"
YC funds companies at all stages, even those with existing funding (e.g. $1M+) or significant annual recurring revenue (e.g. $500K+)
Unless you have product-market fit, you're likely not too far along for YC's help
Watching YC videos ≠ being in YC program
Being in YC provides real-time access to YC partners, proprietary tools/data, and insights never shared publicly
Discouragement from Others
Challenge naysayers by asking if they are willing to invest themselves
Ask if they are discouraging you from pursuing a major opportunity like YC for theoretical reasons
Some may discourage global ambition, ask if they want you to dream smaller
Applying to Y Combinator
Just apply on the YC website, no need to ask permission
Fill out application thoroughly, paying attention to details like grammar and instructions
Create a founder video adhering to provided guidelines
How Applications are Evaluated
Key questions: Who are the founders? What is the startup idea? Is there evidence of customer demand and founder seriousness?
Importance of clearly communicating your startup so reader can understand and tell a coherent story
Avoid exaggerations or misrepresentations about revenue, traction, founder background etc.
Ability to tell a compelling narrative about the startup from the application is crucial
Improving Your Odds
Having technical talent on founding team is key
YC rewards good faith efforts, don't try to game the system
No need for warm intros or networking, YC optimized for funding strangers through online application
The Interview Process
10-minute Zoom call with YC partners who will have your application open
Expect basic, straightforward questions to understand your startup (no trick questions)
Be authentic, listen to questions, don't recite memorized speeches or mislead
Demonstrate mastery of your business, be credible, self-aware yet confident
Feedback and Re-Applying
YC provides feedback after interviews, focus on addressing it
Internalizing and addressing feedback in future applications is heavily weighted
Shows ability to learn and improve which YC values highly