> Starting your own investment company doesn't make you an expert on people and ideas
True, but advising dozens of startups, some of which became highly successful, does. Especially when your investment money came from the sale of your own successful startup.
"Whim" and "arbitrary" have a connotation of carelessness; I don't think they fit here.
Still, there's truth in what you're saying: The large number of applications necessitates that they use heuristics and gut feelings to choose whom to interview. Their rejection letter admits that the process isn't perfect, and it would be unwise to give up on an idea on the basis of a YC rejection.
> True, but advising dozens of startups, some of which became highly successful, does.
I would be surprised if anyone on YC news couldn't get a few successes out of 60 start-ups.
YC's had its share of duds as well. And various times we've heard they're not far in the black; considering the micro-investments they're making, that doesn't strongly support the notion that they are especially successful.
> "Whim" and "arbitrary" have a connotation of carelessness; I don't think they fit here.
I'm sure they are careful in certain ways but there's only so much to be gleaned from a brief application, which may not include the follow-up 10-minute interview. Three people can't advise 60 existing start-ups and do due diligence on 500 more. Not to mention, a substantial number of people haven't even built anything, which means they really have no choice but to judge the book by its cover. There are always snap judgements and rush decisions in any big application process.
True, but advising dozens of startups, some of which became highly successful, does. Especially when your investment money came from the sale of your own successful startup.
"Whim" and "arbitrary" have a connotation of carelessness; I don't think they fit here.
Still, there's truth in what you're saying: The large number of applications necessitates that they use heuristics and gut feelings to choose whom to interview. Their rejection letter admits that the process isn't perfect, and it would be unwise to give up on an idea on the basis of a YC rejection.