Sam Altman | How to Get Funded by Y Combinator 

Note to myself: The best founders execute quickly. Mediocre founders always have excuses why they couldn't move faster.

Great point about the different between a project and a startup. And the growth comment -- mentioning Airbnb -- is precise.

Seems strange that someone has to tell people that they should have an idea for a product before starting a company.

Love the concept of keeping it as a "project" before declaring a company. Great and useful clip

💗 I love YC's core values.

Host is really good

so fun, so good

Looking forward to being one of your YC successes...or perhaps your first BIG MISS!

“The costs are getting out of control. If something is going to upset the sort of Silicon Valley dominance, it’ll be something like the price of housing just gets untenable. It’s awful, and so stupid that we can’t fix this... Man it's like we want to like drive the startups away, it’s crazy" @samaltman

Yes!! you are right. The US has a culture which allows anyone with talent to stand-up and be counted. I have not seen this culture anyway in Europe.

Since you're all taking notes here in the comments, and my computer is lagging to open a word document, here are some of mine: Startups best practices: - Startups who have growth goals to hit on a weekly basis usually succeed, those who don't argue about everything else. - Raise capital from investors when you absolutely need it, or when it is easily given to you - Hours matter; founders who are quick action takers and grow on a daily basis usually succeed, others who find an excuse about everything usually don't. - Do what is worth your time and not what doesn't matter (learned with experience in what you do). - The best founders execute fast and grow quickly since the first time they meet them, others find every excuse for why they could not move more quickly. - Understand your users deeply and integrate quickly; startups who do this usually succeeds and those who don't fail. - Have patience to grow on a long term basis and avoid pursuing short term get rich mentality (While not contradicting having growth goal and being a quick action taker). Ycombinator outreach best practices (I manage marketing and outreach at a startup accelerator so I need this): - To find the best startups in the world, we need to reach a Wide applicant pool - Ways to do this is to get more companies apply internationally - Reach out to women and minorities and make outreach events for them; conferences for women who are thinking about starting companies (or HBCUS), has increased our numbers more than anything. - The way we recruit the best founders in the world is by working on different channels. Example Alumni work, Hacker News, Posting good content online...He taught a class with lecturers, that went viral got millions of views, which increased the numbers of applicants that cycle by 60%. What made them gain that strong brand image as Ycombinator "incubator": - Note that they don't like to be called an incubator, they're a network that fund and advice startups which don't work in their space or "dorms".. - They don't have bunch of mentors, they have only full time advisers who are dedicated to help many startups grow. - Alumni network dedicated to help the companies - They funded many billion dollars + companies - so people see it and feel that something is working. - Mainly it is the strength of their alumni network and track record of the company. Other notes: - He has no desire of making Ycombinator public - He believes that they will surely miss a huge hit when not investing in a company. The selection system is not perfect. - Don't limit yourself to thinking that if you do not have a big investment you're not a startup. Make your own products and start on your own. - YC core values: helping entrepreneurs grow - main goal is to drive growth back in the country, and startups is on of the most effective ways to do this. Useful Q&A: - They are the most successful when they fund the company that might no be successful now but that could be in the future, a company that other accelerators usually ignore. They learned to fund the smartest people with the clearest vision even if they don't understand how it will succeed yet. - If you don't have a technical background, find someone you trust and work with who is a technical founder, it will make the product development and many other areas more efficient.

28:30 problems that come with not being a technical founder

"when it's a project it's okay, but now that it's a start up it can't sound too crazy" Project: Send small greenhouse to Mars. Company: Colonize Mars. I think Elon Musk got it the wrong way around XD

Close eyes and you will feel like Paul is there :P

Bootstrap if your product is solid Funding is a dream that never happens

LPs?

Co-ownership, owneroom.com ?

I like the host and his chandler bing-ish sense of humour :D

8.00 the best founders act quickly and get things done---the weak ones have excuses. 9.00 how are you coming along with getting more women and blacks into high tec? -------ERH WELL---WE ARE WORKING ON THAT-- ERG UMM HHH UMM.

a bottle generation