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Q&A with YC Partners at Startup School SV 2016
17 segments available
We pulled together eleven of the most frequently asked questions from Startup School attendees and had YC partners answer them on stage. Here are the questions: 1. If you know you want to eventually start a startup, when should you do it? Should you wait to become a domain expert or start now? 0:50 2. What’s a good process for discovering and vetting new ideas that might be worth building? 1:48 3. How do you choose between an idea you love but might be tough to monetize and an idea that has great revenue potential? 3:19 4. YC generally recommends having a cofounder. Ooshma Garg of Gobble didn’t have a cofounder. What convinced you about her application? 3:42 5. What are tools or services you’d recommend for founders that are just starting? 6:20 6. What kinds of things do new founders waste time on? 7:37 7. Is it more important to move fast or perfect your product? 9:46 8. For a startup that’s recently launched, what would you consider a good growth rate? 12:40 9. What do you look for when you’re reading a YC application? What do you look for when you’re interviewing companies? 13:44 10. Is there an optimal time in the lifecycle of a company to apply for YC? 18:48 11. Is there anything you wish you’d known when you first started? 20:56
Segments Timeline
When to Start Your Startup
The partners discuss the optimal timing for starting a startup. They emphasize that aspiring founders should begin their journey now, even if they are not yet domain experts. Gaining experience in the field is crucial, and joining a successful startup can provide valuable insights for future endeavors.
"I'm cat one of the partners at YC and I'm gonna bring on a bunch of the partners with me today to help answer some of the questions that you sent us thanks for sending all the questions let's bring ev..."
Discovering and Vetting Startup Ideas
Founders are advised to look for problems in their own lives and communities to discover viable startup ideas. The partners stress the importance of passion and personal interest in the problem being solved, suggesting that founders should envision what they want their legacy to be through their startup.
"now instead of trying to figure out the trade-offs I think when you start and even if you're not an expert you should you know be on your way to becoming the domain expert and you can do a lot by you ..."
Choosing Between Passion and Profit
The discussion shifts to the dilemma of selecting between a beloved idea that may be hard to monetize and a more commercially viable concept. The partners highlight the importance of aligning personal passion with market potential, encouraging founders to pursue ideas that resonate deeply with them.
"work solving a problem in the world you you care about yeah I think sometimes people come up with ideas that seem impressive to other people you want you know you're gonna tell us more about your star..."
The Solo Founder Challenge
The partners address the challenges faced by solo founders, emphasizing that while having a co-founder is generally preferred, unique insights and traction can still lead to acceptance in YC. They discuss the emotional and operational difficulties of being a solo founder and the importance of resilience.
"how do you know that you should work for YC we would love to know that to do one of the things that YC has emphasized over and over again is how hard it is to be a solo founder so there's a question u..."
Persistence in Entrepreneurship
The partners reflect on the determination of successful founders, using Ooshma Garg of Gobble as an example. They emphasize the need for relentless perseverance and the ability to adapt and overcome challenges in the startup journey.
"a single founder yeah I'd also add to that that that starting a company is an emotional roller coaster and it's really hard to do by yourself it's always nice when there's someone else next to you tha..."
Essential Tools for Founders
Kirsty shares valuable tools and services for early-stage founders, including Clerke for incorporation, Gusto for payroll, and Ironclad for contract management. She stresses the importance of utilizing existing resources to focus on product development and growth.
"the story was similar to you know you have to be a cockroach it reminded a lot of people I think of how the Airbnb z-- almost failed you know three times before they they actually got things up and ru..."
Avoiding Time-Wasting Pitfalls
The partners discuss common time-wasting activities for new founders, such as complex voting structures and unnecessary secrecy about ideas. They advise keeping things simple and focusing on product and market fit rather than getting bogged down in legal complexities.
"so just do the basic simple vanilla option and move on to other things so on that note is there anything that you find really early-stage founders wasting a lot of time on that you wish they would jus..."
Balancing Speed and Perfection
This segment tackles the common dilemma of whether to prioritize rapid growth or perfecting the product. YC partners stress the importance of addressing retention issues before focusing on growth, advocating for a balanced approach that considers both product quality and market expansion.
"know there's a lot that goes into execution and and sometimes you know a good idea is just badly executed and so yeah just follow but don't copy necessarily so is it more important to move fast or per..."
Defining Good Growth Rates
When evaluating startups, YC partners discuss what constitutes a good growth rate. They emphasize that growth expectations vary by industry and encourage founders to assess their progress honestly against peers rather than fixating on specific percentage targets.
"very similarly the one one rule I tell a lot of people is like everyone wants to know should I keep growing fast or you know should I work on the product and make it really good it's I think you know ..."
What YC Looks for in Applications
In this segment, YC partners reveal key factors they consider when reviewing applications. They prioritize action-oriented founders who demonstrate tangible progress and customer engagement over those who focus solely on presentation or theoretical ideas.
"think that like having us reduce that to like seven percent or fifteen scent is like not really gonna be that helpful for you so this might be a good segue to the question like what do you look for wh..."
Don't Bury the Lead
The discussion continues with advice on how to present your startup in a YC application. Founders are encouraged to highlight key achievements early in their application rather than waiting until the end. The partners clarify that there is no strict checklist for success; instead, they look for clarity in communication and a solid understanding of the business. They also encourage applicants to apply regardless of their stage, emphasizing that many successful founders have reapplied after initial rejections.
"application 10x better than spending more time you know rewriting your pros to seem a little fancier or something there's all these things people spend a lot of time on their application and actual ev..."
When to Apply to YC
This segment addresses the optimal timing for applying to Y Combinator. The partners assert that there is no 'too early' or 'too late' to apply, as YC can assist startups at various stages. They share statistics about previous applicants who were accepted after multiple attempts, reinforcing that persistence is key. Founders are encouraged to apply even if they feel underprepared, as the application process itself can provide valuable insights into their business.
"knock that up probably into the like what does my company do it does this and then I think the second thing is that I think a lot of these things actually service filters like what I would say is like..."
Lessons from the Startup Journey
In this reflective segment, YC partners share personal insights on what they wish they had known when starting their entrepreneurial journeys. They discuss the rewarding nature of building a startup despite its challenges and the importance of letting go of day-to-day tasks as the company scales. Founders are advised to seek help and guidance early on, especially if they lack prior experience in the corporate world, to navigate the complexities of running a startup more effectively.
"everyone is probably somewhere between those two points and to add a final stat - that question out of the hundred companies in the last batch of YC about 50 of them had previously applied and been re..."
Avoiding Complacency
A founder shares a pivotal moment when they were warned against complacency after achieving initial profitability. This advice led to a renewed focus on innovation and growth, highlighting the need to continuously evolve and not rest on past successes.
"much because when you're starting to especially like for myself I went through four to three or four years of just nothingness and so I was always the one coding and building the product and then as m..."
Crafting Your Own Path
The discussion shifts to the importance of authenticity in the startup journey. Founders encourage aspiring entrepreneurs to create their own narratives rather than conforming to popular startup culture, emphasizing the freedom to design their own work environment.
"laurels yeah I think my piece of advice is just to watch out for cargo coltan on a lot of the aspects of startup culture that you may or may not agree with I think a lot of people have all these ideas..."
Finding Support in Tough Times
The panel discusses the reality of startup struggles and the importance of having a trusted support network. They advise founders to confide in a few trusted individuals about their challenges, rather than projecting a facade of constant success.
"way versus just like aping whatever you've read you know in the popular press so that's my advice to you I think my advice is that you know when you hear about people talking about setups all the time..."
Gratitude and Acknowledgments
As the session wraps up, the YC partners express gratitude to the attendees and the team behind the event. They highlight the importance of community and support in the startup ecosystem, inviting further engagement during the reception.
"thank you I think all of us are going to be out in the sunken garden for the reception so if you have any particular questions for us you can come up and just ask us in person and so I wanted to take ..."