News for hackers. Stuff that matters.
Re:Y Combinator Day, Pt. 1 by jsjenkins168 on Monday April 23, 2007 @01:54AM (#15910)
We unfortunately did not get funded. Ironically, we suspect it was at least in part due to more of a strategic "political" reason than an insufficient idea. Our startup would have directly competed with a prominent current YC funded company which for obvious reasons is undesirable for YC, despite the fact we believe our approach is superior from a technical standpoint. The argument was that this current company is already "well established" and might already have momentum to expand into the area we proposed. They certainly aren't doing it yet though, and we build fast and never give up. I'm sure Larry and Surgey were told the same thing from investors about Altavista. History shows being "well established" doesnt mean squat. I wont get into any more specifics though, as we are still pursuing the idea and would like to keep it under wraps.

Paul, Jessica, and Trevor are really cool people though. As were the other teams present. We saw some good ideas and smart people. Without a doubt the next batch of startups will be very impressive. I wish all of those teams who were offered funding the best of luck!

Re:Y Combinator Day, Pt. 1 by Leonidas on Monday April 23, 2007 @12:10PM (#16009)
At least you got to meet the Y team and the other cool Y applicants.

Keep working on your startup and best wishes!

Re:Y Combinator Day, Pt. 1 by gyro_robo on Monday April 23, 2007 @03:16AM (#15930)
> The argument was that this current company is already "well established" and might already have momentum to expand into the area we proposed.

Makes you wonder why they dragged you out there then!

Re:Y Combinator Day, Pt. 1 by BrandonM on Monday April 23, 2007 @12:34PM (#16020)
I would guess that they liked the applicants (based on the applications) and wanted to see if they had any other ideas that they would be interested in pursuing.
Re:Y Combinator Day, Pt. 1 by RyanGWU82 on Monday April 23, 2007 @01:10PM (#16027)
Or they didn't realize just how directly the new company would compete with their existing portfolio company.
Re:Y Combinator Day, Pt. 1 by gyro_robo on Monday April 23, 2007 @03:37PM (#16086)
Except that for this round pg said you don't need an idea in order to apply. That implies that they'll help decide on an idea if they like the founders, so an idea conflict should be resolvable by switching to something else pg et al. have in mind.
Re:Y Combinator Day, Pt. 1 by blader on Tuesday April 24, 2007 @05:03AM (#16268)
Let me just say this: "the idea doesn't matter" is a statement that we found to be highly, highly unreliable. Don't expect to get funded without a solid idea that is different. I'll elaborate on this later, but trust me on this one.
Re:Y Combinator Day, Pt. 1 by SwellJoe on Monday April 23, 2007 @04:36PM (#16117)
Most investors do not invest in competing or significantly overlapping companies. There are a few exceptions (Ron Conway), but it's rare enough that they feel like making that clear on every possible occasion.
Re:Y Combinator Day, Pt. 1 by jason13 on Monday April 23, 2007 @02:33AM (#15917)
so your trying to help people share live streaming video. It would really help to have a video camera with a decent bandwidth connection to the internet to do that.