You may not remember what VC was like at that time. $50k for 50% was the expected seed round for a 4-person new grad team with about a year under their belt in Boston. I remember thinking the YC deal was crazy good crazy early. Anybody remember what it was? I recall something like $25k for 10% in the first batch. This was enough for poverty rent and ramen for 4 people for 1 year. The only problem I had with this was that he wanted all founders to quit their job before even applying, and then getting in was tough odds.