Recently the YC gang was in NYC to give their pitch and here's what I walked with: It's one of the best paths to silicon valley. In other words if you really want a strong California connection at an early phase in your company this is a great way to start. Getting the capital is a good reason -- but a better reason is getting the connections. Much in the same way that if you had a Harvard MBA you'd be well educated, but you'd also know this people in the know. Of course it depends on your business -- if say you're focused on media or finance maybe you don't need a silicon valley connection.