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Re:DreamIT Ventures Opens Up Applications For Summer 09 Fund... by Dilpil on Saturday January 24, 2009 @01:39PM (#448290)
There is a difference between them and YC: YC requires you to have an idea, DreamIT just wants ambitious hackers and business people. In a way they have found a way to be even earlier stage than YC.
Re:DreamIT Ventures Opens Up Applications For Summer 09 Fund... by davidw on Saturday January 24, 2009 @02:28PM (#448325)
My impression is that PG et al. require an idea as a way of figuring out who can think of reasonable ideas. They don't require you to stick with it, so primarily they're looking for good people. Requiring an idea is just another way to try and sort out the wheat from the chaff, even if the idea in question isn't the final one used for the startup.
Re:DreamIT Ventures Opens Up Applications For Summer 09 Fund... by Schoenrock on Sunday January 25, 2009 @09:37PM (#449919)
Interview with Mike Levinson discussing starting DreamIT.

http://www.xconomy.com/boston/2008/10/06/y-combinator-recomb...

This might answer some of the communities questions regarding similarities and differences between YC and DreamIT.