Tech Billionaire Boot Camp 178
theodp writes "Forget the Summer of Code. If you've got a hot idea for a start-up, Newsweek says Y-Combinator, the boot camp where Silicon Valley meets 'American Idol', is the place you should be. 'Some critics scoff that Y Combinator's investment is peanuts for that amount of equity. But the opportunity is unparalleled -- total immersion into Silicon Valley start-up culture, advice from Graham and a fast track to the top angel investors and venture-capital funds. When Graham calls the winners, the founders have only five minutes to accept. "If people turn us down," he says, "as far as we're concerned they've failed an IQ test."'" We've previously discussed the program on the site, just over a year ago.
Barely an investment (Score:5, Insightful)
Usually $5000 + $5000 per founder. So $15,000 for two founders, $20,000 for three. Occasionally we invest more. The goal is usually to give you enough money to build an impressive prototype or version 1, which you can then use to get further funding.
Re:What a load (Score:5, Insightful)
Failed an IQ test - depends on perspective (Score:5, Insightful)
In other words, if you say no, or demand to "think about it for 24 hours", you probably might have an IQ that is too high to allow them to take advantage of you, and thus makes you ineligible to be one of their patsies.
The smart people are the ones that after receiving the call, say no, realizing that the idea has been vetted as having potential, and should run with it on their own.
Everything that is wrong with Venture Capital (Score:5, Insightful)
a word of advice (Score:5, Insightful)
1) the surroundings are hyped up, for example a "boot camp for Web 2.0 entrepreneurs" that is a "combination of Silicon Valley and American Idol";
2) you are given a ridiculously short time limit to make up your mind, let's say five minutes
and
3) if you don't accept, you "fail the IQ test" in the eyes of the people making the offer
then grab your shit and head out the door as fast as possible. Don't forget your cell phone.
(following Harvey Mackay).
Don't jump the gun now... (Score:2, Insightful)
In response to 'just keep your day job and just work on the side' - sorry, that just doesn't work. If you're dedicated enough to an idea, you'll quit your day job. If you're not living on the edge, you'll live the rest of your life dreaming of what could have been.
Re:IQ Test (Score:5, Insightful)
An old scam for a new generation (Score:3, Insightful)
If you accept in 5 minutes, you've failed an IQ test. These people are not that important, regardless of what they tell you, and neither is the amount of money they have on the table. This is an attempt at simple manipulation on the part of older investors looking for wage slaves that will ask how high when told to jump. Unfortunately, if you're a 20-something, they're targeting you.
Understand the strength of your signature and the committment it represents. Never, EVER, be afraid to walk away from a deal. It's a big planet and there are plenty of legitimate people to do business with.
Re:Barely an investment (Score:2, Insightful)
I suggest you educate yourself: start by looking at the performance of spam filters that get regularly _and scientifically_ tested by NIST (National Institute of Standards and Technology, there I'm namedropping too) instead of believing in commercial press releases.
Wow, I think every single person here misses the.. (Score:2, Insightful)
Re:IQ Test...Mod parent up. (Score:3, Insightful)
Re:Words of code? (Score:3, Insightful)
in a day.