I am... I applied with a three person team. We're from Pittsburgh and I'm not sure if that helps us or hurts us. Lightspeed has marketed the program at Berkeley and Stanford. I'm hoping they want a token team from outside of California.
Everyone trying to copy YC by following same sort of model of helping startups grow.On the whole, its good for budding nerds but sad that no one started all these before but are hell bent on copying this concept from YC
I would only personally take funding from YC or certain other angels I know, but I'm glad to see other options popping up. I'm pretty sure PG and Jessica are too. I imagine it would take some of the pressure off of them being the only game in town.
Also, the YC model isn't for everyone obviously. It's basic Econ101 - these seed-funders are striving to meet a market demand that is far from being even close to being met given all those who are not accepted. I imagine and hope that even more will spring up so more guys can get the leg-up they may need.
Not everyone can be a Stanford or Harvard - but that doesn't mean there aren't other very good schools that are a better fit for many students.
What's sad though is the majority of these applicants who actually apply and then accept these programs will probably be groups who applied for YC but were then rejected. They get whats left from the YC funding cycle. Not to say there wont be successful startups from these groups, but it kinda puts a damper on morale.
No thanks but I'll pass.. For us its definitely YC or nothing. Actually we'll probably just bootstrap while we build but that just isnt the same...
Lightspeed is also free money. They give $10,000 per person without taking any equity. Other than the requirement to primarily work out of lightspeed, the programs aren't mutually exclusive. So you could get away with working out of Lightspeed's office and flying to Boston weekly for the YC dinner. With funding from both you could even afford to pull it off.
I really don't understand this "YC or nothing" mentality. The funding to live comfortably really helps out, plus the free legal work. The legal work is what really kills you when you're bootstrapping.
I should have done more research before making my comment.. Lightspeed does seem like a pretty sweet deal. My "YC or nothing" comment was focused more on the YC clones. I totally agree with you on the legal side and bootstrapping yourself. Definitely not looking forward to that if we are not accepted.
Best of luck to those who applied for Lightspeed..
RMS, This is my viewpoint, i have always gone for either best or nothing, just like 1 or 0, there isnt any thing in between. I stand by what i say, even though i have no proof to show or say that i applied to YC and no where else. But i am honest in saying what i practice.
Unlike some of the other derivatives, the Lightspeed program isn't aimed at the same kind of people as YC. I would be surprised if there are many teams well-qualified to apply for both. Further, after meeting with a couple people from Lightspeed, I doubt it's a derivative of Y Combinator. I think they are simply looking for ways to get in early with strong ventures.
(Disclaimer: I'm part of a team that applied for grant funding from Lightspeed.)
You are a victim of YC's marketing. First of all, if you don't need their money, don't sell part of your company to them. And, if you do need their money, don't make it so obvious or you'll have no room to negotiate the equity you are selling them: people keep saying $15,000 for 6% but those are just averages--the equity range I have heard about was 1.5%-12%. I think you would be a 12%-er for sure.
If I had a good idea that I believed in, I would go to my friends and family and ask them to loan me $2,000 a month for eight months. If I succeeded, I would pay them back their money + interest + whatever I felt like giving them as a gift. If I failed, I would get a real job and pay them back in a few months time.
BLS you are missing a point. Money isnt the only thing at stakes. You need good mentors, advisors and backing of them to actually built a sturdy one. This $15k or $20k isnt what one wants, it works the other way, we are using YC/PG et al to learn few things we dont know. They are giving you one complete solution of taking idea to reality. The money you borrow from parents, friends et al wont come with that help. Plus YC isnt saying that u sign up for life with us, they are showing you a way by teaching you priceless things for nothing. Even if they take 99% of equity, 1% comes with 100% experience and happiness to have achieved something. Plus for some one smart, this isnt the ONLY IDEA, this is just a beginning :)
