Number of teams that applied to Y Combinatoras summer 2011 batch: 2, 089 Teams interviewed: 170 Minutes per interview: 10 Teams accepted and funded: 64 Months to build a viable startup: 3 Possibilities: BOUNDLESS Investment firm Y Combinator is the most sought-after home for startups in Silicon Valley. Twice a year, it funds dozens of just-founded startups and provides three months of guidAsance from Paul Graham, YCas impresario, and his partners, also entrepreneurs and mostly YC alumni. The list of YC-funded success stories includes Dropbox (now valued at $5 billion) and Airbnb ($1.3 billion). Receiving an offer from YC creates the opporAstunity of a lifetime a itas like American Idol for budding entrepreneurs. Acclaimed journalist Randall Stross was granted unprecedented access to Y Combinatoras summer 2011 batch of young companies, offering a unique inside tour of the world of software startups. Most of the founders were male programmers in their mid-twenties or younger. Over the course of the summer, they scrambled to heed Grahamas seemingly simple advice: make something people want. We watch the founders work round-the-clock, developing and retooling products as diverse as a Web site that can teach anyone programAsming, to a Wikipedia-like site for rap lyrics, to software written by a pair of attorneys who seek to amake attorneys obsolete.a Founders are guided by Grahamas notoriously direct form of tough-love feedback. aHere, we donat fire you, a he says. aThe market fires you. If youare sucking, Iam not going to run along behind you, saying, aYouare sucking, youare suckAsing, camon, stop sucking.aa Some teams would even abandon their initial idea midsummer and scramble to begin anew. The program culminated in aDemo Day, a when founders pitched their startup to sevAseral hundred top angel investors and venture capitalists. A lucky few attracted capital that gave their startup a valuation of multiple millions of dollars. Others went back to the drawing board. This is the definitive story of a seismic shift thatas occurred in the business world, in which coding skill trumps employment experience, pairs of undergraduates confidently take on Goliaths, tiny startups working out of an apartAsment scale fast, and investors fall in love.This is the definitive story of a seismic shift thatas occurred in the business world, in which coding skill trumps employment experience, pairs of undergraduates confidently take on Goliaths, tiny startups working out of an apartAsment ...
|Title||:||The Launch Pad|
|Publisher||:||Penguin - 2012-09-27|