Y Combinator Summer Applications Are Now Open, Get Your Startup Funded!
The big bay area startup incubator opened it’s doors for summer applications. Y Combinator is known for bringing in talented startups. 500Startups, another incubator, recently just closed their application deadline. If you missed your chance to apply for 500startups, take a shot at Y Combinator’s summer application now!
Y Combinator Summer
The Y Combinator summer incubator program runs from June to August 2014. The whole program will take place in Mountain View, CA. The deadline for the application is March 28, 2014 by 8pm.
Not in California? Not a problem, the good thing about Y combinator is that they will fly you out if your idea is good. You could be from anywhere in the world. We have seen other incubators do the same thing with great teams and startups. The incubator promises everyone that they will reimburse up to $1100 for travel expenses. No need to worry about having to take a plane from texas to california anymore!
All decisions are made on the day of interview. While it may sound like a long process, if Y combinator calls you out for an interview a decision will usually be made on the day your team gets interviewed. All decisions are made the same day including how much they will invest in your company, how much they expect in return in terms of equity etc. This saves everyone a lot of time and travel worries!
What happens if I’m accepted? If your accepted, you and your startup team will have to move to Bay Area for the duration of the incubator. Pretty awesome because bay area is one of the best places to be for an aspiring startup. All legal documents will be handled by the incubator and you will register your company through them. Quite awesome.
The best part. The best part about being apart of Y combinator is the mentorship and networking you can get out of it. That is priceless. A lot of startups that participate in Y combinator already has a lot of traction for their product, but they still choose to join Y combinator, why? Because Y combinator provides you with more than just an initial funding, it provides you with top notch mentorship. One on one mentors are available, weekly daily meets and networking, and a demo day where you can show your product to the best venture capitalist and investors in the Silicon Valley. All for free as apart of the program! Can’t expect anymore than that..
Life After Y combinator. What happens when the program ends? After the program ends, the incubator doesn’t just kick you out. They have equity in your company and expect you to succeed. Hopefully you will raise another round of funding or see an exit, but if you don’t Y combinator will continue to work with you to boost your startup and continue to introduce you to amazing people.
There really isn’t a bad side to joining the incubator and it never hurts to apply. What’s the worse that can come? A rejection letter? At least you’ve tried! The incubator is known for being extremely selective though. Most of the teams that apply do not get in. This is what Y combinator looks for in a great startup.
- A great idea that doesn’t cost a huge fortune to grow
- A powerful team , very rarely do you see solo founders take part in the incubator. They prefer 2-4 people teams that have strong background.
- Initial traction for your product. Most startups join with an up and running product.
While these tips might not guarantee that you get in, it is still a good layout to increase your chances.
Here is an example of Dropbox’s application example back in 2007. https://dl.dropboxusercontent.com/u/27532820/app.html
Apply for the incubator here: https://news.ycombinator.com/apply