A Quote by Sam Altman
The thing about Y Combinator that's cool is that most companies won't happen if we don't fund them.
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I actually made a website called Y2 Combinator, which was the Y Combinator that starts Y Combinator clones. There's a very clear difference in the quality between the companies that come from YC and the companies that don't.
Sometimes people think Y Combinator has big ideas about themes. But really, we just fund the best startups.
Ideally, I want us to be working on things where if we're not working on them, they won't happen; companies where if we don't fund them they will not receive funding.
The most common post YC failure case for the companies we fund, is they're incredibly focussed during YC on their company... and after they start doing a lot of other things. They advise companies, they go to conferences, whatever.
Why do investors seem to care about 'billion dollar exits?' Historically, top venture funds have driven returns from their ownership in just a few companies in a given fund of many companies.
There are two companies that the AI Fund has invested in - Woebot and Landing AI - and the AI Fund has a number of internal teams working on new projects. We usually bring in people as employees, work with them to turn ideas into startups, then have the entrepreneurs go into the startup as founders.
The insurance companies make about $15 billion a year. They have doubled their profit margin under Obamacare. And so now we're going to take a lot of this and call it a stabilization fund, but really it's a bailout of insurance companies. And I just think that's wrong. I just can't see why ordinary, average taxpayers would be giving money to very, very wealthy corporations. An analogous situation would be this: We all complain that new cars cost too much. Why don't we have a new car stabilization fund and give $130 billion to car companies?
One of the things we urge Y-Combinator companies to do is to have profitability in grasp. If you need to get profitable before your A round of money, you ought to be able to do that.
There are times in life when the most comfortable thing is to do nothing at all. Things happen to you and you just let them happen.
For me, the most entertaining evening would be to go sit with entrepreneurs and talk with them about how they're building their companies and how we can help to make them better. That's the one thing in the world - well, I love doing that.
Having a separate fund for the things in life that happen, helps keep the emergency fund in tact in case you lose your job or income.
When certain bootleg companies started off and they would take maybe ten per cent of whatever they got and help fuel new bands, which I'm cool with, I think that's a good idea. Most of the record companies are not doing that.
Whether it's Facebook or Google or the other companies, that basic principle that users should be able to see and control information about them that they themselves have revealed to the companies is not baked into how the companies work. But it's bigger than privacy. Privacy is about what you're willing to reveal about yourself.
Yes, I realize when I'm reaching out to people and asking them to talk about the most traumatic thing to happen in their lives, I have to be really sensitive and thoughtful.
There are a lot worse things you can do with all your bucks than giving them to even a mediocre mutual fund - such as, for example, giving them to a mediocre hedge fund. If supporting the lifestyle of a mediocre fund manager is your favorite charity, who am I to stop you?
As a portfolio manager, when do you start advising to your clients that they have some cryptocurrency exposure? When will there be an index fund, a mutual fund of cryptocurrencies? It will happen.
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