[plinkplonk]

" A vast majority of people who apply to us tend to have just graduated out of college and have never managed funds of any sort before."

In other words you think people just out of school can't handle 10k$ without board meetings but you want them to build great companies for you. That makes sense ;-)

This (majority of applicants being graduates) is true for YC (and other funds) too. PG and co don't sit around holding board meetings every time a founder wants to buy a laptop or a monitor.

"That being said, if a founder tells us they'd like their money up front, we'll write them a cheque."

This is good to hear. Founders (desperate enough to go with these guys), do demand your money upfront.