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by karam
5933 days ago
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"In other words you think people just out fo school can't handle 10k$ without boarmeetings but you want them to build great companies for you" Its one meeting to decide a budget and we're not going to demand a specific budget, the startup gets to decide how much money they're going to spend and on what. Whether they stick to the budget or not is up entirely to them, we aren't going to police their money at all. We trust them to build awesome companies which is why we're funding them in the first place. "YC-like, my ass" While we're inspired incredibly by YC, there are certain things we do differently simply because of different constraints. There's a lot that we do that maybe YC doesn't do, we will subsidize your living costs & working costs as much as we can should you choose to work out of Delhi, Mumbai, Bangalore or Hyderabad for example. |
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It is still unnecessary bureaucracy. 10k $ is not that much money even in India. The key point is that you still need founders to tell you upfront (in the form of a "budget") how they are going to spend the money. YC just writes you a check.
As for "policing", if a "Company Secretary" is needed to disburse funds (as per last years FAQ) you don't need to "police" anything and you have line item veto by default.
"We trust them to build awesome companies which is why we're funding them in the first place."
Which brings me to another question. How many of your fundees have gone public/been acquired etc in the last 3 years of your operation? I can't find that info anywhere on your pages.
If you don't trust them to spend the money as they like, you are risking next to nothing. (There seems to be some ambiguity on this. Do founders need a company secretary to disburse funds? Can they write their own cheques/draw on the money as they feel fit, once funded? a simple yes /no on this would help). Why would good developers trade away their freedom for this kind of bureaucracy?
"While we're inspired incredibly by YC, there are certain things we do differently"
Yet you still feel the need to add the "YC like" adjective while missing/perverting the essence of the YC approach.