[sethbannon]

Generally a huge fan of the way you're simplifying things here, just pointing out that this change makes YC more expensive for founders from an equity standpoint.

It's true that founders could compensate for this by raising SAFEs from other investors at a higher valuation, but that is likely to make those raises a little more difficult, so there is some downside.

[neom]

This will almost certainly make it harder for founders to raise money, but we found it wasn't that difficult to explain that time has passed so things need to change a little in the cap as we roll forward.