[snewe]

Perhaps the ycfounders list is a selected sample: it produces or selects above-average quality founders that are more likely to get a good Series A price (in terms of both control and pre$). I suspect that YCombinator's focus on founders for investment decisions also results in start-ups with assets closely tied to the individuals who run things (rather than say a patent). This leaves future VCs with less bargaining power when forming boards.

[pg]

While I would like to believe it's because YC-funded startups are better, the fact is that for any startup to raise Series A, the VCs have to believe they're so good they could one day go public. So my guess is that the reason so many YC alumni have been able to retain control is that they are so well connected. They have the other alumni (many of whom are very sophisticated about fundraising) to give them advice, they get hooked up with the best lawyers, etc.

[snewe]

Now that is one area the academic literature on venture capital and entrepreneurship hasn't studied: the social networks of entrepreneurs and bargaining power. Putting that on my list.

[denisonwright]

All these things that YC-funded startups have going for them (screened teams and ideas, network, support, etc) probably create more demand for them from VCs, giving them better leverage than non-YC-funded ones.

[jdp23]

It's an excellent point that YC founders' experience may not be typical ... a different way of looking at this, though, is that YC and other tech incubators have changed the dynamic to give founders in general a much better shot at keeping control.

Which, as a serial entrepreneur, I see as a very good thing.

[patio11]

I think YC is also responsible (with others) for radically improving the information disparity between, e.g., fresh college graduates with a gleam in their eye and partners at firms with 9 figures under management.

[brlewis]

Considering that not all YC companies who want VC funding get it, it would be surprising for all of the YC companies that do get it to be above average in whatever metric drives board control. I think this has to be a trend that goes beyond YC.

[shafqat]

Some anecdotal evidence that its not just YC startups. My company, NewsCred, raised a seed round of approx 1M this summer. We raised it from "top tier" super angel funds. We are not YC, and were not even based in the US. We also were not serial entrepreneurs, although I'd like to think that we're "above average founders!"

Long story short: we did not give up any board control but did not worry too much about price. We got a fair valuation, but nothing crazy.