[zachthewf]

Exactly right. Traditional VCs come up with a thesis and then buy 20% of the company they think will be the winner who fits that thesis when they're at like $1M to 10M revenue (series A)

YC can instead get ~10% of every plausible winner they come across when they're at $0 revenue

[mst]

As noted elsethread, I think that almost certainly *is* what's going on; I was explaining why it's probably a good thing from (at least many of) the companies' perspectives too.