[philh]

You can't simply say that it's meritorious to work hard at whatever it is that makes one succeed. Otherwise any non-randomised culture is meritocratic. For meritocracy to be a meaningful term, the concept of merit needs to be detached from real-world success.

Which isn't to say that network-building isn't meritorious, but you can't use that particular argument for it.

(It's also not relevant how meritocratic SV culture is in other areas.)

[mlichtenstern]

It is fair to say that the YC experience adds value to the companies that participate - even if only by virtue of screening and vetting companies for investors - although that is clearly not the only benefit. For a company that comes in as an idea, and has no revenue / implicit value, the equity (in exchange for funding and value add) makes sense. Companies are not obliged to apply if they don't see value.