Sunday, April 10, 2011

YC Reject has been approached with an investment offer for the Summer 2011 class

The last 24 hours have been absolutely crazy (click here to find out what started it all). I want to share what's been going on:
  • Many have suggested that the name needs to be changed - any ideas?
  • YCReject.com has received thousands of unique visitors from all over the world
  • We've received emails from many people in the Bay Area that are willing to pitch in to help
  • We've received offers for space for the duration of the project
  • We've had many fill out the application form/email us/call us - there's an obvious need for this
  • We've been approached about outside investment for those in the inaugural class
Yes, you read the correctly - we have interest from investors to infuse cash for this project to companies that participate in the Summer 2011 class. Now, this was very surprising since the point of this project was to run a small YC-like group without funding. So now my question is - now that cash for equity is involved, does this interest you more, less or the same? The terms of the deal would likely be similar to what YC would offer to their summer class participants ($12,000-20,000 for about 6% of the company - rough ballpark).

Let me know what your thoughts by filling out the application below (if you haven't already done so).

Allan
allan@ycreject.com
@ycreject
Google Voice: 408-461-9933
HN: allanscu

2 comments:

  1. This is really really interesting for us. We're Italian, so we can't afford the travel if we don't get a seed investment, just to live there the 3 months.

    Now I've applied. I would love to do a skype call with you to show you our determination and how we can help to improve the program. We're running a startup association in Italy.

    Hope to talk to you ;)
    Bye

    ReplyDelete
  2. Allan,

    Irrespective of availability of funding, I want to be part of this group.

    I look at it like an MBA program where it's not the degree you get at the end but what you learn from your classmates over the course of your schooling that adds the greatest value.

    Cheers,

    Akshay
    @chillaxsingh

    ReplyDelete