9 Tips To Get Accepted into YC
Tips to Successfully Land a Spot in YC (or any other accelerator!)
Y Combinator recently closed their W24 batch. With a <1% acceptance rate, it was among the most selective in YC history.
For comparison, Stanford, Harvard, and MIT have acceptance rates of 4%, 5%, and 7% respectively.
To put things into perspective, 27,000 startups applied, and only 260 made the cut.
So, how does one get accepted to YC?
Over the years, numerous YC founders, partners, and applicants have shared insights about the YC application process.
Here's a list of the tips I compiled from interviews with top founders.
1. Get to the Point and Avoid Buzzwords.
Y Combinator emphasizes the importance of clarity and conciseness in your startup application.
Focus on clearly communicating your startup's value proposition, current traction, and future potential. Avoid using vague buzzwords and overly promotional language. Instead, provide tangible details about your product's features, your team's capabilities, and the market opportunity.
For example, rather than using vague language like "dynamic" and "forward-thinking," describe your startup's activities explicitly. Keep it simple and explain what your startup does clearly and straightforwardly. This approach will help YC understand your startup's real value.
Do:
"We're a platform that connects freelance graphic designers with small businesses requiring professional branding and marketing materials.”
Don’t:
"We're a dynamic, forward-thinking platform that utilizes state-of-the-art technology to revolutionize the digital landscape and empower users with cutting-edge solutions for next-generation challenges."
Don’t over-explain.
Don’t use buzzwords or marketing speak.
Instead, be concise and speak like a human.
They will better understand what you do, and you’ll go further than you would otherwise.
2. Apply Early:
Thousands of founders from around the world apply to YC.
Given the intense competition, applying early won't guarantee acceptance.
However, submitting your application ahead of the crowd can increase your project's visibility among the YC selection team.
This slight edge might be crucial in setting your application apart, making early submission a no-brainer.
3. Be Formidable:
The reality is that investors don’t truly invest in ideas. They invest in teams. At the earliest stage of any startup, success is largely determined by the founders.
So, what does it mean to be “formidable”?
According to Paul Graham, a formidable person seems like they’ll get what they want, regardless of whatever obstacles are in the way. Formidable is close to confident, except someone could be confident and mistaken. Formidable is roughly justifiably confident.
If the founders seem promising, I’ll now spend more time trying to understand the idea. I care more about the founders than the idea, because most of the startups we fund will change their idea significantly.
If a group of founders seemed impressive enough, I’d fund them with no idea. But a really good idea will also get our attention—-not because of the idea per se, but because it’s evidence the founders are smart.
-Paul Graham, YC Cofounder
4. Be Relentlessly Resourceful:
According to Paul Graham, being relentless alone is not enough to make things go your way except in a few mostly uninteresting domains. In any interesting domain, the difficulties will be novel.
What does this mean?
Most of the challenges you face as a founder will be new to you.
You won’t initially know how hard they are, so you can’t simply plow through them.
Plowing through them will most likely result in failure.
So you have to be resourceful.
You have to keep trying new things.
How does this translate to the YC Application?
Demonstrate your ability to adapt and innovate in response to challenges. Emphasize resilience, creativity, and specific instances of pivoting, experimenting, and finding innovative solutions.
5. Don’t Pretend. Be Sincere:
When preparing your application, it's crucial that you present your startup in a favorable but genuine light. This means your application should reflect your startup's strengths without shying away from acknowledging its areas of improvement.
A genuine passion for your product cannot be understated.
This fervor goes beyond mere enthusiasm; it's about a deep-seated belief in your product's ability to make a tangible impact.
This conviction is contagious and capable of captivating potential investors, customers, and partners alike.
This passion underscores your commitment to your vision, transforming challenges into opportunities for growth and innovation.
6. Make Something People Want:
At the heart of every successful startup is a product or service that meets a real need and solves a significant problem for its target market.
This doesn’t mean you need a perfect product. Launching a perfect product initially is usually a fatal mistake.
Ideally, you should build a small version of your product that you can test on your potential customers and follow the rule of one: Solve one problem for one customer.
Once you release this product, you must talk to your customers, listen to them, learn, and adapt your product accordingly. We tend to assume why people do one thing or another, but listening to your customers guarantees that you’re building something they want and are willing to pay for.
So whatever problem you decide to solve for, remember:
Build a small version of your product.
For one customer.
That solves one pain.
Listen to your customers.
And iterate accordingly.
7. Pick a Metric & Show Traction:
Key performance metrics (KPIs) are an effective way to show progress. Numbers provide a clear picture without the need for further explanation. However, it's important to note that not all KPIs are the same. Some KPIs may not work for every startup or accurately reflect the startup's reality.
Common KPIs for a startup:
Customer Acquisition Cost (CAC): Total cost incurred to acquire a new customer.
Lifetime Value (LTV): Total revenue a customer is expected to generate over their entire relationship with the company.
Churn Rate: Percentage of customers who stop using the product or service over a specified period.
Annual / Monthly Recurring Revenue (ARR/MRR): Annual / Monthly revenue generated from subscription services.
Burn Rate: Rate at which a startup is spending its cash reserves.
Runway: Amount of time a startup can operate before running out of cash.
Customer Retention Rate: Percentage of customers who continue to use the product or service over a given period.
Net Promoter Score (NPS): A measure of customer satisfaction and loyalty based on how likely customers are to recommend the product or service.
Conversion Rate: Percentage of leads that convert into paying customers.
User Engagement: Level of interaction and activity users have with the product, often measured by metrics like daily or monthly active users (DAU/MAU).
Common mistakes to avoid:
Vanity metrics such as social media followers or website visits without considering engagement or conversion rates.
Setting revenue growth as a primary KPI while ignoring profit margins.
Concentrating only on increasing the number of new customers without monitoring the costs associated with acquiring them (CAC).
Focusing on immediate sales figures rather than customer lifetime value (LTV).
8. Present Alternative Ideas:
Why should you include alternative ideas?
Even if YC investors don’t love the idea you’re applying with, they will try to help you if they like you. Presenting alternative ideas helps them imagine you building for other problem spaces that they might be more passionate about or think you might be more successful in. This might lead them to choose to fund you and help you succeed with one of your alternative ideas.
By presenting alternative ideas, you’re increasing your chances of getting into YC. You’re presenting yourself as someone more flexible, capable of pivoting, and who can fall in love with the problem rather than the solution.
So, do yourself a favor and share other ideas you are interested in exploring.
9. If You Get Rejected, Keep Applying
It can be difficult to accept not getting accepted into YC, but that doesn't mean you should lose hope. There are two windows of opportunity every year to apply for a spot in YC's summer and winter batches, and many founders who got in were rejected multiple times before they were finally accepted.
Applying multiple times can demonstrate your perseverance, determination, and passion. For instance, Brian Vallelunga from Doppler applied to YC six times before finally getting accepted on his seventh attempt. In his own words: "It took me seven times to get in, so it's proof that you can do it.
So, if you get rejected, don’t lose hope. If you truly believe in what you’re doing and apply again and again, this will increase your odds of getting accepted.
Closing remarks
By following these tips and emphasizing your adaptability, resilience, and genuine passion, you can strengthen your application and improve your chances of joining the next YC batch.
Remember, YC isn't just looking for great ideas—they're looking for great founders.
So be formidable and relentlessly resourceful, but always remember to be yourself and be sincere.
Bonus: How to Apply and Succeed at YC with Dalton Caldwell
Special thanks to our sponsor:
Axented helps businesses design, build, and scale their products and teams worldwide.
With over 10 years of experience and a diverse portfolio of more than 300 projects delivered in over 15 countries, Axented has established itself as a trusted partner in the tech industry.
Renowned for its expertise and commitment to excellence, Axented provides innovative solutions to help businesses thrive in a digital world.
