Should I apply for YC with just an idea and MVP or attempt to get it to revenue generating first?

[johnpatmos211503]

I am M26, currently working at MBB as consultant focused on new venture development, having previously worked as a tech PM for a Series B scale up (~3 YoE in total).

I can code well enough to develop MVPs.

I have an idea in the Ed-tech GenAI space that I am building out an MVP for, but not sure if I should be building the idea out further to revenue stage, and a team, before bothering to apply for YC. The main insecurity comes from not being Ivy league or big tech background.

Does anyone have an insight on:

- What would my ideal entry point to YC be (e.g., work for a few more years / develop a team first)?

- The delta value add of a revenue generating startup vs pre-revenue, assuming TAM is huge

- What other accelerators would be of good fit to me?

- Lastly, how to find co-founders in the AI space? E.g., Any communities (i..e, Slack) on Ed-tech or GenAI?

Open to any other thoughts on how I should being my journey - I have enough personal runway for 18 months.

First reddit post - open to feedback

 

[coloradogrrrl21]

@johnpatmos211503 If you are not elite. (Ivy League, FAANG exp, etc)

Go for revenue.

 

[outlawstate]

@coloradogrrrl21 He/she is at MBB (and was a PM at a Series B, to boot!), will check that "elite" checkbox, unless OP is in some sort of weird tertiary role at MBB.

 

[eterna]

@coloradogrrrl21 What does elite mean? Is a doctor elite? Is an Investment banker in a bulge bracket bank count?

 

[coloradogrrrl21]

@eterna Idk about doctor but working in IB at a top bank is for sure elite.

 

[ratnakar]

@eterna that wholly depends on the quality of the competition.

 

[jstanley7]

@coloradogrrrl21 I was top-tier non-US school, elite top-tier PE firm, HBS + Wharton admit (rejected to work on my current investment company & some personal stuff to deal with), technical-oriented founder - still rejected.

Solo founders are not given a fair chance in YC. Heck, even had a much older and experienced potential cofounder, but he's 50+, which I guess YC looks down upon. Even have a top-tier VC firm (Seq.) showing interest in our idea pre-product. Still rejected.

 

[coloradogrrrl21]

@jstanley7 Yep. Being solo and non-elite must be the worst case.

I think they are against solos because they are also against hiring early on.

Even have a top-tier VC firm (Seq.)

Thats crazy tho

 

[mousearts]

@johnpatmos211503 I would try to show some demonstration of traction, users for B2C and LOIs / design partnerships / actual contracts for B2B.

But I wouldn't wait until your personal runway is out to apply. There's also no harm in applying now and again later I believe.

 

[outlawstate]

@johnpatmos211503 No reason not to apply now. If they say no now, you can always reapply later (I think this is true much more for YC than almost any other early-stage funding source--take advantage of it).

That said, I'd treat applying to YC in one of two ways (and I think most people should do this):

1) A one-off: "I'll apply to YC, and if I get in, great, if not, I'll keep doing my thing."

2) As part of a broader fundraising process, where YC is one of many stones you are turning over.

A lot of people get in trouble trying to mix the two ("I'm applying to YC to fundraise!") or by going halfway ("I'll apply to YC, and half-heartedly reach out to some additional investors").

Know your goals.

 

[mumofthree]

@johnpatmos211503 You can start your application and finish it closer to the deadline and if you have revenue by then that would be fantastic, but if you're still pre-revenue by then submit it anyways.

 

[allanb]

@johnpatmos211503 Traction = significantly higher chance of getting investments from anybody including YC

 

[dreamasamemory2002]

@johnpatmos211503 both.

 

[kkcarter215]

@johnpatmos211503 Full send bro

 

[prinzleczy]

@johnpatmos211503 If you are 2+ cofounders, both IVY/FAANG & below 26 age- idea will do.

Or else need revenue, much more revenue if you are B2C.

 

[lacker3]

@johnpatmos211503 "Code well enough to build MVP" -> Hope this doesn't mean "I can use WordPress, bubble.io to build a webpage". YC is unlikely to accept you if you don't have/ haven't demonstrated technical chops.

 

[geetha91]

@johnpatmos211503 Get LOIs and pilot contracts, should work out then.

 

[gladius]

@johnpatmos211503 You can apply and see from there. Someone from Stanford GSB, Forbes 30, still not get in.