I'm convinced those that say "I think its a good exercise filling out an application" have never actually read the application
Here are a few questions:
"How far along are you?"
"What tech stack are you using, or planning to use, to build this product?"
"Why did you pick this idea to work on? Do you have domain expertise in this area? How do you know people need what you're making?"
"Who are your competitors? What do you understand about your business that they don't?"
"How do or will you make money? How much could you make?"
It's really not that deep or thought provoking. Its fine, you should have answers for these questions, but its hardly worth a founders time going over this as closely as many do.
> And the second reason is that they get to see as many options as possible, because that's obviously better for them
Yes, that's the infinite optionality for them. If I was running YC, I would obv promote the same strategy. As a founder, I think their incentives don't necessarily align with mine.
I've read the application. In fact I've filled it out three times, once successfully and twice not. It is indeed an excellent exercise. Among many other things: if you're a first-time founder then it teaches you what's important, and if you're a second-time founder then it reminds you. (Many second-timers do sometimes need to be reminded, myself included.)
Then I started to interact with founders and listen to pitches. Oh boy. I used to think that then VCs are just exaggerating when they say they're like 15 minutes into a conversation and have no idea what the founders are saying. Wow. That's so not true.
The whole ecosystem would be better if every founder at last filled out that sheet.
Here are a few questions:
"How far along are you?"
"What tech stack are you using, or planning to use, to build this product?"
"Why did you pick this idea to work on? Do you have domain expertise in this area? How do you know people need what you're making?"
"Who are your competitors? What do you understand about your business that they don't?"
"How do or will you make money? How much could you make?"
It's really not that deep or thought provoking. Its fine, you should have answers for these questions, but its hardly worth a founders time going over this as closely as many do.
> And the second reason is that they get to see as many options as possible, because that's obviously better for them
Yes, that's the infinite optionality for them. If I was running YC, I would obv promote the same strategy. As a founder, I think their incentives don't necessarily align with mine.