The Y Combinator (YC) Accelerator is accepting applications for the 3rd batch of its 8-week Fellowship Program.
The Fellowship Program is a lighter version of YC Core specifically for idea and prototype stage companies. That doesn’t mean idea stage companies can no longer apply to YC Core, but the idea is to create more opportunities for idea-stage companies to get started. The YC Core opportunity has been described on Competition Info in an earlier post.
March 24, 2016 (8 pm PT).
$20,000 funding for 1.5% equity.
Equity only converts if the company
1) has an IPO or
2) has a funding event or acquisition that values the company at $100M or higher.
It will be primarily experienced remotely so that teams can spend as much time on product and customer development as possible. Office hours will be done over Skype or phone. All the teams will be brought together once, but only at the beginning of the cycle for an all day Kickoff Conference.
Fellowship teams will have a dedicated YC partner following their progress throughout the program.
Weekly talks with speakers will be streamed live to companies online.
At the end of the program, the startups will be able to present their progress at a Virtual Demo Day to investors.
If a Fellowship team decides to apply to the YC Core program, YC will provide early decision information about their interview status.
During and after the program, Fellows will be introduced to smart people who can help them. The founders of YC companies tend to be especially helpful. There are now about 2,000 of them, and they’re usually very willing to give advice or make introductions.
You must have at least 20% equity in the startup to be considered a founder for the Y Combinator Fellowship Program. Only founders can come to interviews if invited or attend batch events if accepted. Ideally the equity would be divided more or less equally among the founders.
The people in the group are what matter most.
They are looking for brains, motivation, and a sense of design. Experience is helpful but not critical.
Your idea is important too, but mainly as evidence that you can have good ideas. Most successful startups change their idea substantially.
OTHER KEY DATES
On April 10, the groups that seem most promising will be invited for interviews. Interviews will take place at the end of April on assigned days and times.
Note: Both programs (YC Fellowship and YC Core) will use the same application form. In the application, you’ll simply select which of the two you’re applying for.
If you’re unsure which program best applies to you, apply to both! The YC partners can decide which program your application is best suited for.
Source and Photo Credit: http://www.ycombinator.com/