It's really hard to predict which companies will be successful at an early stage. YC was created to invest in founders that would have otherwise been passed ove

It's really hard to predict which companies will be successful at an early stage. YC was created to invest in founders that would have otherwise been passed over, often because their companies were so young. Getting a higher hit rate probably means investing in fewer less-young companies, like a traditional VC. The companies that attract VCs are more proven, but investing like this is antithetical to the accelerator model. Personally, I think it's great that YC is growing by trying new things (like YC Fellowship and YC Research) rather than only trying to do a better job at existing things, like being VCs.