I think YC is on a virtuous spiral. A YC investment increases a candidate's chances of success. This attracts a lot of candidates which enables YC to select the

I think YC is on a virtuous spiral. A YC investment increases a candidate's chances of success. This attracts a lot of candidates which enables YC to select the ones that have the greatest chance of succeeding. Which further improves YC's record. Harvard is in a similar situation. A Harvard graduate is impressive because the students selected by Harvard are impressive because a lot of students want to be Harvard graduates. This is why elite schools can give away their curriculum on the Internet. If the content of the curriculum were critical, then top schools would guard it more closely. However, if the best students are already attending, then top schools don't have much to fear from the left-behinds who follow along for free on the Internet. This is an example of something you can't copy. As long as the best high school graduates keep choosing Harvard, Harvard has little to fear from a competitor who meticulously copies its fine classrooms, libraries, and curriculum. Similarly, as long as the best entrepreneurs choose YC, YC would still do well even if all of its dinners were broadcast free on justin.tv.