Disclaimer: I'm one of the founders being backed. Not really. YC used to invest that amount 10 years ago for 6-7%. Airbnb, Dropbox, Stripe, etc. were definitel

Disclaimer: I'm one of the founders being backed. Not really. YC used to invest that amount 10 years ago for 6-7%. Airbnb, Dropbox, Stripe, etc. were definitely not planned for "very low exits." These days people get into YC with pretty elaborate stuff. I think that an underrated founder with just an idea or an mvp with little or no traction, wouldn't get into YC today (think Airbnb, Reddit, etc.). Pioneer is building a model to invest in deals earlier in the pipeline. It will probably give them outsized returns in the future.