This reasoning would be true only if YC was the only investor in town. In truth, the options actually are a superset of: * Do not raise * Join YC at a very lo

This reasoning would be true only if YC was the only investor in town. In truth, the options actually are a superset of: * Do not raise * Join YC at a very low valuation and justify it with the nebulous value of the "YC network" * Raise from any other investor at an appropriate valuation and benefit from the nebulous value of their network.