I think what he was trying to say was that selling your startup to a large company is only a no-brainer if you have significant equity in the company. If you d

I think what he was trying to say was that selling your startup to a large company is only a no-brainer if you have significant equity in the company. If you don't, selling to another company isn't an exit strategy, it's just a transition to a different, and quite possibly worse, work environment. I don't know if this is really a valid criticism, since most YC startups don't seem to expand that far past the founding team, but I'm pretty sure that was his point.