Right on. I think as long as the quality of YC companies remains high, the presence of imitators will of course increase the value of the original, just as in h

Right on. I think as long as the quality of YC companies remains high, the presence of imitators will of course increase the value of the original, just as in higher ed. Startup incubators may in some ways be easier to replace than universities (Harvard, Brown, etc. are still going strong after 200+ years), but they are subject to similar dynamics, insofar as there is team loyalty and networking benefits (as there obviously are). Personally, I would accept 10% dilution of my company simply to be an YCombinator alumnus since I think the benefits are and will remain that high.