The problem with $20k for 6%, even back in 2016, is that it immediately filters serious founders unless hyperfocused on segments like university students (i.e.

The problem with $20k for 6%, even back in 2016, is that it immediately filters serious founders unless hyperfocused on segments like university students (i.e. old YC) where there's a good reason for being broke. It's simply better to have a day job than to take that offer. The alleged value is in the accelerator itself, which here was nebulous at best.