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wow, record series A valuation? Did this company start working on their product near the beginning of their YC funding cycle or had they been working on it for
by brezina 18y ago
wow, record series A valuation? Did this company start working on their product near the beginning of their YC funding cycle or had they been working on it for a while? It appears to me that a higher percentage of YC companies are coming into the program with a developed product and traction than we had during the reddit, loopt, kiko days.
As an aside, I love the author Jamie Siminoff, I enjoy our product brainstorming sessions, and think his company Phonetag is awesome, but I think this article is a bit empty. I wonder if companies would be as hungry to succeed if they had guaranteed place to stay in a hotel that resembled a 24 hour lan party? Probably not.
- Siminoff 18y agoMatt thanks for the comment and I agree the article is a bit empty, because in reality it was a quick post based on what I have been feeling lately, not so much an article... I should probably write a follow up about how I would envision the "24 hour party". For example for sure you would not be gauranteed to stay, the ability to stay would be based on how the company and team are working. So in essence every week or 2 would be viewed as an additional round. However with this cost basis unlike others you could keep a company going a lot longer if you believed traction would come.
- deleted 18y ago[deleted]
- pg 18y agoIIRC they didn't have too much done yet when YC started. They did have a lot done by the time the A round happened, though, because they'd done an angel round in the interim.