I don't think that's the right way to think of Y Combinator. It's Harvard++. What incubators and VCs and tech press sell, much more than money or exposure, is

I don't think that's the right way to think of Y Combinator. It's Harvard++. What incubators and VCs and tech press sell, much more than money or exposure, is legitimacy. Once you're legitimized, you don't need to worry as much about money because it will seek you out. Being YC means you're already legitimate (it was the first of its kind, and is therefore highly prestigious) and require almost no further capitalization from YC itself.