Paul Graham, “What I Did This Summer”.
Two Summer Founder companies have turned down acquisition offers. The ones that are seeking it seem to be finding non-Y Combinator funding, which is a good sign.
Posted by jjwiseman at October 11, 2005 11:09 AM
We would have been happy if just one of the eight seemed promising by the end of the summer. What's going on? Did some kind of anomaly make this summer's applicants especially good?
I was surprised how much time I spent making introductions. Fortunately I discovered that when a startup needed to talk to someone, I could usually get to the right person by at most one hop. I remember wondering, how did my friends get to be so eminent? and a second later realizing: shit, I'm forty.
When we asked the summer founders what surprised them most about starting a company, one said “the most shocking thing is that it worked.”
If I'm right, “hacker” will mean something different in twenty years than it does now. Increasingly it will mean the people who run the company. Y Combinator is just accelerating a process that would have happened anyway. Power is shifting from the people who deal with money to the people who create technology, and if our experience this summer is any guide, this will be a good thing.