Daniel_Burfoot comments on Open Thread, Apr. 27 - May 3, 2015 - Less Wrong
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To add a bit of empirical analysis to this comment, I analyzed the YCombinator Winter 2015 batch. I categorized the startups into one of three buckets: Tech-Dependent Business Model (TDBM), RePackaging and Polishing existing tech (RPP), and Novel Tech (NT). The list can be found here.
The following pattern emerged from this exercise: YC is not funding startups that are developing new computer science technology, with the possible exception of MashGin and AtomWise. The YC startups that are attempting to develop new technology are in the biotech/medtech space - Transcriptic, Standard Cyborg, Industrial Microbes, Zenflow, Lully, and 20N.
Edit I noticed after writing that the list is from Demo Day 2, representing the second half of the Winter 2015 batch. However, it doesn't appear to me that analyzing only half the batch causes a serious bias in the conclusion. The Demo Day 1 batch is available here.