Paul Graham, GMIC speaker and Co-founder of Y-combinator has turned about 564 half-cooked business ideas into runaway hits valued at $11.7 Billion. Their model changed the face of traditional investing. Each year around 60 startups are selected from a pool of 1000 applications. In exchange for 7% equity Y-combinator makes an initial investment ranging between $17K and $20K with each startup combined with $80K funding from Yuri Milner, Andreessen Horowitz, General Catalyst, and Maverick Capital. Compared to traditional VC’s they don’t read business plans and invest small amounts to support the three month cycle.

More speakers for GMIC SV:

http://sv.thegmic.com/speakers-2013/