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The venue was Y Combinators, a kind of "American Idol" for geeks that helps entrepreneurs turn promising ideas into businesses that will attract investors.

WTF?

It is a good thing that the LA Times has layers of fact checkers and multiple editors to catch mistakes before they go into print. Otherwise, they'd just be bloggers with better suits and worse balance sheets.

Is he suggesting startups are voted off the island?

Maybe he's confusing Paul Graham with George Foreman?

http://www.youtube.com/watch?v=41RZKHGga0Q

Founder Institute does that. Actually about half of the people who go in are kicked out.

Yeah, I hear Bootup Labs take a similar approach <joke>

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