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Agreed with SoftEng being the better program, at least when I was there (class of '06). From my one class of 85 grads there have been at least 3 companies started, including PagerDuty which is in the current YC cohort.

The benefits of SoftEng vs CS may be mitigated by being in Velocity. But if you're not, then the fact that you're with the same group of people for 5 years on the same schedule is great for forging bonds and thus cofounders.

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