It varies, some startups are post-launch and already have significant traction pre-YC while others are just at the idea stage.
About 20% of YC companies completely change what they're working on during YC, so for them the value of having something already built is relatively small.
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That is good to hear.
However, given the popularity of YC, I am assuming that most of the applicants are in advanced stages of development when they apply.
It varies, some startups are post-launch and already have significant traction pre-YC while others are just at the idea stage.
About 20% of YC companies completely change what they're working on during YC, so for them the value of having something already built is relatively small.