If you remove tail returns and just at the financial outcomes, the roi of YC and the roi of a lottery ticket start looking very similar.
The labor market signal (plus network) is another thing entirely, YC alum is probably more valuable than Harvard or MIT in certain circles so if you just look at it as an $8k credentialing, it is an easy thing to justify.
For a first time YC founder, you get both. For a second time YC founder you would only have the financial return traits.
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If you remove tail returns and just at the financial outcomes, the roi of YC and the roi of a lottery ticket start looking very similar.
The labor market signal (plus network) is another thing entirely, YC alum is probably more valuable than Harvard or MIT in certain circles so if you just look at it as an $8k credentialing, it is an easy thing to justify.
For a first time YC founder, you get both. For a second time YC founder you would only have the financial return traits.