Graham talks about why startups fail, $1 billion valuations, and how Y Combinator weeds out candidates. On whether the accelerator is underselling the challenges of entrepreneurship:
I’ve written a lot about what a bitch the start-up world is. So, maybe the other incubators are underselling, but we’re not. That being said, everyone is surprised by how difficult it turns out to be, because it’s not the kind of difficulty people have experienced before… Start-ups are hard but doable, in the way that running a five-minute mile is hard but doable.