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Paul Graham

Y Combinator starts


ycombinator-logoGraham, Livingston, Morris, and Viaweb employee Trevor Blackwell offer $6,000 seed capital for a company with one founder, $12,000 if the company has two founders, and $18,000 if the company has three. In exchange, Y Combinator gets around 6% in common stock. Graham publicizes the program on the web:

We give you enough money to live on for a summer, as with a regular summer job. But instead of working for an existing company, you’ll be working for your own; instead of showing up at some office building at 9 a.m., you can work when and where you like; and instead of salary, the money you get will be seed funding.