Thursday, October 29, 2009
Wish me luck.
Y Combinator is a company based in Palo Alto that gives small amounts of venture capital to internet start-ups. The application process is nice and straightforward, so I've decided to apply this year for the round of funding that starts next January. The amount they offer isn't all the money in the world, but they don't ask for all the stock in the world, so it's a fair deal for a guy like me. I can live on the money they offer, which is more than I can say for teaching gigs right now.
Not to go into too much detail, but the idea is for an educational site that would mostly be free to the public with a fee-based section for students taking particular college courses. My hope is that we can create a business model where the fee is for a semester and at some reasonable price, unlike the textbook racket.
I want to thank Ken Rose for telling me about Y Combinator, Rob Fulop for taking time to get together and giving me his advice on start-ups, and to sfmike for his help making my application look better and to Mike's partner Tony for letting me use his Mac to test out the feasibility of the product.
I'm being intentionally vague as to what the website is. The application process ended yesterday and Y Combinator takes about a week to decide who they will fund, so I'll know better by late next week as to whether it's thumbs up or thumbs down.
Not really all that long a time to wait, but when you're waiting, it always seems long, doesn't it?