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In line with the idea that if your struggling to keep up with workload then your not charging enough, perhaps here the total value of the program has become a lot higher than the equity being taken, hence the number of great applications.

Wonder if there would be merit in taking some more equity as a way to try and cap the size of future batches.

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My impression is that a change of that nature would select against the applicants with strong alternative routes to funding. Either because they are already well connected and experienced, already have traction, or already have some other advantages.

So while it would reduce the number of applicants, it would also reduce the overall quality of applicants. Given that the problem with too many applicants is sifting through them to find the good ones, eliminating the good ones outright would be worse than merely having a higher chance of overlooking them.

That assumes he wants to cap the size of future batches.

He has said, multiple times, that he is not sure how large is too large and will continue growing as long as he hasn't hit that threshold...sooo....we'll see.

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