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This is one of the crazy things I've come across - one moment there's a call for YC rejects to hang out together, next day there's cash for equity! Since this is an experiment maybe it would help to keep it simple in the original form and leave investment out of it till the end of summer?

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What about the quality of the applicants? Will the better candidates not bother with this project since no money is involved?

It would be interesting to diff the original applications and those after the money announcement to gauge the interest and quality. I think quality startups will want to reach a certain level (prototype, proof of concept) and then money will find them. The blanket offer for investment without knowing the startups or prior relationships is a bit too good to be true?

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