Insights on the Y Combinator interview
rtabl.es
rtabl.es
http://techcrunch.com/2011/05/25/absolute-must-watch-office-...
http://techcrunch.com/2011/09/12/tc-disrupt-office-hours-wit...
The solution is to practice beforehand, preferably on people who will tell you candidly when you haven't yet explained yourself clearly.
The test of how well you've explained a startup idea is how accurately the listener could reproduce it from your description.
But I should not be too sarcastic. I really liked these. A lot of the interviewees were very promising even after your well meaning attempts to shoot holes in their business models. And your comments are very informative.
But it seems that your comments and questions also indicate how hard it is to build a successful start-up. It is not merely about making something useful or better than the competition, you have to make something that cures a significant pain point so that your customers are actually motivated to go out and get it. It really does make one take a pause and question things.
By far the most useful thing we did to prepare for the interview was to build a FAQ. The FAQ had everything we thought the partners might ask. For example: * How will we get users? * How do we know users have the problem we're solving? * What's the rocket science? Why can't other people do the same thing? * What existing services exist, and what specifically will make our product better than each of them?
For each question, we tried to have as many concrete details as possible, e.g., statistics, research papers, specific advantages we had over each competitor.
The other really useful thing was to spend about $50 to run a small AdWords/Facebook campaign, and measure the click-through-rate we got with various keywords and ad texts. This let us figure out, 1) did users actually want what we were building?, 2) how many users total could we drive to our site per day?, 3) what is the average cost per user would be? If you're building something that requires getting lots of users, I'd recommend doing this. Just seeing the most popular keywords that are relevant to your product will give you a much clearer idea of what people want.
It's on the interviewee to get his or her key points across. Go in knowing the three or four main bullet points you want to convey, and make sure you get them out.
Before we interviewed we had been pitching to a lot of people including other incubators etc. This was the only preparation we made. The questions that YC partners asked were similar albeit more pointed and direct. We showed them a demo that we had created and basically told them what we do. There were a lot of questions about the business. A lot of them we've heard and answered before. Some were new and we were honest with our answers (more or less). I think what we did well was the convey the passion we had for the business we were building and I distinctly remember our interview ending with my co-founder's 30 second monologue about how we really aspire to help people.
I think 10 mins is just enough for people to understand what you are doing and a little bit of how you are doing it. No one should waste time in actually trying to convince the partners that you bigger than you actually are. You might be able to pull it off but it requires a whole lot of BS-ing skills.