For example, the idea of a minimum viable product doesn't really work too well with Hardware. Neither does shipping fast and iterating - hardware recalls are expensive.
For us, the best value in YC was the partners. Having smart people to go to when you're facing problems is probably the most valuable part of YC. A lot of times, your problems have very little to do with your technology or industry.
Actually, it does, if you make your MVP a little more minimal. Put up a sales page for the product, attract traffic with Google AdWords, and see who clicks "buy".
You know those infomercial products that required 6-8 weeks for delivery? That was the time it took to actually get the products manufactured, which didn't happen until a sufficient quantity of orders had been reached. Tim Ferris has a bunch of similar examples in 4HWW.