I'm obviously unfamiliar with US job dynamics, but a YC applicant team, if funded, would not arrive in the US "looking for a job"... they would have it (YC helps with paperwors for incorporating after all, doesn't it?)
I'm a EU resident as well, and I'm tyring to apply for this round.
There may be a circular dependency here. AFAIK, to found the company you would already have to have a legitimate visa but to get a visa you would need to already be employed by the company.
IIRC Miguel de Icaza originally came into the US on a tourist visa and thus couldn't be an official founder of Helix Code/Ximian since he didn't have a work permit.