It would be a disaster if that were true, because in this type of investing as in any other, returns are proportionate to risk. Fortunately it isn't. As I said in another thread, a quick sample of the current batch suggests half had no growth when YC accepted them.

YC does face a danger in this respect, because as it gets better known, there are an increasing number of applications from fairly established startups. To avoid that danger we make a conscious effort to fund risky outliers. E.g. the 17 year old kid from Bulgaria with zero revenues or users.