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How did they have tons of signups before they had a product? Did they just have a "coming soon" (with these awesome features) landing page? Would that count as traction?

I do have something - but it is not very far along. Was wondering how far along it needs to be - we just have a rough working wireframe and an early prototype, but no customers. The impression I got from the article is that they did not have any/many customers either. So how important is to already have actual paying customers and users.

That was a great article - very insightful. A question though : Is it possible to get into YC without having an actual working product? That is with just a general idea for a product that you want to build?

The impression I got by reading all the stuff in the tech press, is that almost no one will fund just an idea - even seed funding - you do need to have a working product, and traction and customers, etc.

The other question is : Is it possible to get into YC if you are much older than your mid-twenties or early thirties? I know it is theoretically possible - but are there any YC founders in their forties or even fifties?