The Mindset That Got New Story Into Y Combinator
Brett Hagler shares our story of getting into Y Combinator when the odds were against us. Originally posted on LinkedIn.
The YC Summer 2016 application is due on March 24th, so here's the mindset we had 11 months ago when we applied to YC's Summer 2015 batch.
There was about a 99% chance we would not get in. This article explains how we (New Story) did get in, and how you can apply the same formula to any dream you have where the odds are stacked against you.
Here's the link to the YC Summer 2016 application, due by March 24th.
The Odds
YC has a ~2% acceptance rate and some say it's harder to get into than Harvard, Stanford and the Navy Seals combined. It's regarded as "the best program for creating top-end entrepreneurs that has ever existed” says Marc Andreessen.
I'll tell you right now that I barely got into Florida State. My IQ is nothing special and I can't code. My co-founders are smarter than me, but with all due respect, they aren't rocket scientists.
So. How did we beat out smarter and more accomplished founders... how did we get into the best entrepreneurial program to ever exist?
The Mindset:
1. Move Fast
New Story launched as quick as possible. We didn’t wait for a 501c3, didn’t wait for validation, didn’t wait for a beautiful website. We just made what we wanted and what we thought people would want.
Our goal was not to change the world, it was to crowdfund a few homes ($6,000/each). We thought if we could do that using the unique donor experience we wanted to see, then maybe we could scale it. We actually launched with a "fake" site - meaning we had to manually move the crowdfunding meter and % (i.e type into our iphones what percentage $3,655 out of $6,000 is, for every donation) in the very beginning. It wasn't automated. We carried our laptops everywhere as we were constantly updating meters and images.
Although it was manual and time-intensive, we were able to launch our product as soon as possible and start proving that this was something people wanted.
This was a strong part of our application as YC loves to see startups that get things done in a short amount of time.
Advice: Whatever idea is jotted down or is in your head, find the quickest way to make it real. You can't be scared as to what might go wrong or how it will look. Be vulnerable and go.
2. Take a Big Swing
"I swing big, with everything I've got. I hit big or I miss big. I like to live as big as I can.” - Babe Ruth
Because the odds were so stacked against us, we had to go all in. We were big underdogs, and while that's usually considered a disadvantage, it was actually our advantage. We decided to put in the extra effort and either hit big or miss big.
We meticulously refined our written application over and over. Then we had the smartest people we knew edit our application. Then we thoughtfully reached out to YC alums (once our app was *as polished as we could possibly make it*), and implemented their edits.
You also have to shoot a 1-2min founder video explaining what you do. After about 50 takes in Matthew’s apartment – we chose to ditch the video we were very happy with and do it again on a trip we took to Haiti a few days before the app was due. We cared about the little details. Here is the video we submitted:
3. Care More
"When I reflect on the last 10 years, one question I ask myself is: why were we the ones to build this? We were just students. We had way fewer resources than big companies. If they had focused on this problem, they could have done it. The only answer I can think of is: we just cared more." - Mark Zuckerberg
After getting into YC, people often reach out for advice and help. We're always happy to help (founders@newstorycharity.org). When chatting, I probe at how much work they've put in. Have they obsessively learned from YC resources? How many times has their app been edited? How many times did they practice their video? After chatting with them, did they send a thoughtful thank you?
Most people do a pretty good job. But then some people just go above and beyond. It's not because they're any smarter or more qualified... no, some people simply care more than others. They just give more damns.
That's how we were. And I believe that's how we got to the final stage of the YC application process which is a 10-minute interview in Mountain View, CA.
Now that we were getting close to acceptance, it was time to double down on going all in...
4. "100 Hours for 10 Minutes"
“The will to succeed is important, but what’s more important is the will to prepare.” — Bob Knight
Before our co-founders left Atlanta to fly to Mountain View for the 10-minute interview, we spent over 100 hours preparing for a 10-minute interview.
We made a 25+ page google doc (happy to send it to you if you're applying) with any possible questions/objections they could ask. We put in an insane amount of time studying. Each founder could immediately answer every question concisely (under 15 seconds).
At night, we set up shop at the Wholefoods in Buckhead (conveniently located and good for food/drinks) and had people come test interview us. We were extremely serious during the interviews, and we focused not just on answering questions, but also on body language, voice tone, and communication style.
The amount of time we put into a 10-minute interview was crazy.
Often times when people say "you're crazy," it's one of the best compliments that you can receive. It shows you really, really care.
And because of that preparation, we gained supreme confidence and had a great interview.
We took the risk knowing the odds were against us. We took a big swing. And because we weren’t afraid of going all out and potentially failing, we won.
Getting the acceptance call: (Matthew and me, Alexandria was unfortunately on a plane during the call.)
— Brett Hagler, CEO, New Story Charity
