> Are there any hidden details that are usually not mentioned?

Yes. In general there are hidden details but what those specifically are, I can't tell you.

I can speak freely since I was expelled from YC.

# Background

I did YC twice, in 2008 and 2009. YC invested ~$15,000 in both startups. I don't keep a close eye on it, but I think nowadays they give you 33.3333x as much money.

My first startup we shut down. I didn't know what I was doing. My co-founder was smarter and went on to do multiple successful companies, I think a couple funded by YC.

My second company got acqui-hired by Microsoft in 2014. YC got $0 since it was only 3 people and YC was our only investor and it wasn't worth it to do a stock acquisition, especially since the Seahawks had just won the Superbowl and the Microsoft Biz Dev folks were in a good mood.

I felt relieved I could at least "pay back" YC, but PG was aghast when I emailed him that: "You don't have to pay back YC. I'd be horrified if I thought you were even thinking about that. We expect to lose money on most of our investments. The small number of big hits compensate-- more than compensate. So don't worry about us at all. Just go work on interesting things. Good luck, --pg"

Ignore how he dresses, the guy is a class act.

# As to the Hidden Details

There's a lot of secrets with YC.

Back in the early days when I was just one of the first HackerNews users, I logged into the site and saw I had "One New Message". WTF?

HN did not have a messaging system.

Or so I thought.

In fact, HN had a secret messaging system that PG used to communicate with promising hackers.

From that point on I was a guest in YC's secret hotel, but never got invited up to the Penthouse.

YC has a lot of hidden tools. I am now on the shittier version of HackerNews that the public has access to (since I got expelled). There's a cooler version with extra features that you get access to if you're in the club.

YC has secret ratings and reviews of all investors worldwide; a huge thing called "Bookface" with all sorts of helpful tools for startups, etc.

They don't really share anything about their returns. They are not like Warren Buffet, who writes a detailed letter explaining the returns each year.

Knowledge is compartmentalized a lot of knowledge between partners, batches, LPs, favorite startups, et cetera.

Now, there are legitimate reasons for doing this.

First, it's obviously a huge competitive advantage, and IMO these tools and this information is likely worth far more than the $500K they give your startup.

Second, YC/their portfolio is _constantly_ under attack from forces all over the world. That's what happens when you are the GOAT and fund so many Unicorns. People all over the world come after you and your portfolio companies. Tom Brady is a hero in Boston and Tampa but the most vile villain in 94% of cities with NFL teams. You get paid the big bucks not to enjoy the love, but to endure the hate.

Anyway, so what specifically are the hidden details? I don't know. Like I said I was never invited up to the Penthouse. But I do know they are more than comfortable to keep secrets. Secrecy does not seem to bother them.

Don't take my word for it. Here's JL: "Some of the most useful things I've learned about startups over the years are also things I'd never share publicly." [0]

If they are holding back "the most useful things", what are they giving us? Why should we trust them?

[0] https://foundersatwork.posthaven.com/the-sound-of-silence

P.S. I love YC and highly recommend it. I give them sht because I've always given them sht, because I always want them to be improving.