Y Combinator is one of the first companies to have started a startup funding event, raising a platform for startup owners to come up, train and launch their ideas in front of the selected few investors. While now TechCrunch’s Disrupt is merely a month away, eyes are still fixed on the 3rd demo day of the Y Combinator.
Y Combinator does not just give a chance to the startup companies to make a pitch to the investors and get startup seed funding, it also gives proper training and polishing to the startup ideas and makes it launch ready at the end of 10 weeks.
The process Y Combinator team and their experts follow are:
(1) Fill The Application Form
Instead of making the startups go through the process of making a presentation or send a business proposal right at the beginning. One application form makes the potential, scope and feasibility of the project clear to the experts of Y Combinator.
(2) A 3 Month Shift
The founders of the startups selected should then move on to stay at the ‘Bay Area,’ as decided by Y Combinator.
(3) The Boot Camp
Though Y Combinator does not truly approve of the term ‘boot camp,’ the system they have set up does resemble that of a boot camp. The 10 weeks that these startup founders spend at the Bay Area, Y Combinator experts make sure they become fully prepared for the Demo Days. From polishing the product/service to preparing the founding member for the investors’ questions and to finally clearing out the feuds between the founding members. The Y Combinator experts think this is one of the most important phase of the startup and if everything is set up clearly now, then the issues that are born in the future can be avoided.
(4) The Knowledge Giving Dinners
During these 10 weeks, there are a few nights when Y Combinator plans a surprise for the startup founders. They plan a dinner fiesta with intellectual and successful startup founders coming to share their bit of experience and knowledge with these newbies in the town. These casual talks allow the knowledge seekers to grab a lot of practical experience without actually being in that position.
(5) The Demo Days
Well these are the D Days all the startup founders have been working for. They find their time and their stage to impress the investors. They also face difficult and ambiguous questions from the investors end.
According to Y Combinator, “The questions at this stage range from apparently minor (what to call the company) to frighteningly ambitious (the long-term plan for world domination).”
The best startup ideas we found from the Demo Day 1:
An app that claims at providing emergency services within 1 minute, Call9, is one that tops the list. It has affiliated the app with approximately 61 nursing homes and has already started working towards its aim, by saving 2 lives in one month.
This app is changing the way customer service training is given to the employees of any company. While even now some company use dozens of papers to train the employees, this app makes things simpler, with a continual reviewing procedure.
In building an app, the designers design an app and the engineers have to build the app by fetching the data separately. Using Zeplin, this process of handing the app from the designers to the developers can be made smooth.
The best startup ideas we found from the Demo Day 2:
Gigster allows people to hire freelancers for developing or designing an app. While it has already created a hullabaloo in the market, it will take time in finding the true potential of this startup. | We covered Gigster on Space-O here.
The “Amazon Fresh Of Bangladesh,” Chaldal allows the people of Bangladesh to order in fresh vegetables through a phone call, app or by using the website. They claim it to be difficult to do such a business in Bangladesh as there is not enough space available and yet this startup is winning hearts at Y Combinator.
Helping the customers find products online, all over in India, RedCarpet allows you to order and pickup their finds from nearby stores. They claim to have “6x revenue growth across the past 4 months,” shares TechCrunch.
Many shops claim to give the money back on the purchase of any product, under different circumstances. Their problem is that you have to remind them. In your busy life, where is the time to claim a money back. Paribus does this work for you and sends a money back claim to shops on your behalf.
Working as movers and packers, this app, Lugg helps you in shifting your luggage from one place to another with one single tap. All you need to do is, enter the location from where this luggage needs to be taken, click and send a picture of the luggage in concern. Instantly two packers with a truck of the proper size will be on their way to pick and shift this luggage to the destined place.
YC kicks off with a Bangladeshi startup, social network for women & a company combating the diversity pipeline problem. Promising #ycdemoday
— Eric Newcomer (@EricNewcomer) August 19, 2015
Low salaries and high equity–what we and other investors ask of our founders–makes everyone focus on long-term big wins.
— Sam Altman (@sama) August 17, 2015
— Rouli (@RouliLaTerreur) August 21, 2015
Startups are the future of any economy today. Every enterprise that is well-established now, did start as a startup. Potential startup owners sometimes think that there is a need for bucket load of money to even dream of a startup. But this is a mere assumption. Startup events like this can give a boost to great ideas that can shape the future.
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