Below are our learnings from Orange Health's Y Combinator application process in S-20.
Note: That was our one and only experience, and we applied 2-3 weeks after the application closed. We didn't even think that our application would be picked up for this batch. But since we made it, here's our experience!
Just like any other investor, YC is also looking for why you will win:
Can you define the problem well - the written application gives you the time & space to detail the problem and opportunity, and the 10-minute interview checks whether you have the ability to verbalize the problem simply.
Do the founders have depth in the space? YC wants to see the reason that you as a founder have the ability to build a winning solution for this market.
Can they sell the problem/opportunity? A founder has to sell to everyone- customers, employees, investors, so you should practice how you can frame and sell the problem that makes it meaningful to the audience.
Yes, the interview cuts off after 10 minutes - it was the most bizarre interview experience, where there's little time for niceties, so get to the point fast. We actually didn't think we were going to make the cut, so we were really surprised when we got the call :)
In our 10-minute interview, there were 3 partners, and that was a bit disorienting, but it was a fun chat.
They want to check your conviction behind the idea
They do like innovation, but they're not hung up on bizarre, out-there ideas only. Most of the companies at YC are solving real-world problems that we can all associate with. Note: They throw in some out-there idea companies because as an early-stage investor, it's their job to try experiments with funding such companies.
Do you have to have a business/revenue already? Most companies already have a clear idea, even if they don't have the product/business ready yet. Though that can change over the course of the YC batch and the company's lifetime.
If you have any other questions, comment here, or tweet to me at dhruvg