$120K in return for 7% of "an idea" with a 90%+ failure rate outside of the YC trajectory seems like a pretty good deal to me.
I wouldn't sell 7% of whatever I'm doing to YC either because I (1) don't fit their profile and (2) am much too conservative to go for VC (the whole 'go big or go home' thing does not appeal to me) but if I were doing high risk high growth start-up(s) then I would definitely come knocking on their door.
I wouldn't sell 7% of whatever I'm doing to YC either because I (1) don't fit their profile and (2) am much too conservative to go for VC (the whole 'go big or go home' thing does not appeal to me) but if I were doing high risk high growth start-up(s) then I would definitely come knocking on their door.