Have you considered whether you're following a fantasy? Maybe you should seek advice from someone you trust who doesn't drink the HN/TechCrunch Kool-Aid. Somehow I doubt you were rejected from YC due to lack of effort.
I've been working on the idea for a while now, in a nutshell it's a less bureaucratic version of paypal. I've been seeking advice from a lot of different sources. To be honest, i think the main reason is the fact that i'm a sole founder and that I've been doing everything on my own. Which is stupid, but it isn't easy to find technology entrepreneurs my age in the UK, or ones who are as committed.
The prototype has been developed, so I'm going to take it to market within the next few weeks. Then apply to YC again in the winter, with a bit more grounding and social proof.
It's not really the money I was hoping to receive it's the support/advice/mentorship, especially on legal matters. Most of the lawyers i've spoken to don't really have a clue about the SAAS model.
Although bconway is trying to look out for your better interests, I'm going to advise you to go with the route you just mapped out.
Maybe your idea isn't the "one". Maybe you can't pull off running a startup. Maybe you aren't in the right place at the time.
But I'm betting that the preceding paragraph is all false. And even if I'm wrong, at least you put your balls on the line and did something you believed in. The story of your startup will beat an infinite number of drunken frat stories any day.
Safety Net: You can always head back to college if things get ugly.
