Don't worry, pg will get to your applications, by and by. He has to get his Paladin to level 70 in World of Warcraft in preparation for the release of the Wrath of the Lich King expansion, that's all.
My friends are about to pass out. They've been holding their breath for two weeks waiting for a response. At this point I think they'd be just as happy with a rejection letter.
Even if you don't get in: If you've got the commitment to apply to YC, then it's only a small step to saying "I'm doing this thing, whatever Paul Graham says". NYTimes not withstanding, your biggest hurdle isn't getting into YC, it's committing to pursuing your dream.
In fact, I figure if you took all the people YC rejects, weeded out the ones who didn't want to do it if YC didn't support them, removed the people who only wanted to work on their ideas, and got the remainder together to discuss how much their ideas suck and what else they could do and with whom, you'd do pretty well.
If you are still committed, that is just more fuel on the fire to be the YC rejected success story. If we don't get in, we are that much more determined to prove our idea will succeed and meet all of our expectations. We have launch plans and a timeline whether we get in or not. Hopefully, other rejects will do the same and succeed!
I always find these moments of tension and hope to be so exciting! I'm definitely on edge waiting for anything..whether it be a "sorry, no." or a "congratulations!"..
I don't think its as much as "need permission to start a company." It's just more at a chance to walk through a door of opportunity that not everyone gets to do. It's not just an investment, but its an excellent opportunity to network and meet really cool and smart people as well as have you and your idea sat down in front of other potential investors. One of the biggest feats of raising capital in order to accomplish some of the things that some of the people here want to do is getting that recommendation. Well, this is our chance to get that recommendation.
My venture, for example, we're still working, still talking to people, still getting stuff developed and getting out and selling our idea. If this doesn't go through for us, it just means we don't get a "Go to VC free" card (if you will). We'll still keep doing what we were doing.
For what it's worth: you don't get a "go to VC free card" even if you're accepted --- last I checked, a minority of YC companies had closed A rounds, and that certainly isn't going to get easier in 2009.
