I compiled some Q&A from YCombinator partners that were relevant for me.
Is this US-only?
Nope, welcome to apply from anywhere. But..
Unfortunately we don't have the bandwidth to get involved with visas before or during the program :( If you can't do it from the Bay Area though, you can still apply to do it remotely--we want to try working with remote teams!
-------------
"We encourage you to come to Mountain View if you can make it, but remote interviews over video chat will be okay too ..."
For remote teams with viable ideas that YC is interested in funding, how remote can such teams be? Can teams apply from outside the US; from Europe, Asia or Africa?
Yes absolutely. Teams from anywhere in the world are welcome to apply. We just ask that you have a strong internet connection that allows for clear, reliable video chats.
-------------
How many teams are you hoping to accept into the fellowship for the first round?
About 20 -- we want to keep it a small experiment for this test batch.
-------------
What are key differences b/w the fellowship and the YC incubator?
It's a 12k equity-free grant, it lasts for 8 weeks, you can do it remotely, and it's primarily meant for idea and prototype-stage companies. No dinners and no formal Demo Day, but there will be kickoff and end events in Mountain View where teams will present to the YC community. We'll fly out remote teams for those.
-------------
Will we have to pay taxes on the grant?
If you’ve already incorporated, you shouldn’t have to; as long as you are spending the grant on expenses for your business, you should be able to write it off. If you have not yet incorporated, you will have to pay some taxes. We’ll go over this in more detail with accepted teams.
-------------
What kind of progress do you expect founders to make by the end of the Fellowship? Put another way, if the goal of participation in Y Combinator is for companies to build enough traction to become top-tier candidates for an institutional fundraise, what is the outcome that participants in the Fellowship should hope to achieve?
We'd like teams to make as much progress as possible during the 8-weeks of the fellowship. If you have a prototype, that would mean launching and getting your first customers. If you're at idea stage that would mean building a prototype and talking to users. At the end of the 8-weeks we hope the teams will be ready to apply for YC W16 (it's not a requirement -- but we'll encourage it).
-------------
What qualities do you look for in founders? Is it the same set of qualities you look for in the normal YC application? A little bit more relaxed? A little bit more strict?
Is this US-only?
Nope, welcome to apply from anywhere. But..
Unfortunately we don't have the bandwidth to get involved with visas before or during the program :( If you can't do it from the Bay Area though, you can still apply to do it remotely--we want to try working with remote teams!
-------------
"We encourage you to come to Mountain View if you can make it, but remote interviews over video chat will be okay too ..." For remote teams with viable ideas that YC is interested in funding, how remote can such teams be? Can teams apply from outside the US; from Europe, Asia or Africa?
Yes absolutely. Teams from anywhere in the world are welcome to apply. We just ask that you have a strong internet connection that allows for clear, reliable video chats.
-------------
How many teams are you hoping to accept into the fellowship for the first round?
About 20 -- we want to keep it a small experiment for this test batch.
-------------
What are key differences b/w the fellowship and the YC incubator?
It's a 12k equity-free grant, it lasts for 8 weeks, you can do it remotely, and it's primarily meant for idea and prototype-stage companies. No dinners and no formal Demo Day, but there will be kickoff and end events in Mountain View where teams will present to the YC community. We'll fly out remote teams for those.
-------------
Will we have to pay taxes on the grant?
If you’ve already incorporated, you shouldn’t have to; as long as you are spending the grant on expenses for your business, you should be able to write it off. If you have not yet incorporated, you will have to pay some taxes. We’ll go over this in more detail with accepted teams.
-------------
What kind of progress do you expect founders to make by the end of the Fellowship? Put another way, if the goal of participation in Y Combinator is for companies to build enough traction to become top-tier candidates for an institutional fundraise, what is the outcome that participants in the Fellowship should hope to achieve?
We'd like teams to make as much progress as possible during the 8-weeks of the fellowship. If you have a prototype, that would mean launching and getting your first customers. If you're at idea stage that would mean building a prototype and talking to users. At the end of the 8-weeks we hope the teams will be ready to apply for YC W16 (it's not a requirement -- but we'll encourage it).
-------------
What qualities do you look for in founders? Is it the same set of qualities you look for in the normal YC application? A little bit more relaxed? A little bit more strict?
It's the same. Read this: http://www.paulgraham.com/founders.html
-------------