YCombinator announces fellowship program for startups – startups can participate remotely too

YCombinator has introduced a new YC Fellowship Program, the main purpose of which is to help people with great ideas get to the point where they can become successful companies. YCombinator is the most coveted program for business acceleration in the world. The accelerator receives thousands of applications every year for it’s two batches per annum. But now, in order to increase the number of startups that can benefit from it, the management of YC has decided to introduce YC fellowship, through which, the accelerator will reach out to a massive number of initial stage startups throughout the world.

For YCombinators’ acceleration program, it provides young startups with seed money, guidance and connections in exchange of 7% equity. Since their start in 2005, twice a year they accelerate batches of new startups. The selected startups relocate to Silicon Valley where they work with YC Partners who shape them and help them find investors.

The YC Fellowship introduced this year is for startups in early stage. The idea behind this program is to invest $12,000 in over 1000 startups every year. Here are some of the salient features of the YC Fellowship:

1. You should have at least an exceptional idea or a small early-stage prototype.
2. The program is focused more towards startups that haven’t found any investors yet.
3. Unlike the other companies that YC funds, YC Fellows won’t be required to relocate to Silicon Valley, but if they do that is a plus.
4. Selected startups will then have a dedicated partner that will guide them throughout the process and help shape their startup.
5. Fellowship recipients will have a kickoff day and an end event in Mountain View, California which will be all expense-paid.
6. The length of the program is 8 weeks, from mid-September to mid-November; selected candidates will be expected to work full-time.

Applications for the YC Fellowship are now open. Last date to apply is 27th July!