Paul Buchheit: Angel investing, my first three years
<i>I find myself asking non-YC companies why they aren't yet in YC</i><p>Are there any legitimate excuses for a startup not to be in YC, other than rejection?  I can't think of any (especially when you read <a href="http://paulgraham.com/equity.html" rel="nofollow">http://paulgraham.com/equity.html</a>).