The accelerator market is broken.
Current accelerators dilute too much, give too much cash, and are too virtual. It costs 99% less to build a company today than it did 10 years ago, but founders are still giving up the same amount of equity to mostly virtual/hybrid accelerator programs.
There’s a serious top talent misallocation and undercapitalization problem.
One in three Harvard students that go through YC build $100M companies, but only ~1% of Harvard students actually launch startups when they graduate. The incentives for top talent to build companies are completely misaligned, but Keel is working to change that.
NYC has the talent. Now it just needs the culture.
There are hundreds of unicorns in NYC. 1/3 of YC founders come to NYC after the program. Majority of top university founders prefer NYC to SF. Clearly, founders want to be in NYC — now it’s time to build the culture and infrastructure to bring and keep them here.