I've used up all 6 yrs on H1b (including recapture) and currently transitioning to F1, I'm exploring the O-1 visa. I'm an Indian citizen, born in India.

Question 1: Can I qualify for an O-1 visa if I'm part of a company as a co-founder/CXO that's been accepted in Y-Combinator or similar programs? (does that satisfy the "attained membership in associations that require outstanding achievements....."?)

Question 2: In the mean time, if I want to register a company in the US (for liability reasons) to release a free app in the app store, can I do it under my current visa status (change of status from H1 to F1) if there are no plans of monetizing the app in the near future?

Thanks