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So there are basically two factors then:

1) Smart people within YC

2) Smart people applying to YC

So basically you have to find the optimal ratio and then grow both in proportion. :-)

That sounds like it puts you in approximately the same boat as traditional VCs.

Paul, there is nothing to the amount of attention given to applicants after acceptance?

Out of curiosity, what do you think of the work done at the MIT Media Lab? Would you fund those sorts of things?