"I am not too disappointed that our application was rejected on those grounds. Really, who wants to give up so much for a few dollars and a chance to give a presentation? "
One of the primary factors that makes me say this is that Google got over $12million for only a 10% stake in the company from Sequoia Capital. I learned about this after we had already applied.
If PG would have asked us for an interview and invited us, I (personally) would have rejected the offer if their stake was to be more than say 2%.
YC is asking for a huge chunk for slight benefits. Its not tongue-in-cheek, its strictly good business.
This is of course tongue-in-cheek right?