Actually, we consciously try to make this so. We try to make the questions on the application questions that would be useful for a startup to answer, even if they didn't submit it, and we try to make in-person interviews de facto consulting sessions that would be worth the time even for startups that didn't get funding.

Obviously it's harder to guarantee the latter, but it's what we aim for.

You succeed fabulously with the first goal. Our application wasn't considered by ycombinator last spring, but the exercise of working though the questions has proven invaluable several times over the last few months. In another job I've seen $300/hour consultants do no better for a group than that application form did for us - and we considered that consultant good value.

Sorry to be blowing sunshine. But I'm sure you thought through that application form carefully and you should know that it's effective.

It goes without saying the value YC adds even to the companies you do not fund.

I was talking more from an entrepreneur's perspective -- they wouldn't be as disappointed if they didn't expect the funding in the first place.

We found both to be the case, in one way or another. The entire process is definitely helpful in refining ideas.

I think that going to them for advice is the sensible thing in any case. They don't invest all that much money, yet do provide people with what looks like a very good package of advice and access.

I agree. The way I see it, is you don't apply to YC for the money at all. What you get out of it is connections and access to some of the best minds in the industry who have been there and done that (though of course, I am not speaking from experience here) to help you at the critical early stages of your venture, which will end up being immeasurably more valuable in the end.