YCombinator startup application form

I came across this very cool and simple set of criteria or rules to apply for funding from YCombinator. Not sure how well it works for them but they are quite reasonable. Here's a sample:
"(4) Yes decisions will include the amount we'll invest and the percent of the company we'd want for it. We usually invest $5000 + $5000n, where n is the number of participating founders (i.e. 2 founders get $15,000, 3 get $20,000), in return for between 1% and 10% of the company. The median is 6%."

Cool. Does it work?
Posted on April 30, 2008 and filed under Technology.