Jordan seems to think that rolling closes hurt the bottom 85% of YC's portfolio, while Garry says they 'never' do. I think it would be very helpful for entrepreneurs to hear you guys elaborate on these points. And the consequences of the high valuations afforded to YC companies, in general.
The traditional seed investor model is broken and unfair to founders because gutless investors don't know how to make decisions. Since they are uncertain, they want more data.
They get more data by committing to priced rounds where they invest $200K - $500K, but then ask the startup to go raise 2X that from others. Safety in numbers, but cowardly. If the startup can't, the round is dead and the startup is screwed.
Rolling closes kill this behavior. Epic win for founders.