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3 Tips to Nail the Y Combinator Interview
@ Garry Tan
10/18/19
Takeaways
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Garry Tan
10/18/19
@ Garry Tan
If you got a Y Combinator interview, congratulations!
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Garry Tan
10/18/19
@ Garry Tan
The Y Combinator interview lasts only ten minutes, so you need to communicate three key points effectively: the problem, the solution, and the potential size of the opportunity.
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Garry Tan
10/18/19
@ Garry Tan
First, clearly state the problem you are addressing.
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Garry Tan
10/18/19
@ Garry Tan
Second, explain your solution and why you are the right team to implement it.
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Garry Tan
10/18/19
@ Garry Tan
Third, discuss the potential scale of your solution and where it could lead if successful.
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Garry Tan
10/18/19
@ Garry Tan
In the interview, use plain English and avoid buzzwords to explain your product and its purpose clearly.
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Garry Tan
10/18/19
@ Garry Tan
You should be able to explain your business idea simply enough that even a first-grade teacher could understand it.
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Garry Tan
10/18/19
@ Garry Tan
Be concise and straightforward, as the interviewers may be very smart but might not be familiar with your specific industry.
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Garry Tan
10/18/19
@ Garry Tan
It's crucial to explain concepts that the interviewers might not understand, given the limited time you have. Discuss your solution by explaining how you solve the problem and why you are the right team to do it.
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Garry Tan
10/18/19
@ Garry Tan
Talk about your competition and alternatives, including what others are currently doing in the market.
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Garry Tan
10/18/19
@ Garry Tan
Share stories about your customers and their experiences with your software to demonstrate its usage and value.
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Garry Tan
10/18/19
@ Garry Tan
Know your financial metrics, including net and gross revenue, to understand your gross margin and overall profitability.
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Garry Tan
10/18/19
@ Garry Tan
Be aware of your company's growth rate and how much you're spending versus your revenue.
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Garry Tan
10/18/19
@ Garry Tan
Discuss your pricing strategy and how you determined your price points, including customer segments willing to pay different amounts.
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Garry Tan
10/18/19
@ Garry Tan
Understand your market by analyzing your competitors, their market segmentation, and where your product fits within that landscape.
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Garry Tan
10/18/19
@ Garry Tan
If applicable, know your Net Promoter Score (NPS) and retention rates, as these are crucial metrics for consumer products.
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Garry Tan
10/18/19
@ Garry Tan
Conclude by emphasizing the potential impact of your idea and its scalability, even if it currently addresses a smaller problem for a limited audience. Everything that could be truly great starts off as something very small, like Airbnb, which began with conference travel in San Francisco using air beds and serving breakfast.
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Garry Tan
10/18/19
@ Garry Tan
It's okay if the initial wedge is small; there are always ways to take that initial wedge and expand into much larger markets.
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Garry Tan
10/18/19
@ Garry Tan
Don't stress out about the Y Combinator interview; it's just a conversation, and practicing can help you a lot.
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Garry Tan
10/18/19
@ Garry Tan
Reach out to Y Combinator alumni for insights and ask them for a quick mock interview to prepare for your own interview.
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Garry Tan
10/18/19
@ Garry Tan
Practice with friends and loved ones by allowing them to interrupt you, which helps you cope with interruptions during the interview.
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Garry Tan
10/18/19
@ Garry Tan
Using an inverted pyramid structure for your answers is ideal; answer the question directly first, then provide additional information.
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Garry Tan
10/18/19
@ Garry Tan
If you get cut off during your answer, you might not be able to return to it, so be concise and direct to avoid pitfalls.
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Garry Tan
10/18/19
@ Garry Tan
If you didn't get an interview, it's okay; focus on building your business and don't let investors dictate your path.
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Garry Tan
10/18/19
@ Garry Tan
If you did get an interview, congratulations and good luck!