I think this applies not only to startup founders but also to early-stage engineering teams. We distilled this into our company's engineering values:
Real work is work that improves our product or makes our users happy. This includes writing code, helping others write code, and helping hire people that write code.
#fakework is work that seems like work, but is mostly just vanity. Examples of #fakework include thought leadership, migrating things to shinier new technologies, and going to conferences. #fakework can be fun (and fun is worthwhile, too), but it doesn't count towards anything here.
Why is everything "real" about writing code, when one of the standards is making users happy? Users presumably are not simply enthralled by your GitHub repos and might like to have interpersonal interaction about what the software is intended to do for their real contexts... And writing code writing code writing code is not obviously the way to satisfy that.
Meh, YC started out dealing some money, advice and contacts to college kids.
I'd bet most of them don't regret it, but a survey would make a nice dissertation for some grad student: "Outcomes of venture capitalism in the early XXI century, a study of monetary and spiritual results for startup participants".
Real work is work that improves our product or makes our users happy. This includes writing code, helping others write code, and helping hire people that write code.
#fakework is work that seems like work, but is mostly just vanity. Examples of #fakework include thought leadership, migrating things to shinier new technologies, and going to conferences. #fakework can be fun (and fun is worthwhile, too), but it doesn't count towards anything here.