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The article definitely reads as though YC is, at the very least, completely in charge of this money.

I know that it's not true, as do other older members, but I wouldn't be surprised if new members get the wrong impression.

This is an 80k sight unseen investment conditioned solely on acceptance into a YC batch. YC controls it in the sense that they control the batches, but you could fund your own YCXC program that offered $x0,000 to each company in each YC batch. It would succeed or fail to the extent that individual YC companies, all of which completely control their own operations, decided to take you up on it.

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