Having been here long enough to witness one funding cycle I'd like to offer some preemptive advice to those of you who aren't invited to interview in a few weeks.
For the record, I did apply last round and was not invited. I did not apply for this funding cycle.
1). Don't take it personally.
YC was kind enough to send a very nice email explaining that their decision wasn't personal. The email explained how their process is fraught with error. They were even nice enough to say there was a good chance they passed over promising groups of hackers. It's not personal and sometimes an application doesn't do justice to your abilities.
2). YC is not for everyone
Sure, YC would make the whole startup process a lot easier and a lot more exciting, but you can still be very successful without YC. There are lots of successful companies out there that probably haven't even heard of YC. The honest truth is: being successful is completely in your control.
3). Don't write scathing blog posts
After the decisions were made, a few people wrote scathing blog posts, designed to rip YC a new one. It doesn't work, it won't make you feel better and it just makes you look like an emotional train wreck. Don't air your dirty laundry. If you feel wronged or emotionally charged, refer to #1, then #2, then #4.
4). Shorten the cycle
Eventually, the rejection will wear off and you'll get back to work. Some people might obsess for a few days, others a few weeks. Eventually though, you will get back to work on your ideas. If that's true, then why not shorten the cycle? Give yourself an hour to feel like crap (if that helps) then get back to work.
I know many of you will see this advice as obvious, but when the email notifications go out it won't be. That's why I'm posting it now.
It's not because we're being secretive that we don't answer these emails. The reason is that there generally are no details to give. Usually when we don't invite a group for interviews, it's not because there was some glaring flaw in the application, but simply because nothing in it jumped out at us.