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I thought this was an interesting claim:

> Angels are the limiting reagent in startup formation.

I'd like to claim that I would have started startups even if YC didn't accept Xobni for the summer of 2006 class. I had already failed at a half-startup. I was doing consulting for another startup called Siteadvisor. Etc.

Yet YC was the catalyst for dropping out of grad school.

Paul certainly gets a unique view into startup creation. I just wonder what the second and third order terms are of this equation.



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