What Happens At Y Combinator
(We realized recently that a lot of people don't understand very well what YC does, so I wrote something explaining that in detail. Since YC has been shaped by the needs of hundreds of early stage startups, this should be interesting not just to potential applicants but to anyone curious about startups, because a portrait of YC is in some ways the complement of a portrait of the average startup.)
Y Combinator runs two three-month funding cycles a year, one from January through March and one from June through August. We ask the founders of each startup we fund to move to the Bay Area for the duration of their cycle, during which we work intensively with them to get the company into best shape possible. Each cycle culminates in an event called Demo Day, at which the startups present to an audience that now includes most of the world's top startup investors.
And while you're at it, check out the comments on Hacker News, too.