With unemployment still hovering around 9%, I think there is no time like now to experiment with ideas.
I guess I am not the only one. According to TechCrunch, Y Combinator, a funding firm providing small investments to a batch of start-ups, reportedly received an application per minute on Monday’s deadline for its January-March incubation period, which equates to 1,440 in a day! Due to the volume of applicants, Y Combinator is looking to expand the incoming class.
The 3% of applicants accepted receive an average of $17,000 for their investment in exchange for approximately 7% stock in the company. The start-ups relocate to Silicon Valley for three months where they are mentored by top-notch professionals, sit in on a number of panel discussions, take part in seminars, and provided ample opportunities to showcase their start-up to investors.
If you are one of the lucky few, the tools provided are priceless. The diversity and amount of successful start-ups that come out of Y Combinator provides insight into how stiff the competition is for the boot camp and the grooming during the incubation period.
I believe the record number of applicants sheds light on our current economic state. Not only is confidence still low but little is being done for job development. One possible silver lining is innovation may spark brighter when times are tough. Y Combinator could be the most famous seed funds, but it is not the only one. Last week I attended a smaller scale event, a hackthon sponsored by hackNY, where energized techies produced awesome hacks in a 24-hour event. Many attendees said this was a stop on a number of hack events.
As the economy remains dismal, the time to think outside of the box may be now.
Outside the Box 
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