VCs will complain about YC valuations, but in the end, that’s silly. Because really the market sets the price. YC has the best track record for accelerators, so all things being equal, its top companies should have the highest prices. And yes, they do coach their founders around the process. That’s THEIR JOB.
So maybe it’s really access VCs are most concerned about. That VCs don’t get access to the best YC companies. That an inner circle of VCs get preferential access, one way or another. That there’s cherry picking happening.
Thing is, this is true outside of YC, too. Really — more so actually outside of accelerators, if you think about it. The best early-stage VCs all first refer their best deals to their inner circle. It’s not only natural — it’s necessary. Small funds have to recruit large pocketbooks to carry their companies. At least in YC — you get to take a look at most of the companies at Demo Days. Not all, but at least most are actively looking for investment. Outside of YC, you don’t even get that in most start-ups. Most VCs don’t even get to see most start-ups. At least in a demo day structure, you in theory have a shot at investing in from 90-95% of the the class at any accelerator (if you are even a reasonably desirable investor).
So these two criticisms don’t really make any sense if you tear them apart a bit.