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y combinator certainly has a strong brand but you've even seen them rise in the number of positions they've had and then pair it back down
we actually have automated rejections as a first pass so about 50 of our applicant pool gets an automated email response and then of the remaining 50 we do go through it but then we do have you know templated responses basically just very quickly at first glance of the idea is this differentiated
from my time at 500 startups and then also at hustle fun just to share some of our numbers we see about a thousand applications a month so 12 000 across the year and we'll take about a hundred in the year so i think you do want to be sort of under that one percent number obviously just a rule of thumb who knows what the rough quality is of the applications but i think if you're above that then it starts to get a little
it's a bit akin to jason's model as well although he gets wonderful economics with the accelerator and i think that you know we we don't know like everyone else who's going to be the winner when we meet them right there's no data there's no revenue it's two people in a garage so i think if you're going to invest at pre-seed almost by definition unless you want to chuck it up to luck you have to put a lot of bets and so we're investing a small amount of money into a lot of companies that's about
Of course, some companies will end up becoming a thousand X or 10,000 X in the case of Uber or Airbnb or Dropbox.
If you had put 5k into Uber and you had waited until the IPO, supposedly you would get $25 million or thereabouts, which is pretty incredible.
So we decided to start Hustle Fund starting with capital in helping founders at those earliest stages, who had pretty much nothing, get them going in business with a 25K check. So it sounds kind of ridiculous, a VC writing a 25K check, but that's how we started this fund. Fast forward to today, you know, our mission involves helping founders with all three of those things. So we are now just starting Fund 3 with Hustle Fund. We are in process of actually launching a late-stage fund as well to he
I know for sure we have invested in over 400 companies, probably closer to 500 at this point across funds one, two, and three, which were at the beginning of with hustle fund.
When you think about all the things that a great founder needs to be successful, they need capital, they need knowledge, and they need networks. ... And when we were thinking about things at Hustle Fund about six years ago, in particular the capital piece we felt had a real, a real empty spot.
our mission at Hustle Fund, funny enough, a lot of people see us as a VC fund, but I actually see that as my startup. And our mission is to democratize wealth through startups.