It's been more than 7 years since we started YC. In that time, we've funded 467 startups so I've seen a lot of patterns. There's a talk I always want to give at the beginning of each batch, warning everyone about things that I know are probably going to happen to them. I finally wrote down all my thoughts and I'm going to share them with you now.

We all know that a lot of smart and talented people start startups. You see huge numbers of startups getting started, and yet there are actually only a handful of startups that are big successes. What happens along the way that causes such failure?

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