Most accelerators destroy value, and even YC's edge is fading
A new working paper tracking roughly 750,000 U.S. startups across 329 accelerators finds most programs subtract value versus going it alone, while a small elite drives the gains. Its value-added measures show YC historically delivered extraordinary returns, but that edge had fallen sharply by 2022. For founders and VCs, the data argue for picking programs by evidence, not brand.