Silicon Valley's venture capitalists make their money by funding ideas that disrupt established industries. But these gatekeepers are now being challenged themselves. A fast and furious new funding model is funneling money to young company founders, asking relatively little in return. Startup-incubator programs—Y Combinator is the most prominent—now put founders through a kind of tech-industry boot camp in exchange for a small stake in their company. For many, the next stop is AngelList, a social network for angel investors and entrepreneurs where young people can shop for financing without spending years developing contacts in the old-boy network of venture capital.
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