Your Application To Become A Billionaire Is Due Tomorrow

TechCrunch/ExecPaul Graham making it rainIf you want to become a billionaire, the time to act is now.

Silicon Valley's most prestigious startup factory Y Combinator is accepting applications for its summer 2013 class. But the deadline is tomorrow.

Y Combinator has an acceptance rate similar to that of an Ivy League school, and a track record for producing billion-dollar startups.

Storage startup Dropbox is valued at $4 billion, and home rental site Airbnb is valued at around $2.5 billion. Meanwhile, the value of YC's portfolio is approaching $10 billion and many of its companies have also had clean exits. Think Heroku, OMGPOP, and Reddit.

As part of the three-month program, YC will invest anywhere from $11,000 to $20,000 in a startup, depending on the size of the team. There's also an informal fund called YC VC that will invest $80,000 in each startup.

But how does YC decide who to fund?

The people on your team matter the most, YC founder Paul Graham writes on the application page.

"Your idea is important too, but mainly as evidence that you can have good ideas," Graham writes. "Most successful startups change their idea substantially."

So if you think you have what it takes to start the next billion-dollar company, you must apply by tomorrow.