Ok, but you could do a better job than traditional VCs, just like what you did with the original program. So: better alignment of interest between founders and capital providers, better terms and so on. Just like right now YC does not have exclusivity in the early stage, it could be a viable alternative, and if that viable alternative has better terms and other intangibles it could easily work out as a win-win for both founders and YC.

Demo day would then shift down the road to series B and later.

Anyway, that is just speculation. Thank you for taking the time to answer me.