Accelerators take 7-10% for a cheque. At what valuation does paying cash for the same year become cheaper? I will not promote.

I will not promote. Needed to argue about this.

The standard advice is never pay for startup education, because the good programs pay you.

That's free in year one and expensive in year six. YC takes about 7%. Antler and EF take roughly 10%. Ten percent of a company that exits at $20M is $2M. Meanwhile there's a category of paid programs that take no equity at all like Tetr GPEL. You pay, you keep 100%. if theres a reasonable chance your company is worth more than about $1M, the equity route already cost more than the cash route.

Two counterarguments I can't dismiss is that the cash is real and the equity is hypothetical. $86k up front when you're 24 and unfunded is a completely different kind of pain from a percentage of something that might not exist.

And the accelerator has an incentive to make you win. A program you paid up front has your money either way.

But the thing that decides it for most people is neither, it's that accelerators won't take you at all without a team and a thesis.

Anyone done either? I just want to understand and make a decision for myself.