"by the time you're concerned about 8% equity, you've basically already 'made it' in the sense that you have likely have enough capital to start "
Nope! haven't made it.
"This project seems to be clearly aiming people who have ambition and competence, but minimal to no current resources or connections; the goal being to get them to where that is no longer the case -- helping them to reach their potential"
hi, that's me!
"It's hard to call anything at all exploitative if it succeeds in getting people from that critical nothing to something point"
i see the value of taking people from nothing to critical mass i.e - YC. in case of pioneers - i might be nothing now but highly unlikely - i will be nothing for the next 8 years!
imho, this 5 + 3% won't select for the best of people! I would totally judge a person who lock herself in this 8 year contract! that's just me
"We expect a fraction of Pioneers to start companies. In exchange for the investment and benefits below, Pioneer will retain 3% of any company you found over the next eight years. Pioneer will also have the option of investing an additional $20,000 for 5% in any of those companies. These conditions apply if you already have an incorporated company."
yeah, as an outsider looking for entry into startup - it just doesn't seem right! i get the fact that you guys have to fund the company some way! but it just seems too costly. i would be short selling myself.