What are you talking about, applications or companies?
If by "bootstrap" you mean "build an app in your spare time while holding down a full-time job in IT at Wells Fargo", you win the argument.
If by "bootstrap" you mean "build a company without funding", implying making payroll, I think you're nuts. It's at the very least incredibly scary to bootstrap a company.
Building the application, gaining paying users, building a company from that money.
The opposite is to get the money first, create a company, then build an application.
I would prefer the last one, but getting the money up front is really difficult for most people. Not because there idea but there connections. YC builds the connections, helps build the idea, and then puts it all together. So while YC is great, there will always be a greater number of people wanting in then there is room. So it is back to Plan A.
If by "bootstrap" you mean "build an app in your spare time while holding down a full-time job in IT at Wells Fargo", you win the argument.
If by "bootstrap" you mean "build a company without funding", implying making payroll, I think you're nuts. It's at the very least incredibly scary to bootstrap a company.