Serial entrepreneur Justin Kan has launched and sold several companies over the years, including Twitch, which Amazon purchased for $970 million in 2014. Although he’s only 33 years old, the partner at venture capital firm Y Combinator is seeking “young” entrepreneurs by connecting with them directly through their app of choice: Snapchat.

According to digital intelligence firm SimilarWeb, Snapchat Android installs (22.7 percent) have overtaken Twitter (21.8 percent) for the first time in the U.S.

Kan is launching the first ever Snapchat Pitch Competition on May 10. Startup founders will log in and pitch Kan and the audience on his Snapchat Story. The winner will get an interview to be funded by the YC Fellowship program this summer, which awards $20,000 in equity financing.

Kan explains why Snapchat is the new Twitch in this exclusive interview.

When did you get into Snapchat?

I hadn’t used Snapchat until December last year, and I quickly started understanding why it’s so popular. It reminds me of Twitch. It’s a low-friction way to create a lot of content. One guy can create a lot of content on Snapchat with a front-facing camera on his smartphone at a low cost. As a platform, it’s like content arbitrage. You can create cheap content that appeals to a lot of people, and you can find your niche of your specific take on a specific game or any topic.

How have you been using Snapchat?

People are following me primarily to get my advice on how to start a company, what to do after you graduate college, and other topics for young entrepreneurs. So, I’ve refined the Justin.tv concept around that. I’ve been continuously producing a daily content feed of Snapchat content.

How big is your Snapchat audience?

I have 6,500 views right now on Snapchat. They don’t tell you how many people follow you. I figure 10-20 percent of viewers actually watch my Stories.

What is the audience you’re reaching to through Snapchat?

It’s a great broadcast medium for people 18 to 25 who want to become entrepreneurs. A younger demo is attracted to this. There are some older people on Snapchat, and I think my audience is older than the average. But Snapchat is much younger than other social media platforms. People send me videos and pictures of themselves, and it’s college-aged people—freshmen and sophomores in college.

Are you surprised that college kids are thinking about startups at that age?

I remember thinking about companies when I was that age. Now I look back and they’re so young. We’re embracing them in the platform they’re already using. People appreciate the authenticity of Snapchat. You’re not uploading a prerecorded video that you heavily edited. It’s authentic content.

How did this Snapchat contest come about?

Over the past couple of months, I’ve gotten a great response from younger entrepreneurs on my Snapchat by doing Snapstorms on various startup and life advice-related topics. In fact, at least three of the YC companies we just funded for the upcoming Summer 2016 batch were in touch with me over Snapchat before they interviewed. Because of the interest, we’ve decided to take it to the next level and do a pitch competition where we will potentially fund a startup through Snapchat.

How will the contest work?

First, you need to apply by May 19. The most promising entries will be asked to take over my Snapchat channel between May 23 and May 26. Each finalist will take over my Snapchat for one hour to pitch me, Kevin Hale, and the Y Combinator Fellowship team on why we should invest in them. The top startup will get an interview for YCF for a potential $20,000 investment. The winner will be announced on June 3.

How will the community be involved?

Each company will pitch us and my Snapfam through a series of Stories. We will give feedback on the pitches, and once all of the takeovers are complete, we will ask the community to vote for their favorite startup. Since we are investing our money, we will be making the final decision on the winner, but it’s always good to know what people are thinking. Pitches will be posted online to refresh viewers’ memories before voting.

What do you like about Snapchat?

So many more young entrepreneurs are using Snapchat. Older people are starting to get it—I’m part of that wave. But the real interesting thing is it’s a great message for broadcast with the Story feature. It’s like a combination of a blog post and a series of 10-second clips covering topics. A lot of people have been reaching back to me and saying they went to a Coding Boot Camp or started their company because of my Snapchat Stories.

How much do you interact with fans?

Like Twitter, it’s a way that anyone can directly access anybody else. Anyone can send you a Facebook or WhatsApp message. I like to take time out of my day to respond to the questions I get from people all over the world on Snapchat.

Why do you find Snapchat appealing for reaching entrepreneurs?

It’s where people are. I can make a two-minute YouTube video, but people aren’t really using YouTube in the same way. It’s more for looking up a video about something. It’s like a Google for video. Snapchat is more like TV. Users are opening it 20 times a day and looking at different people’s Stories. It’s an easy way to do native content. It’s more compelling than Twitter, which is good for one-line witticisms. Blogging is information-dense and takes a lot of time. Most people out there aren’t writing that much content. Snapchat is a balance between YouTube, blogging, and Twitter. It’s easy to produce informational content quickly, but it doesn’t feel like a job. Until you spend a lot of time with it, it’s hard to understand its appeal.