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Getting Into Y Combinator Is Tougher Than It's Ever Been - Slashdot
source link: https://news.slashdot.org/story/23/08/10/1949235/getting-into-y-combinator-is-tougher-than-its-ever-been
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Getting Into Y Combinator Is Tougher Than It's Ever Been (bloomberg.com) 12
Posted by msmash
on Thursday August 10, 2023 @03:49PM from the closer-look dept.
Amid the flood of big tech layoffs, entry to Y Combinator has become the most competitive it's ever been. From a report: Silicon Valley's premier business incubator has received 44,000 applications so far this year, the most ever, and the acceptance rate for its summer batch was less than 1%, the lowest in the organization's history. Garry Tan, the president and chief executive officer of Y Combinator, said he anticipates "little tech" will thrive even in a turbulent economy. Cuts at big tech companies have unshackled people to work on important, new companies, Tan said on this week's episode of The Circuit with Emily Chang. "I think a lot of large companies started treating their employee base almost as a place to park resources and almost as a competitive moat versus the other giants," he said.
"The amount of talent that was locked up in cushy jobs,â Tan said, "I'm hoping a lot of them actually come over to startups, and they realize, oh, this is what it's like to run fast again." Tan stepped into the top job at Y Combinator in January, succeeding co-founder Paul Graham and Sam Altman, who went on to help start OpenAI. Tan himself was accepted to the incubator as a founder in 2008, the same year Mark Zuckerberg attended the accelerator's regular "demo day" where Jeff Bezos announced Amazon Web Services.
"The amount of talent that was locked up in cushy jobs,â Tan said, "I'm hoping a lot of them actually come over to startups, and they realize, oh, this is what it's like to run fast again." Tan stepped into the top job at Y Combinator in January, succeeding co-founder Paul Graham and Sam Altman, who went on to help start OpenAI. Tan himself was accepted to the incubator as a founder in 2008, the same year Mark Zuckerberg attended the accelerator's regular "demo day" where Jeff Bezos announced Amazon Web Services.
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