Y Combinator, Silicon Valley's largest startup factory, is going through rearrangement of responsibilities at the executive level due to absorption of larger manpower. In a major reshuffle, Gmail creator, Paul Buchheit replaces Sam Altman as managing partner of Y Combinator's main accelerator program.
The acceleration program has reportedly helped launching companies like Airbnb, Dropbox, Reddit and Stripe. Y Combinator has grown a lot under the leadership of Sam Altman, appointed president around two years back.
Paul Buchheit, Gmail creator and founder of FriendFeed has joined Y Combinator a little more than five years ago. He replaces Altman as managing partner of the core YC program, which admits hundreds of startups every year and whips them into shape for other investors, reports Tech Crunch.
Through the inception of new managing partner, Y Combinator starts rolling through Alphabet moments. Google has reshaped its corporate structure to represent image of something more than search engine during last August. Without changing Google, other side projects like life sciences and cars have spun out into their own sections under its parent company, Alphabet.
Alongside, Altman has been reported to expand Y Combinator's scope. The acknowledged accelerator has announced inauguration of a venture capital fund, naming YC Continuity Fund, to continue funding startups. Outside of the main accelerator program, it also created a new YC Fellowship slot for smaller teams with even earlier stage startups, according to a report published in the Business Insider.
Y Combinator, expanded beyond its core program, has now been spread out into five major groups. Altman will run the research lab himself until they find someone new. But otherwise each new managing partner representing each major hub is a deputy of Altman who will continue to oversee the entire program.
Gmail innovator Paul Buchheit will now run the core accelerator with Altman still advising the startups. Kevin Hale, creator of one Y Combinator's earliest funded startups Wufuu, now will lead the fellowship program. For the full list of assigned and related assignments, has been furnished in Altman's post.
The accelerator has backed more than 800 companies that have a combined valuation of $30 billion since its inception in 2005. The accelerator program invests about $120,000 in each of the 85 or so startups it accepts twice a year. Although the accelerator's membership is comprised mostly of software companies, Y Combinator has begun formally wooing hardware and biotech startups last year, reports Bloomberg magazine, also a Y Combinator startup investor.
Y Combinator, Silicon Valley's largest known accelerator for business start ups has been spitted into five hubs followed by its unbelievable growth recorded during the last 2 years. During this period, under the leadership of the sworn in President Sam Altman, the accelerator has backed a huge number of enterprises. Gmail innovator Paul Buchheit is all set to flagship voyages under advisory supervisions from his predecessor.
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