Y Combinator, Silicon Valley's largest startup factory, is rejiggering responsibilities at the executive level and adding more staff. Paul Buchheit, the creator of Gmail and of Google's onetime slogan "Don't be evil," replaces Sam Altman as managing partner of Y Combinator's main accelerator program, which helped launch companies including Airbnb, Dropbox, Reddit, and Stripe.
Altman, who took over as Y Combinator president from founder Paul Graham in February 2014, revealed the changes in a blog post. He said he would now run the company's research group until hiring a full-time manager for that team. He plans to also split his time working on the incubator, as well as the YC Continuity and Fellowship investment programs. Ali Rowghani, the former Pixar and Twitter executive, will continue to run the Continuity investment fund.
Founded in 2005, Y Combinator said it's backed more than 800 companies that have a combined valuation of $30 billion. The accelerator program invests about $120,000 in each of the 85 or so startups it accepts twice a year. Willett Advisors, the investment arm for the personal and philanthropic assets of Michael R. Bloomberg, the founder of Bloomberg LP, is an investor in Y Combinator startups. Although the accelerator's membership is comprised mostly of software companies, Y Combinator began formally wooing hardware and biotech startups last year.
Posted By: ZHENG ZENG
Sunday, January 10th 2016 at 9:25PM
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