Y Combinator co-founder Paul Graham has stepped down from the position as the head of the program. Sam Altman was named as the president of the Y Combinator starting next batch.
“Why the change? Because YC needs to grow, and I’m not the best person to grow it. Sam is what YC needs at this stage in its evolution,” said Graham. “I’m convinced there’s a fundamental change happening in the way work gets done. It’s becoming normal to start a startup. There will be a lot more startups in 10 years than there are now, and if YC is going to fund them, we’ll have to grow proportionally bigger.”
Y Combinator launched in 2005 and was a pioneer of startup accelerators. Graham is known for co-founding Viaweb, which was acquired by Yahoo! for $49 million in1998. Altman co-founded Y Combinator startup, Loopt. Green Dot acquired Loopt for $43.4 million in 2012.
[Source: Ycombinator Blog]