In an interesting move, the prolific Silicon Valley startup accelerator Y Combinator announced on Friday that Sam Altman, the well-known president is stepping down. The news was made public by the accelerator in one of its blog posts.
As per the blog, Sam is moving on to the post of Chairman of Y Combinator and has shifted the responsibility of operational duties to other members at the company. The change will allow Sam to focus on OpenAI, while at the same time he will also be responsible for the long-term growth and success of Y Combinator.
The blog further adds that in the past two years Y Combinator has launched Startup School, the Series A program, the YC Growth program, Work at a Startup, and YC China. The blog goes on to add that there has been a phenomenal growth in the Winter 2019 batch with over 12,000 applicants which is a 30 percent increase over the Summer 2018 batch.
Sources have told TechCrunch that there is no succession plan in place and chief executive officer Michael Seibel will lead the Y Combinator’s core program.
Speaking about the decision to move to San Francisco, the blog notes:
“The center of gravity for new startups has clearly shifted over the past five years, and although we love our space in Mountain View, we are rethinking whether the logistical tradeoff is worth it, especially given how difficult the commute has become.”
In addition to moving its HQ up north, YC has increased the size of its cohorts and the next demo day will have two stages.
The company has continued to scale up its Series A program, which helps the companies to raise an A round when they’re ready. “In the last twelve months, there were 96 Series As across the Y Combinator portfolio, and the Series A program helped 67 of those companies raise their rounds,” the blog concludes.