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.
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