Y Combinator cuts nearly 20% of staff, scales back growth stage investments
Reading Time: 2 minutesYC CEO Garry Tan wrote in the memo that the accelerator, which is largely focused on early-stage investing, found late stage investing to be a ‘distraction from our core mission.’
‘There shouldn’t be any noticeable effect on the companies we’ve funded or on the way we interact with alumni, but if any companies or alumni have questions, I’m here and the YC group partners are here — as always, to help you make something people want,’ Tan wrote in the memo.
Twenty-four hours after he said that, Tan took to Twitter to say that ‘this is an extinction level event for startups and will set startups and innovation back by 10 years or more. BIG TECH will not care about this. They have cash elsewhere. All little startups, tomorrow’s Google and Facebooks, will be extinguished if we don’t find a fix.’ He also penned a petition, now signed by over 5,000 tech CEOs and founders, asking congress to step in and support the entrepreneurial community.
While YC refused that today’s layoffs and departure from growth stage is related to the banking crisis, it’s hard not to see the news amid the backdrop of a tech reckoning. We’ll know soon how a YC, re-focused on early-stage, is navigating the tough road ahead: the storied accelerator is having its bi-annual Demo Day in just a few short weeks.
If you have a juicy tip or lead about happenings in the venture world, you can reach Natasha Mascarenhas on Twitter @nmasc_ or on Signal at +1 925 271 0912. Anonymity requests will be respected.
Ref: techcrunch
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