Getting Into Y Combinator Is Tougher Than It’s Ever Been
The Silicon Valley incubator says layoffs in big tech are creating an opportunity for “little tech.”
Amid the flood of big tech layoffs, entry to Y Combinator has become the most competitive it’s ever been. 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.