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  • 00:00IS A PARTICULARLY FUN TIME TO BE IN THAT PLACE, SO WE HAVEN'T ABLE TO SCALE IT UP. THE BEST PART IS WE GET TO WORK WITH THE MOST INCREDIBLE ENTREPRENEURS EVERY DAY. EMILY: YOU HAVE SHAKEN THINGS UP A LITTLE BIT. YOU HAVE INCREASED THE NUMBERS OF STARTUPS AND GOTTEN INTO HARDWARE AND BIOTECH, AND YOU HAVE A NEW FELLOWSHIP. WHERE ARE YOU SEEING THE MOST PROGRESS? SAM: WE THINK GENERALLY THAT OUR ROLE OR MISSION IS TO INCREASE THE INNOVATION IN THE WORLD AS MUCH AS WE CAN, AND IS NOT EVEN FOR STARTUPS NECESSARILY TO DO THAT, AND SO WE SEE A LOT OF NEW WAYS TO INCREASE THE INNOVATION OF THE WORLD. WE CAN FUND 10,000 COMPANIES OVER THE NEXT DECADES WITH A FELLOWSHIP. THAT WILL BE A BIG DEAL. I THINK SOME OF THE STUFF THAT IS HAPPENING IN BIOTECHNOLOGY IS JUST INCREDIBLE, AND THE RULES HAVE SHIFTED. SO I THINK ANYWHERE WE LOOK, WE CAN EXTEND THE CURVE OF INNOVATION AND THAT IS WHAT WE WANT TO DO. EMILY: WE ARE IN AN INTERESTING POSITION. HOW DO YOU SCALE WITHOUT LOSING WHAT MAKES IT GREAT? SAM: THE THING THAT MAKES Y.C. GREAT IS THE QUALITY OF THE PEOPLE WE FUND. ALL OF THE REASONS PEOPLE WANT TO BE A PART OF OUR COMMUNITY OF ALUMNI, GET ACCESS TO THE RESOURCES WE HAVE, IT IS NOT -- IT IS BECAUSE OF THE STRENGTH OF OUR ALUMNI, SO AS LONG AS WE KEEP FUNDING THE VERY BEST PEOPLE IN THE WORLD, WE CAN SCALE OUT QUITE A BIT. IF WE WERE TO LOWER THE BAR, IT WOULD BE DISASTER VERY QUICKLY. EMILY: YOU HAVE GOT ANDREESSEN AND ANOTHER SAYING NOT SO FAST, AND I SPOKE TO INVESTORS WHO ARE SAYING WE ARE IN A BUBBLE. IT IS GOING TO POP. IT IS GOING TO BURST. THERE IS GOING TO BE PAIN. WHAT DO YOU SAY? SAM: THEY WILL BE RIGHT ONE OF THESE YEARS, AND THEY HAVE BEEN WRONG FOR THE LAST 10, BUT THEY WILL BE RIGHT AGAIN, BUT I DO NOT CARE THAT MUCH. THERE ARE GOING TO BE GREAT COMPANIES FORMED AT THE TOP OF THE MARKET, AT THE BOTTOM OF THE MARKET, AND BEING A GREAT START UP INVESTOR, WE WILL LEAVE SOME TO THE HEDGE FUND GUYS. I DO NOT CARE IF THE S & P AS A WHOLE IS GOING UP OR DOWN. I CAN'T ABOUT THAT ONE COMPANY THAT IS GOING TO BE THE NEXT AIRBNB, THE NEXT UBER. EMILY: YOU DO NOT CARE IF WE ARE IN A BUBBLE QUESTION MARK SAM: I DON'T. I THINK STARTUPS SHOULD BE AWARE OF IT. BUT THIS IS NOT LIKE A CRAZY HUGE FUNDING ROUND. WHAT I CARE IS THAT STARTUPS CONTINUE TO OPERATE FINANCIALLY. THERE ARE GOING TO BE GREAT COMPANIES FORMED THIS YEAR AND THE YEAR AFTER, NO MATTER WHAT HAPPENS. EMILY: YOU SAID IT WAS A COLLECTIVE DELUSION, THE TALK OF A BUBBLE. SINCE THEN, WE HAVE SEEN A LOT MORE VOLATILITY, VOLATILITY IN CHINA. DOES THAT GIVE YOU ANY PAUSE? SAM: I AM NOT EXCITED TO BE AN INVESTOR, AND I HAVE NOT BEEN. I HAVE MADE FEWER LATE STAGE INVESTMENTS MYSELF IN THE LAST COUPLE OF YEARS THAN IN ANY PERIOD BEFORE. EMILY: REALLY? WHY? SAM: BECAUSE I THINK A LOT OF THESE THINGS ARE EXPENSIVE. I CAN GO ON VACATION FOR TWO YEARS IF I WANT, AND SO CAN THE OTHER INVESTORS WHO COME ON YOUR SHOW THAT TALK ABOUT A BUBBLE. I THOUGHT THAT EVEN THOUGH IN GENERAL IT IS REALLY HIGH, THIS IS LIKE A JEWEL, AND ALL YOU HAVE TO DO IS GET IT RIGHT ON THE MICRO SCALE. EMILY: WHAT POTENTIAL DO YOU SEE THERE? I KNOW YOU MADE A LOT OF CHANGES. YOU BROUGHT IN A NEW CEO . SAM: IT IS GROWING REALLY, REALLY QUICKLY. IT IS A PLACE WHERE PEOPLE FEEL A LOT OF LOYALTY TO SPEND A LOT OF TIME ON THE INTERNET, AND I THINK THE USER GENERATED COMMUNITIES HAVE AN INCREDIBLE NETWORK. IT JUST GETS BETTER AS THEY GO. THAT WAS REALLY GREAT. EMILY: SO WHAT AREAS DO YOU WANT TO DOUBLE DOWN ON QUESTION MARK WHAT AREAS ARE YOU SAYING, "I DON'T WANT TO DO THAT RIGHT NOW"? SAM: WE HAVE BEEN SEEING GREAT THINGS IN ENERGY AND BIOTECH, ENTERPRISE SOFTWARE, BUT, HONESTLY, OUR NEXT GREAT INVESTMENT PROBABLY WILL NOT COME FROM AN AREA. EMILY: YOU TALKED ABOUT WHAT THE TECHNOLOGY COMMUNITY SHOULD BE DOING FOR THE REST OF THE COMMUNITY. EARLY STAGE, HOW DO YOU THINK A START UP SHOULD BE THINKING ABOUT THIS? WE JUST SAW WITH KICKSTARTER WHERE YOU HAD A PUBLIC BENEFIT. SAM: I REMEMBER WITH MY OWN STARTUP, YOU REALLY DO NOT HAVE TIME FOR ANYTHING ELSE, AND YOU JUST FIGURE OUT A GREAT PRODUCT THAT YOU CAN REALLY LOVE. I THINK IT IS IMPORTANT TO THINK ABOUT DRIVING THIS COMMUNITY FORWARD. EMILY: Y COMBINATOR HAS BEEN BEHIND SOME OF THE GREAT COMPANIES, AIRBNB, DROPBOX. TAKING THOSE OUT, WHAT ARE YOU LEFT WITH? WHAT DO YOU THINK ABOUT THE BATTING AVERAGE? SAM: WELL, I MEAN, SURE. YOU CAN SAY THAT IF YOU TAKE OUT EVERYBODY'S WINNERS, THEN WHAT ARE YOU LEFT WITH, AND IN PARTICULAR, THE REASON YOU CAN BE SO FRIENDLY AND BENEVOLENT AS A START UP INVESTOR IS THAT ONLY YOUR WINNERS MATTER. A BILLION DOLLARS OR $9 BILLION PLUS COMPANY. WE FUND THESE WITH PEOPLE, AND SO OUT OF THE 960 WE HAVE ALREADY FUNDED, LET'S SAY A ARE ALREADY WORTH A BILLION DOLLARS OR MORE. I THINK THAT IS AN INCREDIBLE BATTING AVERAGE CREATE I AM DELIGHTED WITH IT. EMILY: PRESIDENT OF Y COM BINATOR, A PLEASURE. ALWAYS GOOD TO HAVE YOU BACK ON THE SHOW. MARK, WE WILL SEND IT BACK TO YOU. MARK: THANK YOU. WE APPRECIATE IT. TIME TO CHECK IN ON MARKETS ON
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Y Combinator's Search for the Next Big Startup

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September 23rd, 2015, 6:08 PM GMT+0000

Sam Altman, president at Y Combinator, talks with Emily Chang about the company’s search for tech startups, which type of companies they are investing in and why he doesn't care about a potential tech bubble. He speaks on "Bloomberg Markets." (Source: Bloomberg)


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