When it comes to the startup world we already know that Y Combinator is a name that everyone knows very well. Being innovative is exactly what they are known for. Now, this innovation comes with this pandemic and they decided to go completely remote.
“We have decided to run the S20 batch remotely because amid the COVID-19 crises, the safety of founders and YC staff is our top priority.” Y Combinator CEO Michael Seibel announced.
Founders joining the program will give up roughly 7% of the company in exchange for $150,000. The best part of that is the access that they will have YC‘s network. That is a very small price to pay since YC is one of the top 3 ( or #1 ). They have been on a fast scale mission helping out 240 startups in its most recent class. Tech Crunch reported that YC was changing the terms of its pro-rata investment program, investing in startups on a case by case basis. Digging deeper, it will fully operate online with interviews, office hours, even the talks and meetups taken place over video conferencing. It is still undisclosed as to what software they will use. Demo Day may be impacted but rather lightly.
“What we want to keep an eye on is the fact of .. if this works can this be the new norm in the tech world” Jermaine Vanryck stated earlier today. “.. I mean, that is what we are coming to. There are lots of programs that have been doing this but none as strong as YC and let us be honest, if they are doing it, the world will follow”