The end of Loopt marked the beginning of a new chapter in Sam Altman's career. He wasted no time and, in the following month, co-founded Hydrazine Capital with his brother, Jack Altman. However, it was his association with Y Combinator (YC) that would truly shape his trajectory in the tech world.
Altman joined Y Combinator in 2011, initially in a part-time capacity. His journey within the organization was nothing short of meteoric. By February 2014, he had ascended to the role of President of Y Combinator, an accelerator renowned for launching tech giants like Airbnb, Dropbox, Zenefits, and Stripe.
During his tenure as President, Altman oversaw a period of remarkable growth and innovation. He touted Y Combinator's impressive track record, with the cumulative valuation of YC-backed companies exceeding a staggering $65 billion. He also spearheaded initiatives to fund a broader spectrum of companies, especially those in the 'hard technology' sector.
Altman's vision extended beyond conventional startup incubation. He unveiled YC Continuity, a $700 million equity fund aimed at supporting maturing YC companies. Additionally, he established Y Combinator Research, a non-profit research lab, and generously contributed $10 million to its funding. YC Research embarked on ambitious projects, including research on basic income, the future of computing, education, and urban development.
In March 2019, Altman announced a shift in his role at Y Combinator. He transitioned to the position of Chairman of the Board, a move that allowed him to devote more time and energy to his new passion: OpenAI.