garry

11 ms·

1.
by garry 2y ago
We are absolutely taking steps internally to prevent this.
2.
by garry 3y ago
Nicely done Gabe!
3.
by garry 4y ago
Thanks Finbarr. The group partners and MD's and I know these are important and valuable programs, and there is a lot more we need to be doing for alumni and the experience after companies do YC. I don't have more to share now, but
4.
by garry 4y ago
I will say that large % of the batches turn out to still be good companies later, sometimes much later. The journey of being a founder sets people up to do a lot more: YC alums are often great C-level executives at other fast growing startu
5.
by garry 4y ago
Changes of this sort cannot happen in a very short amount of time. The timing was coincidental.
6.
by garry 4y ago
It's not, this is about making YC awesome for early stage founders right at the beginning.
7.
by garry 4y ago
We're asking for a backstop for deposits for small and medium sized businesses that will not survive without being able to make payroll.
8.
by garry 4y ago
Choice of bank historically has been one of the lower priority things people have to worry about. I think this changes now. If your personal bank went out of business through no fault or gain of your own, most individuals would feel that it
9.
by garry 4y ago
This isn't some sort of complex bid call option strategy. This is a checking account, and one choice out of many that founders make regularly. To my knowledge SVB was never required, and startups always had choice.
10.
by garry 4y ago
These are deposits at a bank. We're advocating for protection of 37,000 small business accounts, a small number of which are YC. We discovered about 30% of YC companies would not be able to make payroll even after the $250,000 insured
11.
by garry 4y ago
We're trying to help our founders, and this is a moment where awareness of this problem in DC and in the halls of power matter.
12.
by garry 4y ago
$250,000 will be available initially, which is doable for payroll of up to 15 to 25 people for one month, generally if you're a startup. FDIC website indicates remediation time in the months-to-years. This is the concern.
13.
by garry 4y ago
We are asking for regulation to prevent this failure from occurring again.
14.
by garry 4y ago
I grew up food insecure.
15.
by garry 4y ago
These are businesses that had a reasonable expectation for their deposits to be there, and we are not advocating for a bailout of SVB's management or equity holders.
16.
by garry 4y ago
We are asking for new regulation that would prevent this from occurring.
17.
by garry 4y ago
Many startups chose SVB because they were the ones willing to open a bank account for them at all. I remember going to a branch of Bank of America to open a bank account for Posterous and not being able to.
18.
by garry 4y ago
The equity holders and management of SVB are likely to be wiped. In the petition we specifically call this out: we are not asking for their risks to be "socialized." Depositors have a reasonable expectation that when they choose a
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by garry 4y ago
https://www.cbo.gov/publication/57341
20.
by garry 4y ago
We are advocating better regulation to prevent this from happening in the future. It's in the petition.
21.
by garry 4y ago
FWIW I've never had that perspective, so I'm not sure why you are saying that.
22.
by garry 4y ago
These are depositors of a bank. Most startups only have one bank. Startups should live or die because they create good products and solve real problems in real markets, not because they made an arbitrary choice like which bank they started
23.
by garry 4y ago
Twitter has been a tough one - I got involved in local politics which has been a challenge. Large accounts typically do have to block a lot to make it usable, and in particular I've had problems with folks doxxing my former home addres
24.
by garry 4y ago
YES! I absolutely will! youtube.com/garrytan
25.
by garry 4y ago
I spent 5 years as a partner at Y Combinator previously, left to work on Initialized Capital (which is in good hands now with incredible early stage investors Jen Wolf and Brett Gibson), but now will be returning in the new year to work on
26.
by garry 4y ago
Believe it or not, my journey to Y Combinator started similar to how you may experience YC — through being a regular lurker and reader on Hacker News. I went to Startup School, me and my cofounders applied, we got an interview, and we got i
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Founders should create things for a billion people, not just tech giants(youtube.com)
1 points by garry 4y ago|0 comments
28.
by garry 4y ago
One answer: @dang
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I slept in a Jupe that lets you create a home anywhere. Just add land(youtube.com)
15 points by garry 5y ago|1 comments
30.
by garry 6y ago
Can confirm we own a portion of Coinbase but not the whole thing (if only) :-)

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