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Startup fund Y Combinator increases global reach, diversity of entrepreneurs


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(Reuters) - Y Combinator, Silicon Valley’s prominent incubator and startup fund, has half of its latest class of entrepreneurs from outside of the United States, more than ever before, as the pandemic has pushed all of its work online, Managing Director Michael Seibel said Thursday at the Reuters Next conference.
Incubators help entrepreneurs take ideas and turn them into businesses, often taking a stake. Airbnb Inc and DoorDash Inc both went through Y Combinator and are the first and second-highest valued companies among the graduates.
“We were able to do 50% more office hours with founders than an in-person batch. It turns out that all of that driving and parking and looking for meeting room just generated so much inefficiency,” said Seibel, adding that the format will continue to evolve with this experience. ....

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