Get All Access for $5/mo

Paul Graham Steps Down as President of Y Combinator Sam Altman, previously a co-founder and CEO of the location-based social networking mobile application Loopt, will take the reins when Graham departs.

By Laura Entis

Opinions expressed by Entrepreneur contributors are their own.

Y Combinator, the prestigious seed accelerator that has spawned an impressive list of big-name tech companies (Dropbox, Reddit, Airbnb and Weebly, to name just a few) is getting a new president.

Paul Graham, who co-founded the accelerator, announced in a blog post that he is passing the reins to Sam Altman, a current Y Combinator partner.

In the post, Graham directly addressed his decision to step down. "YC needs to grow, and I'm not the best person to grow it," he wrote. "Sam is what YC needs at this stage in its evolution."

Related: At Startup Accelerators, Expect the Unexpected

Altman was one of the founders in the first batch of startups the accelerator funded back in 2005. (He co-founded the location-based social networking mobile application Loopt). In his post, Graham claimed he has been trying to recruit Altman for the job since 2012.

"He's one of those rare people who manage to be both fearsomely effective and yet fundamentally benevolent -- which, though few realize it, is an essential quality in early stage investing," he wrote. "Sam is one of the smartest people I know, and understands startups better than perhaps anyone I know, including myself. He's the one I go to when I want a second opinion about a hard problem."

Graham said he will continue to work with the accelerator as an advisor, and expects Y Combinator to continue to grow: "There will be a lot more startups in 10 years than there are now, and if YC is going to fund them, we'll have to grow proportionally bigger."

Related: Calling All Dreamers: Disney Is Launching a Startup Accelerator Program

Laura Entis is a reporter for Fortune.com's Venture section.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Growing a Business

How to Spot Trends and Anticipate Market Shifts Before Your Competition

Discover how to identify disruptive trends before your competitors by mastering the art of anticipating market shifts. Learn strategies for staying ahead and gaining a competitive edge in business.

Leadership

As a Leader, Take These 5 Steps to Bridge the Gap Between Innovation and Execution

Companies that want to turn ideas into action must align their people and listen to their customers.

Business News

Macy's CEO Confirms Employee Made Accounting Errors Worth $151 Million, Though Not for 'Personal Gain'

The company announced its third-quarter earnings Wednesday after a delay.

Business News

Apple Is Adding ChatGPT to iPhones This Week. Here's How It Works.

ChatGPT will take over questions that Siri can't answer.

Marketing

He Pitched His First Business at 12 and Sold a Company for 8 Figures When He Was 24. Here's This Gen Z Marketing Expert's Next Big Move.

Griffin Hadrill built a marketing empire working with artists like Justin Bieber and Lil Nas X. Learn how he tapped into Gen Z's digital culture and turned viral campaigns into a business model.

Franchise

McDonald's Announces the Return of the Snack Wrap in 2025 — Here's What to Expect From Its Comeback

The decision comes after years of persistent customer demand for the portable snack, which debuted nearly two decades ago.