The whole sama thing doesn't compute for me and has negatively impacted my otherwise stellar view of YC.
He dropped out of Stanford, founded Loopt (which raised $30 million and then acqui-sold for $43 -- and I'm sure Sequoia got the bulk of it), was then made a YC partner and finally appointed president. His Wikipedia page says he's made some angel investments in successful companies like AirBNB, but my question is: "With what money?" Maybe he sold some private shares of these companies at some point. There's nothing wrong with that. But again where did the original money come from? Family?
I just don't get it. Please explain to me how dropping out of college and having your only startup fail leads to (a) being handed one of the most prestigious and influential positions in SV and (b) having so much money you can donate $10 million dollars like it's chump change. How does that make any sense in this universe?
pg started YC and deserves all the credit for basically inventing the accelerator archetype. He can do whatever he wants and I guess he thought sama was the best guy for the job. Maybe he is. Heck, I'll even admit that I think he's done a good job so far, although I also think plenty of people would be equally adept at watching a golden goose lay eggs.
I think SV -- and YC especially -- perpetrate a few huge myths which cause people to have unrealistic expectations of their lives and ventures. ("There aren't enough engineers!", for example. Just last week, sama was saying how easy it is to live in SV if you work at Facebook, make a $150k+ salary and got a $75k signing bonus... a situation he was pawning off as "average" but is actually highly above average.) These lofty, then unfulfilled expectations then cause depression in vast amounts of people, both inside the Valley and out.
To me, sama is a colossal SV myth, incarnate. "Look! If you're smart enough, you can rocket to the moon! Even if you drop out of school and your only startup fails!"
I don't understand the full story, apparently, but I just hope people aren't fooled. There is more than meets the eye, here.