Y Combinator President Warns of Impending Extinction-Level Event for Start-Ups

According to Garry Tan, the President of the renowned start-up accelerator Y Combinator, approximately 30% of YC companies that were exposed through Silicon Valley Bank are facing the risk of not having sufficient funds to meet their payroll obligations in the upcoming 30 days. Tan has further stated that this situation is an extremely severe one, tantamount to an “extinction level event” for start-ups, which is likely to have long term implications and push back the progress of start-up innovation by at least a decade or more.