Another 500 Startups partner quits, fed up with sexual harassment scandal
Little by little, as the benefits persist sexual harassment scandal starting at 500 Startups, another partner left the bay area start throttle.
Elizabeth Yin, a serial entrepreneur who joined 500 Startups as an investor in 2014, resigned on Friday confirmed the firm. He left after the founder of the accelerator and CEO Dave McClure were forced to resign on allegations that he sexually harassed the women he was supposed to do business with.
Yin announced his departure in an email this week, according to numerous media reports, apparently frustrated by the sexual harassment scandal and how the 500 Startups manipulated.
“It became clear to me during the last month that I can not be part of this organization.
The actions 500 companies have deviated from their mission and can not continue to represent this organization, “Yin said Monday, according to a copy of the email obtained by TechCrunch and Tuesday.
“In particular, I have had many sleepless nights and deep frustration over the lack of transparency and a number of weaknesses that I believe everyone who chooses to represent 500 should be aware of.”
McClure over the weekend apologized for being “a mess,” after a female student said he was beaten while recruiting for a possible 500 Startups job.
On Monday, a second woman issued a blog post saying McClure touched without permission. She wrote that he pushed her into a corner and tried to kiss her.
Yin said in the email that while McClure had resigned as CEO in May after 500 Startups had been informed of his improper behavior, staff members were not informed of the change until the allegations against him were disclosed in an article In The New York Times. He also said McClure continued to participate in the company’s daily affairs, despite their alleged reduced participation.
500 Startups have taken immediate action when the administration learned of the allegations against McClure, but because of the sensitivity of the issue, internal investigation into their behavior remained confidential, the spokesman said in a statement Kelsey Cullen emailed the organization Of news.
“In April, our management team has become aware of allegations related to inappropriate behavior by Dave McClure,” he wrote. “We took the matter seriously and immediately initiated an internal investigation that has replaced Mr. Christine Tsai as CEO by Mr. McClure.
In May, we held a telephone call to the company at level and sent an email the next day, informing the team that Dave had given up the daily management of 500. ”
Yin also weighed on a separate sexual harassment scandal that seized Silicon Valley last week, writing a blog in response to allegations that Justin Caldbeck, founder of Binary Capital, sexually harassed several women. Since then, he has resigned.
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In the post, Yin urged other women who have been victims of sexual harassment to introduce themselves and admitted that he did not regret urging his friends to do it sooner.
“We have a real and undeniable problem here in Silicon Valley with sexual harassment,” she said. “As the authors themselves are to blame, the fact is that the rest of us are also part of the problem – myself included.”
On Wednesday, Yin’s profile page on the 500 Startups website appeared to be disabled.