Techstars is laying off 17%, ending its J.P. Morgan-backed programs
Reading Time: < 1 minutesThe Advancing Cities program, which launched in 2022, saw the launch of accelerator programs across the nation in cities like Oakland, New York, Miami, and Washington D.C. with the goal of backing more diverse founders.
The news that the program was officially shut down was reported on Wednesday by The Information.
In an email about the layoffs, Techstars co-founder and CEO David Cohen told staff that the startup accelerator ‘overbuilt and over hired.’ He said that most of the layoffs would come from engineering, support services and those working on sales and partnerships. He promised that those running most accelerator programs would not be impacted with the exception of the J.P. Morgan programs, specifically the Advancing Cities program.
Techstars’ strategy under Gavet was to scale into more programs and back more startups, but it was met with criticism from those in the investment community as the organization began earlier this year to restructure itself. Cohen somewhat addressed the criticisms in that email to staff today, saying that the firm would now ‘stop focusing on scaling and shift all of our focus to being better for founders each and every day.’
Techstars declined further comment but pointed to Cohen’s email which it published on its website.
Ref: techcrunch
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