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Techstars Seattle's demise leaves a gap in startup market

GeekWire

GeekWire

Technology, Tech News, News

4.4116 Ratings

🗓️ 24 February 2024

⏱️ 22 minutes

🧾️ Download transcript

Summary

Techstars Seattle helped launch more than 160 startups over the past decade, partnered with the likes of Microsoft and Amazon to spark even more startups, and led to the creation of three companies currently valued at more than $1 billion — making it one of the most successful programs in the Techstars network.

Founded in 2006 in Boulder, Colo., Techstars provides fledgling startups with early capital, coaching, mentorship, a chance to pitch to investors, and an opportunity to work for three months in a shared space with other entrepreneurs.

Techstars expanded to Seattle in 2010, and for more than a decade, it worked. And then, this week, it ended. TechStars announced that it's closing its Seattle accelerator as part of a broader restructuring.

So what happened? And what's next? GeekWire managing editor Taylor Soper joins the show this week to address those questions.

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Transcript

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0:00.0

It was back in 2010 when our colleague John Cook got a peek inside the new home of Tech Stars Seattle,

0:06.0

the startup accelerator that had just expanded to the city at the time.

0:20.0

Founded in 2006 in Boulder, Colorado. Founded in 2006 in Boulder, Colorado.

0:22.4

Techstars provides fledgling startups with early capital, coaching,

0:27.0

mentorship, a chance to pitch to investors, and an opportunity to work for three months

0:32.4

in a shared space with other entrepreneurs, as

0:35.0

tech stars participant Josh Molinot explained to John at the time.

0:39.0

It can be distracting but it's also productive in the way that I can just grab another team member or something

0:43.6

and say, hey, what do you think about this feature?

0:45.3

Or what do you think about this?

0:46.4

We can demo products.

0:47.8

Everyone's here super late and super early, so we're free to move about.

0:52.0

So there's some elements that are not as productive, but there's also elements that are super super productive.

0:57.0

Yeah. What's super late? How late are people in here working?

1:00.0

One, two a.m. sometimes. So we're working, we're working pretty light. working. Here's how the first tech stars Seattle managing director, Andy Sack,

1:08.0

described the origins of the Seattle program in an interview with Robert Scobel around the same time.

1:13.7

I saw and witnessed Boulder's program for two years as a mentor and got really excited about

1:18.8

the program.

1:19.8

There's Y Combinator and there's Tech Stars.

1:22.1

And they're similar in some respects and very different in others and but both of them focus on the top end of quality

1:29.0

For more than a decade it worked

1:31.7

Tech Stars Seattle helped launch more than 160 startups,

...

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