Is the Texas boom town of Austin losing its luster? – By Mary Ann Azevedo (Techcrunch) / Dec 7, 2023
Techstars has paused its chapter in the city; it’s not alone in dialing back
Texas has been historically known for its oil booms. Today the state is perhaps better known as a magnet for tech companies and tech talent, especially in its capital city of Austin. But with some startups pulling up stakes, and critical industry participants curtailing their activity in Austin, the Texas dream of taking on tech’s traditional home in California could be hitting some speed bumps.
TechCrunch has exclusively learned that after a decade in the Texas capital, startup accelerator Techstars is pumping the brakes on its Austin chapter.
Managing Director Amos Schwartzfarb, who’s been with Techstars in Austin for eight years, announced that he’s leaving the company; his last day will be February 15. That forced Techstars — which has run 15 programs in Austin — to make a decision about the company’s future in the city.
“Unfortunately, we are pausing the Techstars Austin accelerator,” Techstars spokesperson Amalia Lytle confirmed, adding that the organization did not know for how long the chapter would be on hold. Once Schwartzfarb made the decision to leave, Techstars decided that maybe “the accelerator program isn’t the best path forward” in the city, according to Lytle. Instead, Techstars may decide to invest more in other programs such as Startup Weekend or Founder Catalyst, she said.
CONTINUE > https://techcrunch.com/2023/12/07/is-the-texas-boom-town-of-austin-losing-its-luster/
