Editorial: Revival of Techstars’ Boulder accelerator a boost for startup scene

Boulder suffered a major blow to its prestige and reputation as a startup mecca when Techstars announced earlier this year that it would relocate its headquarters to New York, as well as end the Boulder version of its accelerator program.

Coupled with reductions in force by major tech companies amid the shift to remote work with the COVID-19 pandemic, and the announcement that local venture-capital firm Foundry’s 2022 fund would be its last, some began to question whether the city had lost its startup “mojo.”

But Boulder’s innovation economy has gotten several boosts in recent days and weeks, including designation of the Elevate Quantum Tech Hub, and, most recently, Techstars’ decision to revive its Boulder accelerator.

As BizWest managing editor Lucas High reported Oct. 29, a trio of Boulder startup scene veterans is reviving the local Techstars accelerator program.

“The new program will be led by Techstars co-founder David Cohen, who resumed his longtime role as CEO of the Boulder-born startup accelerator in May; Natty Zola, former Techstars managing director who left the organization in 2020 to form the investment firm Matchstick Ventures; and Nicole Glaros, a former Techstars leader, investor, entrepreneur and member of the Federal Reserve Bank of Kansas City’s Denver Branch board of directors,” High wrote.

The importance of the Techstars decision cannot be overstated. While Boulder’s startup economy formed over many decades, it was Techstars that raised the profile of the city globally, contributing to the richness of the startup scene.

But the new program will not be a direct copy of the original.

Glaros outlined plans for how the new accelerator would be structured in a blog post: “While Techstars will be an anchor investor, and David will sit on the board alongside me and Natty, the vast majority of the capital will be from the local ecosystem, governed by a local board of directors that Techstars influences but doesn’t control, with a staff that reports to this local entity. This allows the economic incentives to be fully aligned, to keep the returns and control here in Colorado, for Techstars to support the success of the local activity, and for the local program to take advantage of all that Techstars has built over the years.”

Boulder continues to face challenges. Large blocks of office space remain vacant, including space formerly occupied by tech companies. Even so, office space remains expensive, making it difficult for startups to launch and grow in the city. Housing costs are exorbitant.

But the solution to these challenges lies with individuals within the startup ecosystem itself. It’s the entrepreneurial spirit of Cohen, Zola and Glaros and others like them that can help carry Boulder through to the next phase of its innovation journey.

Now, about that Techstars headquarters …

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