An Accelerator Implodes, Leaving Founders in Shock

If you ask a startup founder what they look for in an accelerator program, they’d probably hope for access to startup veterans and connections to prominent venture capitalists. 

By all accounts, they didn’t get much of that from Newchip, whose parent Astralabs last week entered into Chapter 7 bankruptcy, leaving creditors owed $4.8 million and participants in a state of shock. 

A closer look at the accelerator reveals a dumpster fire hiding just beneath the surface, a saga that exposes the vulnerability of young startups.