Leaked documents show Techstars lost $7 million in 2023 but still had plenty of cash Cuts to Techstars programs are not surprising given its 2023 financial performance.
Cuts to Techstars’ staff and its decision to shutter certain accelerators came after it missed its 2023 revenue goals, according to documents outlining its preliminary 2023 results viewed by TechCrunch.
Techstars 2023 budget targeted an average of 68 “active accelerator programs,” but was reduced to 61 in its mid-year forecast.
The good news was that TechStars had plenty of cash in 2023 to handle these troubles and its closing cash balance in 2023 was actually much better than originally anticipated.
But these documents reveal that the company closed last year with around $50 million in cash for its operational budget.
As Techstars retools, some former staffers say it lost focus on what made it successfulWell-known accelerator group Techstars announced a slew of changes to its operations this week, including the shuttering of some of its city-based programs.
And one former Techstars managing director (MD) told TechCrunch that the move away from local fundraising for city-based accelerator programs was an error.
One former managing director (MD) said that having local limited partner investors in Techstars meant that more people in those cities had a stake in its local programs.
The shift away from local capital and more focus on corporate dollars meant that city-based boosters and founders were less central to Techstars’ focus, the MD said.
Still, Techstars faces competition, not just from Y Combinator domestically, but from other accelerator programs in the US and elsewhere around the world.
Google has apologized (or come very close to apologizing) for another embarrassing AI blunder this week, an image generating model that injected diversity into pictures with a farcical disregard for historical context.
While the underlying issue is perfectly understandable, Google blames the model for “becoming” over-sensitive.
But if you ask for 10, and they’re all white guys walking goldens in suburban parks?
Where Google’s model went wrong was that it failed to have implicit instructions for situations where historical context was important.
These two things led the model to overcompensate in some cases, and be over-conservative in others, leading to images that were embarrassing and wrong.
X, formerly known as Twitter, said Wednesday it is withholding specific accounts and posts in India, action it said the firm disagrees with, in response to executive orders issued by the Indian government.
Non-compliance with the executive orders, X said, would have subjected the firm to “potential penalties including significant fines and imprisonment.”X’s Global Government Affairs said legal restrictions prevent it from publishing the executive orders, but “we believe that making them public is essential for transparency.” X will file a writ appeal challenging the Indian government’s blocking orders, it said, and has notified users who are impacted by the orders.
The disclosure from X follows New Delhi ordering to temporarily block about 177 accounts and posts surrounding farmers’ protests in the country.
As privacy advocate Apar Gupta wrote in a recent post on X:Blocking orders for Twitter accounts of farm leaders have been issued in advance.
This is not surprising, what does provide anguish is the vile commentary against farmers on social media.
For example, the MTA transit system in New York collected more than 18,000 lost items from 2018 to 2023 — and that time includes when people were sheltering in place for the pandemic.
Boomerang thinks AI can fix lost and found.
The Miami-based startup built software that uses machine learning to match pictures and descriptions of lost items.
Customers, which can range from gyms to theme parks, upload pictures and descriptions of their lost and found while consumers do the same for the item they’ve lost.
If there is a match, consumers can choose to pick up their items or have them shipped.
Sono SionGerman automaker Sono once led the charge to bring solar panels to electric cars with the five-seater Sono Sion hatchback.
No longer an automaker, Sono now focuses on embedding its solar tech into other vehicles.
GM, Honda’s affordable EVsGeneral Motors and Honda said in April 2022 that they’d co-develop millions of small and affordable EVs.
Months later, it seems the acquirer has yet to restart VanMoof production or resume repairs.
On the other handIt’s been a bummer year for fans of small EVs, but all is not lost.
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