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Nawal
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SELF • 1y

❗️Bankruptcy of Austin-based accelerator Newchip leaves founders in distress as court orders auction of warrants in over 1,000 startups. Founders like Lacey Hunter of TechAid and Garrett Temple of Novogiene forced to shut down companies as warrants make future funding difficult. Despite hefty fees, founders claim little value from Newchip. Court aims to sell warrants to settle $4.8-million debt, undermining startups' valuations. First tranche of 28 warrants sold for just $58,000, with over 1,400 more to be auctioned. Cautionary tale about giving up equity stakes or warrants to accelerators. Do thorough due diligence and prioritize retaining control over your startup’s cap table. Accelerator bankruptcies can have devastating ripple effects on supported companies.

4 replies9 likes

Replies (4)

Anonymous 1

Hey I am on Medial • 1y

Good lesson for entrepreneurs, especially new ones, they hunt for incubators (which is fair enough)

1 replies1 like

Anonymous 2

Hey I am on Medial • 1y

😨

0 replies

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German court documents yesterday revealed that French intelligence has access to all of Telegram's internal data now, thanks to Durov. They are freely sharing it with other intelligence & police agencies, so warrants aren't even needed.

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Just in! Over 67% of unicorn startup founders are from engineering background, not MBA:)

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For all the founders- GSF is one of the most respected funds/accelerator in India with their demo day recording 500+ investors. I think you all should apply if you are starting up. I genuinely like Rajesh Swahney and this isn’t a promotion. Check his

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