If innovation is what the country needs, Boulder-based TechStars has plenty of advice to share. The "startup accelerator" has been tapped by President Barack Obama's newly formed Startup America Partnership to help spark private-sector innovations via a TechStars Network, which will provide professional development, networking opportunities, and support for member organizations, notes the Denver Post. Over the next four years, 5,000 business pros will mentor and support 6,000 young entrepreneurs with a goal of creating 25,000 new jobs. Obama's campaign is geared toward supporting small businesses through tax credits, $2 billion in matching investments, and training programs.
David Cohen, co-founder and CEO of TechStars, tells the Daily Camera seven of the 21 companies that have participated in the 10-week program in Boulder have been acquired, and nearly 70 percent of participants have raised additional funding. TechStars takes a five percent stake in each graduating company, and the program has been so successful in recent years that 100 other incubators around the nation have either modeled themselves on it or approached Cohen for advice about starting one, reports the Denver Business Journal.