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Inside the ‘cold war’ at Techstars as CEO Maëlle Gavet hires, fires, fights to force change
Financial losses, founder revolts, public firings and overflowing office sewage mark the storied institution’s annus horribilis.
Techstars’ relationship with J.P. Morgan, which supported an $80 million fund responsible for eight city programs for diverse founders, also began souring after incidents that left the bank dissatisfied, TechCrunch previously reported. In January, Sunil Sharma, managing director of Techstars Toronto, was called into a meeting with Romig and Ramaswamy, and they simultaneously terminated him from his job, implied some blame on his part and offered him a part-time position, which he declined. The day Techstars formally announced 2.0, Chris DeVore, a former managing director for the Seattle program, published a blog post criticizing the changes and the company, citing information from insiders.
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