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JPMorgan's effort to strengthen its Silicon Valley presence through a significant $80 million partnership with Techstars, initiated in 2022 and aimed at supporting underrepresented founders, is facing challenges as of 2024-03-08. Disagreements over the definitions of diversity have strained the relationship, with reports from 2024-03-09 suggesting JPMorgan might consider withdrawing entirely. Additionally, Techstars has seen significant turnover in its executive team, including the departure of the CRO, CTO, CFO, among others, further complicating the initiative. This development was reported by @dominicmadori.
scoop: i looked into the status of techstars' $80 million JPM-backed advancing cities program and what might happen next https://t.co/y76UqJ1hXd
Sharp reporting by @DominicMadori "Since last year, Techstars’ CRO, CTO, CFO, chief acc investment officer, chief cap formation officer, & chief legal officer have all departed the C-suite." Thesis drift away from diverse founders too https://t.co/KGZe1tSiSx via @techcrunch
WOW!! FIRE STORY about @Techstars from @DominicMadori of @TechCrunch tonight!! I'd love a contact at @jpmorgan so that we can help them do it RIGHT! Cancel the TechStars contract and give it to someone committed like @lightshipfound https://t.co/gBvSOJIyqk
