Techstars Music Accelerator Shuts Down, Admits Business Model No Longer Viable
Techstars Music Accelerator closure announcement
TechStars Music, a prominent startup accelerator program, has announced its closure, with Managing Director Bob Moczydlowsky citing an outdated business model and limited capital constraints as primary reasons.
The accelerator's final class of startups was announced in April 2022, including companies like Beatmatch, Circle Labs, Clever.fm, Green Room, KEIphone, Music Games Company, Musicasa, Brij, Radia, and Solace Vision.
During its operation, TechStars Music's selection process involved:
- Open applications from startups
- Multiple 1:1 interviews with founders
- Selection of 25-30 companies for final screening
- Final selection of 10 companies for funding annually
Selected startups received:
- 13 weeks of mentorship from 300+ industry executives
- Access to venture capitalists and musicians
- Opportunity to pitch at the invite-only Techstars Music Venture Summit
Moczydlowsky explained the program's evolution: "We want to invest in companies solving problems for music, not music tech companies. Our thesis now is we want to fund the future of entertainment, self-expression, and live events." This strategic shift reflects the program's belief that traditional instruments will become less relevant as software solutions advance.
The closure was first noticed by entrepreneurs on Reddit, who reported communication silence from the program earlier this year, leading to speculation about its status before the official announcement.