Last week, the startup world was rocked by the news that Astralabs, the parent company of accelerator program Newchip, has entered into Chapter 7 bankruptcy. This means that the accelerator is now defunct and its founders are left in shock.
Newchip had promised to provide access to experienced startup veterans and connections with prominent venture capitalists as part of their program. Unfortunately, those who joined the accelerator were not able to reap these benefits before it imploded. Those who invested money or time in this endeavor have been left feeling betrayed and confused about what went wrong at Astralabs.
The closure of Newchip serves as a reminder for all startups: do your due diligence when selecting an accelerator program! It’s important to make sure you understand exactly what services are being offered so you don’t get taken advantage of like many did with Newchip Accelerator Program. Additionally, look into reviews from previous participants so you can get a better idea if it’s worth investing in or not before signing up for any programs out there today.