Startup investor Techstars is gearing up to relaunch its workforce development accelerator program in Denver.
Slated to begin in the summer, the Techstars Workforce Development Accelerator is a 13-week, hybrid program based in the Mile High City. The program first launched in 2020 but took about a yearlong break with its last cohort graduating in February 2023.
“I actually haven’t really been thinking about it as a relaunch,” said Techstars Managing Director Dave Cass, who will lead the program. “[I’m] thinking of it more as building on the momentum that was established in the first three classes.”
Graduates of the 2022-23 program include Colorado-based Access Mode, a nonprofit fostering venture-ready tech companies led by BIPOC founders; nonprofit The AI Education Project and Gritly, a skills-based hiring platform for tech roles.
The summer 2024 program is focused on using technology to tackle workforce development.
“We’re aimed at investing and supporting the greatest impact-driven startups that maximize human potential through work, through education and through economic mobility solutions,” Cass said. “So everything we look at thematically is about maximizing human potential and the technology, that’s just a medium for how the product services are being delivered.”
Subthemes for this program will include career pathways, education training and learning, support and navigation and employer solutions.
This accelerator comes as America is still experiencing labor shortages in industries like health care, child care and schools, manufacturing, aviation and law enforcement.
According to data published on Nov. 20 by the U.S. Chamber of Commerce, there’s a shortage of 3 million workers in the U.S. (There are 9.5 million open jobs in the U.S. and only 6.5 million people are unemployed.) Causes of this labor shortage range from low net international migration rates and limited access to child care to early retirement driven by the pandemic, employees launching their own businesses and lack of access to continued education.
Cass and a Techstars spokesperson were not able to specify why the program began in Denver. Data from the U.S. Chamber of Commerce, however, shows Colorado’s workforce shortage has worsened since the pandemic. Before the Covid-19 pandemic, the state had 79 available workers for every 100 open jobs. As of August 2023, that number had declined to 52 available employees for every 100 unfilled roles.
Cass said it made sense to continue the program in Denver due to the city’s accessibility and startup ecosystem. Taylor McLemore, a previous Techstar managing director and DBJ 40 Under 40 winner, will serve as an entrepreneur in residence and lead mentor for this workforce development program. McLemore led the previous three workforce development cohorts.
To relaunch this program, Techstars brought on a new partner. World Education Services, or WES, is a nonprofit that helps immigrants, refugees and international students reach their educational and career goals. The program’s original partners Strada Education Foundation — which supports organizations, policies and programs that strengthen the connection between education and opportunity — and a silent partner are also returning as program partners.
“Dramatically expanding economic opportunity and social mobility is the ‘moonshot’ of our time,” Stephen Moret, president and CEO of Strada, said in a statement. “Achieving that vision demands innovation, entrepreneurship, and a firm commitment to equity, which is why we are proud to support Techstars in this venture.”
The accelerator will accept 12 businesses with teams in North America. Ideally, each company will address workforce development in different ways, Cass said. Applications for the program close on March 6.
Cass said he expects the workforce development accelerator to take place once a year and move to a spring term in 2025.
Techstars was founded in Boulder in 2006 and has since invested in businesses like sales platform SalesLoft, e-commerce delivery service Veho and Denver’s SendGrid, an email delivery platform. Companies that have graduated from a Techstars program have collectively raised more than $26 billion, according to Techstars.
Techstars offers 53 in-person, virtual and hybrid programs across 36 cities and 13 countries, including programs in Boulder and Denver.
This article has been updated to report that companies that have graduated from a Techstars program have collectively raised more than $26 billion.
