Ryan Broshar, the founding director of Target's retail startup accelerator with Techstars, officially left the program today – one week after the retail giant announced that it would partner instead with German company Metro AG for next year's accelerator.
Broshar helped establish Boulder, Colorado-based Techstars' first Minnesota accelerator, Target + Techstars, three years ago. Since then, the program has supported more than 30 startups and 100 founders from around the world. Collectively, these companies have raised over $50 million, Broshar said in a blog post confirming his departure.
Target and Techstars were working together under a three-year agreement, which expired at the end of this year's program. Target announced last week that it would now operate the accelerator in partnership with German food retail and wholesale giant Metro AG. Metro operates in 35 countries and employs more than 150,000 people. The new accelerator is "certified" by Techstars, but not run by the organization.
The new Metro Target Retail Accelerator will be led by Garan Goodman, who is based in Germany.
Ten startups will be selected to participate in the 2019 accelerator, and will spend time in Minneapolis and Berlin over the course of three months. Each company will be given $120,000 in capital. The program will start in May and conclude with a Demo Day in Minneapolis in August. Applications are due February 24, 2019.
Broshar said that he will continue working with the Metro Target Accelerator to ensure a smooth transition.
Broshar is also the founder of Minneapolis-based Matchstick Ventures, a venture capital firm that has backed many Techstars alumni. This fall, Matchstick expanded to Colorado, hiring Techstars Boulder Managing Director Natty Zola as a partner. According to a regulatory filing from this fall, Matchstick is currently raising $25 million for its second fund.
Broshar added that he will "double down" his participation in the local startup community through organizations like Beta and Twin Cities Startup Week.
