Techstars recently named Sarah Bain as the new managing director of its Minnesota-based accelerator programs.
Bain, who had most recently served as the global investment firm’s venture principal, took over the role from longtime leader, Brett Brohl, last month, the Business Journal reported.
The local Techstars programs include Farm to Fork, which is focused on food- and agriculture-tech startups, and the Minnesota Twins Accelerator, centering on startups working to enhance the fan experience in sports and entertainment technology.
Bain has seven years of experience working for Techstars, both at a program level and within the investment team. During her tenure, she has worked with hundreds of founders, managed a portfolio of over 150 investments, and found and invested in several early-stage companies.
She also won one of the Business Journal’s 40 Under 40 awards this year.
In an interview with Minne Inno, Bain discussed the Minnesota ecosystem, the state of venture capital and being a female decision-maker. The conversation has been edited for length and clarity.
What do you think makes Minnesota's ecosystem stand out? Where, if any, are areas of improvement?
We do a really good job of fostering growth here locally. Techstars Minnesota has done a really good job and has truly helped the ecosystem grow, and demonstrated how corporates and startups can really find value in working together. One of the things that we can do better as a local ecosystem here is trying to get the word out about how great the ecosystem is. We do so much work here that I don't think we're amplifying our voices on a broader scale.
The market for venture capital is experiencing a downturn. What does this mean for the local Techstars and what will startups have to do to weather that storm?
We've seen a decrease in round size and valuations around the country, around the world. That's the state of it. For founders, what they need to do is truly be mindful of their cash. They need to be mindful of their runway, they have to be mindful that it's gonna take them longer to fundraise. That's not to say that they can't fundraise, because there is capital out there, there's powder. Innovation happens regardless of the state of the economy. That isn't changing. I would encourage founders to continue to start their companies, to continue to power through.
What does your appointment mean in moving the needle toward having more women in VC decision-making roles?
It's huge. If we truly do want to see the change in that we want to have more female companies come through our programs and invest more in female-led companies, we have to have more females writing the checks and in decision-making roles. We have to have more diversity of decision makers. So, there has to be the change. Because there is this change, it's incredibly massive and I'm honored.
