On May 22, 2024, Techstars announced that Maëlle Gavet, the organization’s CEO, will step down at the end of the month due to health concerns, bringing her three-and-a-half-year leadership to a close. David Cohen, co-founder and Chairman of the Board, will resume his role as CEO, a position he held for the first 13 years of the company’s nearly 17-year history.
This leadership change comes at a challenging time for the global accelerator, which is facing difficulties in both growth and profitability. Preliminary reports from 2023 suggest that Techstars did not meet its revenue projections, prompting cost-cutting measures, including a 7% reduction in staff and the closure of several accelerator programs worldwide.
Gavet, who joined Techstars in 2021, announced her departure on LinkedIn, expressing deep gratitude for her time as CEO. She reflected positively on her tenure, stating that she would not trade the last 3.5 years of hard work for anything.
During her time as CEO, Gavet led the accelerator through a period of notable achievement, including investments in over 2,000 startups. In 2023 alone, Techstars portfolio companies raised over $2.4 billion, with nearly 70% securing funding rounds of $1 million or more. Under her leadership, applications to Techstars’ programs doubled between 2022 and 2023, and the diversity of its founders increased, with female founders rising to 25% and Black and Brown founders to 36%.
Gavet also made significant strides in Techstars’ commitment to inclusivity and innovation, marking her leadership with a focus on expanding access and supporting underrepresented entrepreneurs. Cohen praised Gavet for her dedication and contributions, acknowledging her role in making Techstars one of the leading accelerators globally. He also expressed support for her as she prioritizes her health moving forward.
In her post, Gavet shared that she had undergone thyroid surgery 11 years ago after cancerous nodules were found, allowing her to live a largely worry-free life with daily medication and regular checkups. However, recent tests revealed the growth of new nodules on her other thyroid, ultimately prompting her decision to step down from her role at Techstars.
Cohen, who will take on the CEO role again, thanked Gavet for her hard work and wished her strength as she focuses on her health and recovery.
