#GivingThanks: David Cohen and the Techstars Foundation
Today’s #GivingThanks is to David Cohen, one of the founders and co-CEO of Techstars. If David has done something that has touched your life is a positive way and you want to give thanks to him, make a donation online to the Techstars Foundation.
I met David on one of my random days in 2006. I can’t remember who introduced us, but David reminds me that it took him four months to get a meeting with me. He knew he had 15 minutes so he got right down to it as is his nature. We were in my old Superior office (the one about the liquor store where I met Lucy Sanders and so many other great people for the first time.) We said hello, David introduced himself to me, and we sat down. David then slid something across the table and sat silently while I read it.
It was a folded piece of paper that looked liked it had been printed on a color printer at a Kinkos. I opened it in its three-fold glory and read an overview of a thing called TechStars (yes – I immediately noticed the CamelCase) with a logo at the top that closely resembles today’s logo. I had an immediate positive reaction.
When I looked up, David gave me a little more background. He told me we were co-investors in a few companies as angel investors. He then explained why he wasn’t enjoying being an angel investor the way he was then doing it. Remember, it’s 2006 and angel investing is not trendy. In fact, early stage investing in general is in the dog house for many investors, both angels and VCs, as they are still remembering the pain from the collapse of the Internet bubble. While we had at least two angel groups in the Denver/Boulder area in 2006, they were more of a combination of a cocktail party combined with an entrepreneur torture chamber. Founders came in, pitched a bunch of angel investors, got ask a bunch of questions, went away, but rarely ended up with any investment. David had participated but realized that very few angels were writing checks and, when they did, the entrepreneurs didn’t get engaged investors.
David had a vision to change that. He said he wanted to raise about $200,000 to get it started. He was personally putting in $80,000. At about the ten minute mark, I told him that as long as he wasn’t a flake or a crook, I was in for $50,000. He then told me that David Brown (now co-CEO of Techstars), who had been his partner in their first company (Pinpoint Software), would likely do $50,000. I said that was awesome and I’d make a few phone calls and see if I could round up the rest.
After David left, I called Jared Polis. I had met Jared a decade earlier (via an introduction from my first business partner, Dave Jilk) and we had become good friends and co-investors in a handful of companies. I told Jared I was investing $50,000 in a new thing called Techstars that I’d like to see if he wanted to invest in with me. He responded, “Sure, count me in for $50,000. What is it?” And, like that, we had raised the money for the first Techstars Boulder program which ran in 2007.
A decade later, I’m comfortable asserting that Techstars has had a significant positive impact on entrepreneurship around the world. It’s been one of my greatest life pleasures to be involved in it.
David, thank you for showing up in my office and inviting me to be part of Techstars. Here’s the first promotion video, which reminds me how far we’ve come.
But we have only begun. Techstars, which now runs 25 Techstars accelerator programs around the world each year, also runs over 1,000 Startup Weekends a year and 40 Startup Weeks a year. As part of our experience over the last decade, we became immersed in the issue of diversity in entrepreneurship. My work with the National Center for Women & Information Technology informed and inspired this, along with our creation of programs like Patriot Boot Camp and Rising Stars. And, the Techstars mantra of #GiveFirst, which builds on the philosophy I talked about in Startup Communities of “Give Before You Get”, has become deeply embedded in our value system.
At the end of last year, we took this to another level by creating the Techstars Foundation. The foundation mission is straightforward – to improve diversity in entrepreneurship. Our initial funding was provided by the Techstars founders and a few other people close to Techstars. Since then, we’ve done a major matching campaign that Amy and I funded, a partnership with BetaBrand that generated $85,000 in contributions, and several other fundraisers. We are closing in on the foundation having $1 million in the bank, which is an exciting start for us.
We made our first round of grants earlier this year to five organizations: Astia, Patriot Boot Camp, Defy Ventures, Change Catalyst, and Gaza Sky Geeks. I personally adopted Defy Ventures, went to prison for the day, learned an enormous amount about myself in the process, and subsequently made a significant commitment to Defy.
David is now one of my closest friends and my experience working with him and the team at Techstars is one of the most professionally rewarding things I’ve done. David – thank you.