Newchip Collapse: A Cautionary Tale About Startup Accelerator

Startups Tech Brief By HackerNoon

This story was originally published on HackerNoon at: https://hackernoon.com/newchip-collapse-a-cautionary-tale-about-startup-accelerator.
Exploring the dark side of startup accelerators through the Newchip bankruptcy scandal and how such institutions can potentially harm early-stage startups.
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Newchip, once strutting its stuff alongside the big guns like Y-Combinator, found itself in a real pickle. It's been ordered to shut down and liquidate while under the shadow of Chapter 11 bankruptcy. These startups, who'd shelled out anywhere between $8K to $20K, were left holding the bag with unfulfilled promises.