Techstars has announced it hired Eugene Chung of NEA to lead its New York program. Chung has worked out of NEA’s Washington DC office but has backed New York companies like BuzzFeed, and Ken Lerer’s Bedrocket.
After the last Techstars NYC class graduated this summer, managing director David Tisch announced he would leave to focus on his own investments with Box Group, his firm. He took his “number two” Adam Rothenberg with him.
Nicole Glaros, who was brought in from Techstars Boulder to handle the New York program in the interim, will co-manage it with Chung.
Techstars’ New York program is the city’s most highly regarded accelerator, unique in that it only does graduates one class of companies per “batch.” Last year just 13 companies were chosen, including Karma, Moveline, Pickie, Poptip, Condition One and Lua. Chung worked as an advisor to many of them.
Chung has a diverse background — he worked as an investment banker with Morgan Stanley and private equity pro with Warburg Pincus before taking a somewhat random turn in film production at Pixar. He joined NEA in 2011.
On the current tech investing landscape, Chung wrote in this blog:
The degree to which the valuation of private startups (and the industry as a whole) has been tied to the immediate state of the public markets has always been a mystery to me, considering the years it takes to build a great company can last longer than the average American marriage. Real returns in tech don’t come from hopping on the latest bandwagon. But fickle valuations are a fact of life.
The deadline for applications for this year’s class closed in January 18.
[Homepage Image courtesy DominusVobiscum]