Shaping the future of Web3: An interview with Techstars’ Pete Townsend

cointelegraph.com:

As an integral part of Techstars, a global seed accelerator known for its significant investments in over 250 Web3 startups, Pete Townsend offers a unique perspective on what it takes to succeed in this rapidly evolving space.

His expertise spans from identifying promising startups for accelerator programs to fostering entrepreneurial success through tailored mentorship. With a keen eye on the latest trends and the ever-changing landscape of technology, he shares his thoughts on various aspects of Web3, including gaming, fan platforms, stablecoins, and the importance of a robust startup network.

Cointelegraph: Techstars has invested in more than 250 Web3 startups, with Chainalysis, valued at $8.6B, and Arweave being some of the standout names. Can you shed some light on the core criteria you consider when selecting startups for your accelerator programs?

Pete Townsend: When investing at the pre-seed level, the most important criteria is the strength and adaptability of the founding team. We also want to see the founders focused on solving a problem for a huge market and have good traction with acquiring users from that market.

Their progress with the product is critical as well, but sometimes, we invest in founders in spite of their product or idea because we truly believe in those founders’ ability to execute (and pivots are the norm!).

Specifically in Web3, we want to understand how the founders are helping to build the decentralized internet, whether they’re building a tokenized economy or a centralized business, and how they’ll drive the onboarding of the first one billion users of Web3.

CT: Mentorship is a cornerstone of Techstars' approach to fostering entrepreneurial success. How do you ensure that the mentorship