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  3. In an attempt to strengthen its position during the recession, Newchip filed for subchapter 5 bankruptcy to restructure its venture debts, intending to emerge stronger and more resilient after the financial downturn.
    www.msn.com/en-us/money/companies/startup-accelerator-newchip-goes-bankrupt-details/ar-AA1b8VQ3
    www.msn.com/en-us/money/companies/startup-accelerator-newchip-goes-bank…
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    Why did newchip go bankrupt?Newchip, an online accelerator promising to help startups, has filed for bankruptcy and is now facing insolvency amid employee and client discontent. Dozens of employees of the troubled organization staged a walkout on May 4, demanding that founder Andrew Ryan step down as CEO.
    Is newchip a good accelerator?In the case of Newchip, the accelerator appeared to promise a bit more than it could deliver. Mix in a culture that appeared to be turbulent at best, and you have a situation in which an accelerator is in bankruptcy and startups are closing over the potential sale of share warrants. It's a mess. Techstars is different.
    What happened to newchip?"It's with a heavy heart that I announce the closure of Newchip today,” founder and CEO Andrew Ryan posted to LinkedIn, along with a lengthy explanation. The company, legally known as AstraLabs Inc., has been dealing with a Chapter 11 bankruptcy business reorganization case that started on March 17.
    Why did newchip fail?Essentially, Newchip presented itself as an accelerator that would help startups meet and raise money from investors and grow their companies for a fee. But the accelerator failed to deliver on a number of its promises, some employees say, and left hanging founders who had signed up.
     
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    WEBMay 19, 2023 · Still, the news about its bankruptcy came as a shock. In particular because Newchip tried to enroll us – and thousands of other entrepreneurs – in their expensive acceleration program when, …

  10. Newchip Enters Into Bankruptcy Liquidation - SiliconHills

    WEBMay 13, 2023 · The Austin-based company rebranded as Astralabs, doing business as Newchip and Newchip Accelerator, filed for Chapter 11 bankruptcy reorganization on March 17th, listing $1.7 million in total …

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