Effective at the end of the month, David Cohen, Techstars co-founder and board chairman, will once again assume the CEO role.

“It is with extreme sadness that I’m announcing that I will be leaving Techstars for health reasons,” Gavet wrote. She revealed a personal history of thyroid cancer, having undergone surgery 11 years ago.

While medication and regular checkups initially managed the condition, recent tests indicated new nodules requiring her to prioritize her health.

Despite the circumstances, Gavet reflected on her tenure with pride. “I would not exchange the last 3.5 years of hard work for the world,” she stated, noting achievements such as a commendable increase in fundraising by Techstars’ portfolio companies and a rise in program applications. 

She also emphasized the company’s focus on diversity, pointing to a growth in female and minority founders.

Gavet thanked Techstars founders, her leadership team, employees, investors, and the founders she mentored throughout her tenure. “I will be rooting for all of you from the sidelines and will remain a supporter of #Techstarsforlife,” she concluded.

Gavet’s leadership, however, was not without challenges. During her time as CEO, reports surfaced of a tense work environment leading to employee departures. 

Techstars also faced issues balancing growth with profitability, and strained relationships with corporate partners resulted in a loss of clients. Under Gavet, accelerator programs in several locations, including Austin, Toronto, and Seattle, were shut down.

In a separate statement, David Cohen appreciated Gavet for her contributions. “She built a great team, made many tough decisions, and bravely enacted complex changes that were sorely needed,” Cohen acknowledged. 

While pointing to Gavet’s need to focus on her health, he wished her strength and courage in the face of her challenges.

Cohen was optimistic about returning to the CEO role, a position he has held on and off for 13 years. His focus, he stated, remains on continuously improving Techstars’ service to founders.

The survey included responses from over 1,600 current, past and aspiring entrepreneurs and venture capital investors on their views about innovation on their home turf and around the world.

Irrespective of concurring with Silicon Valley Bank’s innovation, when the same individuals were asked which hubs will be the most innovative in five years, the majority gave a negative response, with just 45% agreeing this time, compared to 65% earlier.

Maëlle Gavet, CEO of Techstars said: “Against a backdrop of ongoing market flux, the results of our survey reflect the shift away from traditional U.S. dominance of innovation, towards a multipolar age in which tech entrepreneurship flourishes globally – a trend which is underscored by our respondents’ conviction that Africa will leapfrog Western Europe this year by producing more startups.”

“With today’s investors being able to source deal-flow worldwide and entrepreneurs able to build global businesses from anywhere, it is not surprising to us that we are seeing the potency of a single technology hub, such as Silicon Valley, recede. The results of our survey reaffirm that outstanding entrepreneurial talent is thriving all around the world, and also that innovation requires the support of an entire ecosystem.”

Key findings from the survey results include:

Regions: The majority of entrepreneurs and VCs surveyed (51%) consider Asia-Pacific (APAC) to be the most innovative region outside of the U.S. today, suggesting that APAC could soon challenge the historic dominance of the U.S.

Sectors: Nearly half of the entrepreneurs and VCs we surveyed predict that five years from now, HealthTech (51%) and Sustainability (44%) will be the two most innovative fields, indicative of the way founders are increasingly pursuing many of the biggest challenges of our era – from health and longevity to climate change and food resilience.

Firestarters: Innovation takes an ecosystem. Only one-quarter (26%) of respondents believe that VCs and angel investors will be the biggest driver of innovation over the next five years, with no single force or influence – such as governments or corporates – emerging as the dominant factor.

Founders’ Attitudes: Companies have been staying private for longer, and our survey confirms this trend with more than one-quarter (28%) of entrepreneurs saying their long-term goal is to remain private/independent. By comparison, just 16% are targeting an IPO and 7% are targeting an acquisition by private equity.

“Looking ahead, we expect competing forces to shape the innovation market in the coming months. The collapse of Silicon Valley Bank, and subsequent fallout, has made what was already a tight fundraising environment even tighter. Unable to fundraise or raise venture debt, some founders will simply run out of road.

However, conversely, the wave of layoffs across the tech industry will help create a boom in early-stage innovation, as significant numbers of laid-off workers become entrepreneurs. We are also seeing increasing numbers of applicants to our programs tackling some of the biggest challenges of our lifetimes in areas such as HealthTech, Sustainability and the resilience of food supply,” added Gavet.