Joystick Labs shutting down

Joystick labs is shutting down and will no longer fund new projects.

The video game start-up accelerator, founded in 2010, was devoted to helping new games companies get off the ground.

Joystick’s managing director John Austin said the decision came as a result of rising costs and high barriers of entry that meant it could no longer raise the necessary funds to do its job.

“It has become very difficult for an independent developer to get noticed,” Austin told Newsobserver.

“For every ‘Angry Birds,’ there are literally tens of thousands of great companies not getting noticed.”

Joystick funded seven studios from 2010 to 2011, three of which are still in business.

"Those three are still doing well,” said Austin. “Given what typically happens with startups, we think that is a pretty good result.”

It is unclear if those companies already in the accelerator will be able to recieve additional funds.