The Windy City is making waves in the tech world, with a bustling scene fueled by the recent launch of a collaborative incubator and a surge in venture capital (VC) funding. The Chicago Connectory, a co-creation incubator created by Bosch in collaboration with 1871, seeks to unite a diverse community of startups, entrepreneurs, and industry experts with a shared goal of driving innovation and collaboration in the Internet of Things (IoT) realm.
The Chicago Connectory aims to create a melting pot of entrepreneurial talent, established companies, and startups, working together to build and market cutting-edge IoT solutions. This incubator offers ample opportunities for collaboration, experimentation, and co-creation, as well as access to resources, networks, and funding.
In addition to the launch of the Chicago Connectory, the city has seen a remarkable increase in VC funding during the first quarter of 2023. According to the PitchBook-NVCA Venture Monitor, Chicago startups garnered a whopping $1.5 billion in VC funding during Q1, marking a 62% boost from the same period in the previous year. This surge in funding highlights the growing importance of Chicago’s tech scene and underscores its potential for continued growth and success.
Multiple factors are driving the tech boom in Chicago, including a rich talent pool, a supportive business environment, and close proximity to major industries like healthcare, finance, and manufacturing. Additionally, leading academic institutions, such as the University of Chicago and Northwestern University, provide a pipeline of highly skilled graduates and pioneering research.
The burgeoning tech scene in Chicago is exemplified by the rapid growth of companies like Tempus, a healthcare technology company co-founded by Groupon’s Eric Lefkofsky. Tempus recently secured $200 million in funding, valuing the company at $8.1 billion. Other noteworthy startups in the Chicago tech scene include Grubhub, ActiveCampaign, and FourKites.
The launch of the Chicago Connectory and the uptick in VC funding reinforce Chicago’s status as a hub for entrepreneurship and innovation. With a supportive business environment, a robust talent pool, and ample access to capital, Chicago is primed to continue spearheading growth and innovation in the tech industry.
In sum, Windy City’s tech scene is flourishing, thanks to the recent launch of the Chicago Connectory and a surge in VC funding. Chicago’s favourable business environment, top-notch talent, and abundant capital resources make it a highly desirable location for startups and established companies alike. As the tech industry continues to evolve, Chicago is poised to remain at the forefront of innovation and growth.