| The state is bankrupt thanks to unfunded pensions. Taxes went up on residents before the trump tax plan and again with it. The money in the city is controlled by a few powerful families that stick to investing in proven businesses. Don’t expect anything bigger than SocialKaty to launch in Chicago. The city is extremely corrupt. Powerful local aldermen aren’t going anywhere and benefit from the lack of diversity in the city (it was the most segregated city in the country for years and still tops the charts). The aldermen and the corruption around them is a big part of why the south side is so terrible. Look around during construction season (aka as Summer in Chicago) and you will see around six construction companies responsible for all projects big and small. It’s really corrupt. Chicago is a bro culture and once you are a bro you’re in for life. If you don’t get into the drinking lifestyle it won’t be easy to integrate. 1871 is a real estate company. Not a tech incubator. Mark Lawrence / Jeremy Smith getting SpotHero going is probably the only success story that isn’t nonsense out of there. OCA / Pritzker / Lightbank None of those understand how to treat founders. Those are some of the biggest funds. That all said. The cost of living is low. The talent pools are deep. The culture is changing. There is money if you have established revenue or a proven model. No single industry is the dominant economic force making it a great test for a variety of startups seeking traction. MHub is amazeballs. If you are doing hardware go here. Bill deserves a medal for what he’s done. Charles Adler’s lost arts is nifty. TBD if it makes startups better IMHO but it has real promise. Urbs in Horto Fly the W |
Investors in Chicago are old school. Show them a rock solid set of books and you get funded. They don't invest in hopes, resumes, or names.
1871 has other great success stories, just some of them aren't public radar material. I ran an ed-tech startup out of 1871 in its first three years and had excellent support.
Diverse economy has always been a huge strength.
I'm joining mHub next month! - related - would love to find a product engineer partner with experience in plumbing, water-flow, modular pipe connectors.