Chicago isn’t just about pizza and sports rivalry’s; a number of great startup accelerators are providing resources and creating opportunities for budding companies in technology and beyond.
1871 “Chicago’s digital co-working space”
1871 is a co-working center for digital startups. Located in the famed Merchandise Mart, the 50,000 square foot facility provides Chicago startups with affordable workspace and access to mentors, programming, educational resources, potential investors and a community of like-minded entrepreneurs.
Startup Front “The useful resource for tech startups”
Based out of Northwestern Indiana, this organization started off as a weekly lunch focusing on providing resources through an accelerator program with a long term goal of launching at least two companies that will prosper to the point of having IPO’s. The three month program includes office space, access to investments, and advice from a network of nearly 80 mentors.
TechStars Chicago (Formerly Excelerate Labs)
TechStars offers seven programs in top startup locations (Boston, Boulder, Chicago, New York City, Seattle, London, and Austin), on a regular schedule, investing $118K in each company through $18,000 in seed funding and an optional $100,000 convertible debt note. Techstars itself is backed by over 75 different venture capital firms and angel investors who are vested in their success. Additionally, companies are provided three months of intensive mentorship, key resources, and the chance to pitch to angel investors and venture capitalists at the end of the program. Accepted companies average over $1.4 million in outside venture capital raised after leaving Techstars.
Healthbox “A platform for startups changing healthcare”
Healthbox accepts early stage startups to the four month program that have a focus on healthcare, operating in Boston, Chicago, Nashville, Jacksonville, and London. Bringing together a brain trust of entrepreneurs, strategic partners, industry experts, and investors, teams are able to effectively tackle pressing healthcare challenges. The 16-week programs receive structured, customized support designed to address the challenges unique to starting a business in healthcare. Benefits of the platform include mentors from government agencies, healthcare IT, established healthcare entrepreneurs, healthcare providers, investors, service providers, pharmacies, and more.
Impact Engine “Building startups that change the world”
Impact Engine is a 16-week accelerator program that supports for-profit businesses making the world a better place. The program empowers entrepreneurs, program mentors, and investors to make a collective impact on society by applying smart business principles to the world’s greatest problems. The program provides $25,000 up-front cash in exchange for 7% equity interest.
Lightbank Start “Your dream, their support”
Lightbank was founded in 2010, and specializes in early stage companies. It has started 10 companies, invested in 50+ startups, and have created over 15,000 jobs. Each accepted company receives a 50/50 partnership with Lightbank, where investments can be anywhere from $100,000 to $5 million, or possibly more. The program has started 9 companies, invested in more than 50 companies, raised over $1.5 billion and created over $10 billion in equity value.
University Technology Park at IIT “Chicago’s newest research facility”
The Incubator at IIT, completed in 2011, is Chicago’s premier research facility for emerging companies. With office space as well as sophisticated wet and dry lab space for lease and direct proximity to IIT’s top biomedical and chemical engineering faculty, the Incubator was built specifically to launch successful startups in life sciences, biotech, engineering, materials, chemical research, and much more.
Platform Venture “A platform for proven executives”
Platform Venture is not following in the footsteps of companies that employ an “immersive” accelerator approach. They focus exclusively on adding value to early stage projects, partnering with entrepreneurs looking to hedge the opportunity cost and associated risk of stepping completely away from their current career path. In most cases the firm plays the role of Co-founder and/or Co-investor.
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