Business incubators are organizations geared at accelerating growth and success of either a startup or a company in its early stages. With entrepreneurship on the rise over the past few years, Chicago has become a hub for business incubators aimed at growing businesses, innovation, and economic development. Incubators in Chicago provide select businesses with centrally located physical spaces to grow their business through investments from angel investors, city or state governments, economic-development coalitions, universities, and other investors. But the physical space isn’t the only constructive opportunity given to these businesses. They also typically get access to certain services (lawyers, accountants, etc.) as well as coaching and networking connections through the staff and other entrepreneurs at the same incubator.
Chicago was one of the early adopters of incubators nearly 30 years ago, consequently incubators in Chicago are thriving more and more each year. For instance, today, the Industrial Council of Nearwest Chicago, one of the largest incubators in the country, has a 416,000 square foot facility that houses over 100 like-minded tenants. In addition, and more recently, Chicago established UI LABS in order to bring in top talent from universities, civic organizations and industry professionals to collaborate in pursuing innovation and economic development in the Midwest.
The most recent incubators in Chicago have been focused on growing Chicago’s world renowned food and beverage industries, manufacturing industry, and the arts, such as music, film and video. One example, The Hatchery, a $34 million facility in East Garfield Park is scheduled to kick-off in 2018. It will provide space for around 100 startup food entrepreneurs that will support up to 900 jobs within the first five years. It will provide training for great young and creative minds in the culinary world, so if you think Chicago’s food is good now, just wait to see what The Hatchery has in store.
The Hatchery, however, is just one example focused on one industry. The manufacturing sector is also covered with the opening of mHUB less than a year ago that provides for innovation of physical product development and manufacturing. Many Chicago universities also provide opportunities by teaming up their research capabilities with a mission of preparing students for rewarding careers in architecture, technology, industrial products, music and film development, and biotech innovations. Overall Chicago now has over 20 business incubators, which boosts Chicago’s growth and innovation by allowing these new creative ideas and entrepreneurs an opportunity to grow, many of which stay in Chicago to develop their businesses and become serial-entrepreneurs.