13 Best Chicago Startups
While it boasts a vibrant history, the Chicago of today remains a hotspot for innovation and urban living. Neighborhoods are changing, and so are the opportunities. Chicago is one of the best cities to live and start a business.
So, what makes Chicago such an attractive city? How and why does it deserve the status as a hotbed for startups spanning industries like tech, healthcare, food, and biotech?
There is a combination of factors that contribute to Chicago’s startup dominance and that make the iconic midwestern city a prime destination for entrepreneurs and innovators. Let’s dive right into it.
Why Chicago Is Great For Startups
Diversity of The Market
Chicago boasts a diverse economy and market opportunities. Popular industries include finance, manufacturing, technology, healthcare, biotech, and much more.
The diversity the market translates into a wide range of options for startups. The city has longstanding industries that are established, and can be launching pads for new startups as the more established companies serve as collaborators or clients.
As we delve into this topic further, you’ll see clearly how Chicago has a nurturing startup climate of innovation across many sectors.
Education
UChicago and Northwestern University are world-renowned institutions for research and for nurturing great talent.
Chicago has many colleges and schools with equal prestige, which means that the city’s intellectual capital is extremely high.
Cutting-edge research is done in Chicago, allowing startups to leverage the local talent and resources available. A collaboration of academia with startups is always a fruitful idea.
Workforce
When you come to Chicago, you realize quickly that the local workforce is highly skilled and diverse. Skills and diversity are huge bonuses for any startup.
Diversity also helps startups to explore different markets. Chicago’s talent pool is huge and spans all fields, from engineering and data science to healthcare professionals and top talent from the culinary arts.
Funding
The city of Chicago is known for its financial capital, so it’s no surprise that access to capital and funding networks is facilitated here.
Venture capital firms and other types of investors are very interested in supporting startups and enhancing their portfolios. It’s a simple win-win scenario.
Spaces
Have you been to Chicago? It’s a beautiful city with plenty of recreational park space and vibrant communities and neighborhoods. All of these things contribute to a positive quality of life.
Moreover, the cost of living in Chicago is not as high as in other major tech hubs, so companies find it favorable to get started here.
Tech Ecosystem
There are plenty of tech companies in Chicago that form a collaborative cluster. Chicago’s tech ecosystem is on the rise, with accelerators and incubators catering to the startup culture.
Additionally, there is always a conference happening in the city. These provide more opportunities to share knowledge and facilitate collaborations.
Healthcare
Chicago is home to some of the best hospitals in the world. There is a high level of innovation within the healthcare industry and beyond. Apart from medical institutions, Chicago has top-notch research centers.
The presence of those top hospitals, medical schools, and biotech companies provides startups with access to clinical expertise, research partnerships, and potential pilot programs.
This ecosystem accelerates the development and adoption of medical innovation. Study some medical papers, and you won’t search long to see Chicago in there.
Food
Yes, Chicago is about deep-dish and the Italian beef sandwich. But just like in the series The Bear, Chicago is much more than its foodie feats. It’s also a culinary hotspot of fine dining excellence.
Given its delicious dominance, plenty of food innovation startups are formed here. It’s a great place for testing and launching new meal ideas, and there are plenty of industry events to test them.
Be aware that Chicagoans are foodies, so only the best dishes will fly.
Location, Location, Location
Chicago is a central hub for everything. Transportation, check. Logistics, check. Supply chain and distribution are often housed here since companies benefit from the city’s central location.
This means efficient movement of goods, which startups can definitely take advantage of.
Culture
Chicago is a friendly city. You will find mentors and supporters here. The mentality is anything but cutthroat. Great talent will feel nurtured and pushed in a positive way.
The city has a community-driven market approach. Any startup can profit from shared experiences to navigate challenges.
History of Chicago Startups
Chicago has a longstanding startup history with its entrepreneurial spirit and evolution to becoming a thriving innovation hub.
Innovation
We can go back to the last couple of centuries when Chicago was a major and dominant industrial and manufacturing center. The same goes for urban planning.
Did you know that the first skyscraper is in Chicago? Yep! The innovative use of steel in construction made Chicago an architectural city.
Growth
Post-WWII meant growth for the Chicago area in various industries. From healthcare to consumer goods, Chicago already started to diversify and attract skilled workers.
Tech
Chicago’s tech startup scene was created in the late 90s and early 2000s during the tech and internet boom. Groupon was one of those successful startups you may have heard of.
Incubators/Accelerators
In the 2010s, the city saw an increase in incubators and accelerators that focused on supporting startups.
Collaborative workspaces and tech hubs were created to bring together entrepreneurs and resources that were needed for startup growth.
Diversification 2.0.
Tech has remained a focus point, but the startup ecosystem in Chicago has diversified into other industries like healthcare, food, fintech, logistics, etc.
Healthcare/Biotech/Food
We mentioned it before. These industries have experienced major growth and highly effective innovations.
Of course, this growth has been fueled by the top educational institutions.
Chicago, Keep on Growing
There is more growth and evolution potential in this city. The reputation as a major startup hub has not declined. It’s the opposite.
Chicago’s contribution to innovation and entrepreneurship remains highly relevant.
Best Tech Startups Chicago
Nutrisense
Improve and enhance your wellness goals with Nutrisense, a Chicago-based startup that focuses on glucose levels.
The company offers a Continuous Glucose Monitor and an app to keep track of your levels and make informed decisions about your diet and exercise.
Institutional investors have backed this startup, and we believe there is even more room for growth.
Pangea
This fintech mobile startup has developed an app for easy and safe money transfers around the world. Pangea, founded in 2012, aims to simplify international money transfers for individuals.
The business began by revolutionizing the remittance industry with a user-friendly mobile app and has since expanded its offerings to include various products and services.
Avant
This is another dynamic fintech company. Avant is dedicated to enhancing access to credit for the middle class.
Avant has facilitated over $7.5 billion in loans and one million credit cards for more than two million customers. The company’s growth has been widely recognized, with extensive coverage in reputable publications.
Avant’s mission is to disrupt the financial marketplace by providing smarter, customer-centric products. The company prioritizes speed, simplicity, and inclusivity in its approach, continually streamlining the online borrowing process.
Avant’s commitment extends to social impact, fostering an inclusive culture, and investing in communities, all while putting people first.
Healthcare Startups Chicago
Avaneer Health
Avaneer Health is pioneering a secure digital network dedicated to healthcare, offering a solution to the industry’s challenges.
Put simply, Avaneer Health wants to make healthcare better. The company provides a secure and open network for its members, a peer-to-peer platform that encourages real-time data exchange, which streamlines admin processes and enhances the overall healthcare experience.
Avaneer Health facilitates collaboration among payers, providers, and innovators, driving efficiency, cost reduction, and improved outcomes.
Blueprint
The Chicago-based virtual mental health startup Blueprint has raised significant funding based on its goal to revolutionize mental health care to improve clinicians’ care provided to clients.
The company’s innovative approach not only benefits clients by facilitating quicker progress but also helps clinicians with their organizational growth.
Blueprint offers tech-driven solutions to make mental health care more effective and accessible.
Dina
Dina is a leader in home-based care with its cutting-edge platform and digital provider network.
Their AI-powered care-at-home platform revolutionizes healthcare by seamlessly coordinating multiple home-based service providers, engaging patients directly, and generating invaluable home-based insights to promote healthier days spent at home.
This innovative platform fosters a virtual healthcare experience, enabling seamless communication among the entire healthcare team, including patients and families, regardless of physical distance.
Dina’s expertise extends to capturing comprehensive home-based data and employing artificial intelligence to recommend evidence-based, non-medical interventions. Caregivers and patients will be supported, and overall care will be improved.
This is a startup that empowers seniors, and we believe Dina will be a household brand soon.
Food Startups Chicago
Chowbus
Who doesn’t like Asian food? Chowbus is a food-delivery platform with a focus on authentic Asian cuisine, highlighting independent businesses. Chowbus also includes grocery stores and offers a POS system for restaurants.
No wonder Chowbus has expanded to over 20 cities after starting in Chicago. Well-curated content mixed with amazing food. We have a winning startup.
Aqua Cultured Foods
This is one of the most exciting startups we’ve come across. Think about a future where you can enjoy seafood without depleting the oceans.
Aqua Cultured Foods offers sustainable plant-based alternatives that are fungi-based. High-density protein with the same texture and taste you are used to.
People often wonder how a more green future could look, and Aqua Cultured Foods is at the revolution forefront.
Farmer’s Fridge
This one has been around for a minute, but the Chicago-based startup’s recent growth has been astounding. If you haven’t seen the fridges, you will definitely soon.
These health-and-go vending machines with fresh food options are popping up everywhere, including train stations, business centers, and airports.
Basically, everywhere you might need a healthy meal option. They also offer a top recycling program, and we can’t get enough of their yummy Chocolate Chia Pudding.
Recent funding has been invested in their growth strategy and their app.
Best Biotech Startups
Evozyne
Chicago-based biotechnology company Evozyne, founded in 2020, specializes in molecular-scale protein design to tackle high-impact issues in therapeutics and sustainability.
The company’s products include high-performance adaptive proteins with advanced functionality. This is definitely a startup to watch closely.
Evozyne is dedicated to pioneering life-changing treatments for patients and exploring solutions for previously untreatable diseases. Also, the company contributes to combating climate change by advancing carbon capture technologies.
Evozyne’s mission revolves around harnessing the potential of innovative proteins to address complex human and societal challenges through groundbreaking protein design, positioning them as a significant player in the biotechnology field.
Sounds complex and amazing.
Tempus
Up for AI-enabled precision medicine? Sure you are! Tempus just launched the first AI clinical assistant with its Tempus One product.
The Chicago-based startup is known for building the world’s largest library of clinical and molecular data alongside an effective operating system that is accessible to researchers, patients, and doctors.
Tempus’ tools are intended for use in areas like oncology, neurology, psychiatry, and other research. Tempus enables physicians to provide more personalized care and enhanced targeted therapies through their interactive analytical platform.
By the looks of it, we’ll keep hearing about Tempus.
Cardiosense
Cardiosense is in the business of multi-sensor devices that detect early signs of cardiovascular diseases on top of a digital biomarker platform powered by algorithms, essentially top-notch products for cardiac disease management.
The company’s wireless wearable employs a combination of biometric sensors to capture the complete profile of each heartbeat, enabling the early detection of cardiac decline even before the onset of symptoms.
This device also helps healthcare providers prioritize patients and intervene appropriately, which could reduce hospitalizations.
AbbVie
AbbVie Pharmaceuticals is a research-focused biopharmaceutical company at the forefront of drug and treatment discovery.
They combine cutting-edge science with extensive expertise to tackle a diverse spectrum of diseases.
AbbVie harnesses a range of technologies and platforms to pioneer innovative approaches for addressing neurodegenerative diseases and various types of cancers, aiming to bring novel medications to patients in need.
Right now, the business’s main focus revolves around the development of advanced treatments for conditions like Rheumatoid Arthritis, Ulcerative Colitis, and Crohn’s Disease.
AbbVie’s commitment lies in advancing healthcare through groundbreaking research and therapeutic solutions. AbbVie is part of a fresh crop of biotech companies that are changing the world.
A City That Beats Them All
“Sweet Home Chicago,” Robert Johnson sings. Sinatra talks about Chicago, “that toddling town.” Chicago is a special place.
People associate The Windy City with many different things: the birth of modern architecture, the blues, jazz music, and deep dish pizza. Chicago has it all.
It’s the city with many comedic talents and politicians turning heads. The name Windy City comes from whirlwind politics and not from the weather, even though Chicagoans are used to extremes there, too.
The Chicago of the past also meant Michael Jordan, Oprah, and the Obamas. Chicago was the place to be, and we can definitely say it has never lost its way.
Chicago is also one of America’s emblematic cities. It’s only fitting that it’s also a hotbed for the best startups. From tech to healthcare, food to biotech, you can find all kinds of startups in The Windy City.
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Schedule a call with us, and we’ll elevate your Chicago venture together.
