Chicago is well known for its manufacturing, finances, and thriving businesses. But over the last few years, several established tech companies and new startups started doing business in Chicago. Due to excellent fundraising opportunities, education system and reasonable cost of living, Chicago has become a perfect place to start or expand tech companies. Are you wondering why several tech companies and startups are setting up their roots in Chicago? Here are the top reasons why Chicago is one of the best choices for tech companies.
Affordable Property and Cost of Living
Cost of living in Chicago is impressively lower than the other cities like New York and Silicon Valley. That makes Chicago the first choice to start and expand tech startups and big companies. According to Zillow the median sale price for a Chicago home is near $300,000, much lower than the cities like New York that have sale prices of near $700,000. Similarly in rent, the median rent for a 1-bedroom apartment in Chicago is near $1700 per month. While in NYC it is near $2,850 per month according to the Streeteasy report. By Pete Wilkins, Contributor at Forbes
Unique Opportunities Like Nowhere Else
When it comes to the blend of Education, IT, Government and Business opportunities, it’s true that there’s no place like Chicago. It is another reason why big tech companies call Chicago home. Centrally located Chicago has two major international airports, investment opportunities, IT opportunities, art and cultures, and unique real estate opportunities. Many tech companies historically choosed West Coast for doing business, but now Chicago provides new opportunities that attract them to set up their business there. Chicago is also used to be an area where startups are looking for fundraising opportunities. By Zoë Henry, Freelancer writer.
It would be worthless if the city where you live does not feel like home. Chicago is one of the best cities to provide a good work life balance for everyone . The city of Chicago has over 7000 Restaurants, Clubs, Comedy events, Historic places, Museum, Playground, and fascinating nightlife. If you like to hangout with your friends and colleagues, Chicago has good clubs, cafes, bars and comedy clubs. There are several museums for those who like to appreciate the arts. There is something for everyone in Chicago to manage a good work life balance. By Katherine Davis, writer at Chicago Inno.
It’s Rich with Industry Diversity.
Chicago is also known for rich industry diversity. Chicago is famous for having headquarters of large companies in diverse sectors. Industries like IT, Software Development, Transportation, Healthcare and Education are getting new attractions in Chicago. Another fast growing industry in chicago is mobility, that include parking spots booking and shared vehicle services like Spothero, and ParkWhiz. This big business provides a new market platform and opportunities to small and midsize businesses. Helps Startups for easily choosing business to business models in which they work directly with companies rather than clients. Industry diversity also means great benefits for Chicago Startups especially working on B2B models to get in front of their direct customers. By Laura Rich, consultant
Top Incubator Programs
Business incubator programs are very important for the growth of early stage startups. Incubators help startups by providing useful resources like business development, coworking space, funding, industry expertise network and many more, at different stages of incubation. Chicago has a number of incubator programs that work with a variety of industries like entertainment, healthcare, technology, military veterans manufacturing and many more. Some of the most reliable and supporting incubator programs in Chicago are Matter, 1871, Workbox, mHub, Bunker Labs, and 2112 Business incubators. By Vikram Seth, Co-founder of Simpalm, App developemnt company in Chicago.
Best Tech Universities and Schools
It’s not only industry diversity and affordable cost of living that attract people to Chicago. Chicago also has the country’s best Schools, MBA Universities and Engineering programs that provide fresh talent channels for local business. The University of Chicago has both the Booth School of Business and the Polsky Center for Entrepreneurship and Innovation that graduate hundreds of engineers and scientists each year. Most of the graduates prefer working and staying in Chicago and founded several Startups and Projects. By Macaire Douglas, Editor in Chief