Chicago has always been associated with jazz and the mafia, but in the past years, it got famous for a booming number of startups and tech firms. In the Global Startup Ecosystem 2020 Analyst Report, Chicago is listed among the Top 20 startup-friendly regions along with 7 other cities in the United States, including Silicon Valley, New York, Boston, Los Angeles, Austin, Seattle, and Washington.
In 2021, Chicago was finally recognized as a global tech competitor. Over the last two decades, it transformed into a world-class tech hub where well-recognized technology businesses have been launched. Chicago already ranks at the top in the US for job growth in the technology sector.
This is not surprising given how many successful IT and tech companies have offices in and around Chicago, including Google, CareerBuilder, Orbitz, Salesforce, Redbox, Motorola, and HP. It is interesting that not only the HP logo has a blue color palette, but also most of the mentioned companies. This color has a great meaning behind it, standing for imagination, trust, wisdom, confidence, stability, and intelligence. Blue logos create a sense of security while showing loyalty and professionalism.
According to TECHicago, there are more than six thousand tech businesses. This sector showed an 18% growth in the past ten years, according to the Chicagoland Chamber of Commerce reports. For job seekers, this means that more than 100 thousand direct tech jobs and close to 150 thousand multiplier jobs were created. In addition, the city had a great increase in startups (about 400 in the last 5 years).
The number of startups owned by women is the highest in Chicago (over 30%) compared to the rest of the world. Other notable achievements include the fact that sources like AmericanInno named several startups based in the city Top Startups to Watch in 2023.
These businesses focus on a range of industries and support the growth of Chicago’s tech ecosystem. There will be greater demand and desire to work in Chicago as they continue to achieve unicorn status. At the same time, top talent residing in Chicago allows for the emergence of fresh, tech-focused businesses as well as the continued success of established tech companies.
Chicago not only has a competitive location, but it also has a good quality of life in terms of stability, cost of living, and facilities. Chicago’s healthcare sector is a significant contributor to the city’s IT sector expansion. There are several nursing homes, insurance firms, hospitals, and medical technology businesses in Chicago. Over 40 national organizations have headquarters here.
The MedTech industry in Chicago is expanding as a result of this healthcare cluster. The Covid19 pandemic has only strengthened this trend. Several thousand biomedical and engineering students graduate here each year, providing a growing concentration of talent. Breakthroughs in medical manufacturing and development are another reason why technology companies are flooding this city.
If you look closely, you can see that the city’s innovative potential is not limited to growth in the technology sector alone. For instance, tech companies have dramatically changed Chicago’s real estate market. Of course, the influx of venture capital, talented professionals, and new successful startups is great. The city is driven by the desire to revolutionize, which is why it will be the next global center of innovation and a great place to find a job, especially in the tech industry, and maybe become a part of one of the promising startups.
