David Greising writes a column for the Chicago News Cooperative.

When Groupon Inc. first filed papers for its initial stock offering in June, the company floated the novel idea that investors should ignore its steep marketing costs when figuring its financial results. Quite deservedly, Chicago’s tech darling drew nothing but scorn.

Then last week, when Groupon tried to undo the damage by abandoning its attempted accounting gambit, the discontent doubled down. Analysts from New York to Silicon Valley raised questions about whether the I.P.O. would move forward, and a growing legion of skeptics wondered anew about Groupon’s long-term prospects.

Of course, controversies about initial stock offerings are common. But here in Chicago, Groupon is a special case. The hype and hope surrounding the company are such that Chicagoans are riveted to the saga.

The city’s boosters argue that Groupon’s importance is overstated. And, to an extent, they have a point. Chicago’s nascent high-tech ecosystem shows signs that it could carry on regardless of what happens with Groupon. Over the last decade, some 45 companies have raised $100 million in initial stock offerings: Orbitz, NAVTEQ, Fieldglass, Archipelago. University-based start-up investors — the five-year-old Hyde Park Angels, which is connected to the University of Chicago, and the recently formed Wildcat Angels with ties to Northwestern University alumni have begun to spring up. Built in Chicago, a networking group led by the serial entrepreneur Matt Moog had more than 100 Chicago tech C.E.O.s at a lunch last week.

A Chicago-based incubator, Excelerate Labs, shows promise with a unique approach to nurturing start-ups. And Lightbank, a $100 million venture fund that backed Groupon and is run by its co-founders, Brad Keywell and Eric Lefkofsky, is among several funds focusing on Chicago. Computer programmers are in demand; tech salaries are rising.

Amid the stirring, Groupon has emerged with an implied promise that it can lead Chicago to a higher level. Groupon may operate from the old Montgomery Ward & Company headquarters downtown, but from the perspective of Chicagoans, the company lives in a glass house. People watch, and they care.

Perhaps it was the display of courage in turning down Google’s $6 billion buyout offer late last year. Perhaps it is the fact that Mr. Keywell and Mr. Lefkofsky, at a remarkably young age, have broken into the inner circle of Chicago’s hidebound business community. Or maybe it’s the simple fact that Groupon’s deal-of-the-day business is so simple and far-reaching that it touches people on their iPhones and computers every day.

Mayor Rahm Emanuel and Gov. Pat Quinn clamor to get close to Groupon. The staid conclaves of the City Club and Economic Club lend an ear to the company’s founders.  Legions of college graduates live secure in the belief that if all else fails, they can always become copywriters at Groupon.  And 2,000 Groupon employees in three buildings downtown say they may be right.

That is why, when Groupon gets too cute with its publicity stunts, tone-deaf with an advertising campaign, thin-skinned with public relations and — especially — too creative with financial reporting, people in Chicago notice. And that is why, when investors start speculating that Groupon’s I.P.O. may not go forward as planned, Chicagoans shudder.

This is a city often burned by ill-founded hopes for a high-tech future. So when Groupon grew up a bit last week, with the refiling of its I.P.O., it was an occasion for people who dream of Chicago as a tech center to sigh with relief.

The company’s critics saw the revised filing as an admission of weakness, but a contrary — and valid — view is that it is a signal of promise.  The company backtracked on the ill-considered financial metrics that rightly attracted scorn. It got more specific and sober in acknowledging the competitive challenges it faces.

This more serious approach, together with the recent hiring of a new chief operating officer from Google, are signs that Groupon is girding for battles ahead.

There are those who say Chicago’s development as a tech center is secure, with or without a boffo future for Groupon.

“Any time you have a tent pole success, it’s a good thing, and Groupon has been one,” said Michael Sacks, the new vice chairman of World Business Chicago and a board member of The Chicago News Cooperative.

“But the entrepreneurial community, the tech community that Groupon is part of, is not dependent solely on Groupon,” Mr. Sacks said. “Chicago is a growing success. Period. End of story. Nothing will change that.”

Perhaps true. But Chicago’s tech ecosystem has a far better chance with Groupon as its standard bearer than with no clear leader showing the way.