Tell anyone in Chicago that 1871’s got a pretty good thing going, and they’ll tell you that’s old news.
But that didn’t stop the Merchandise Mart-based tech hub from making headlines after it topped a new list of university-affiliated business incubators.
The comprehensive study, which was produced by Swedish research firm UBI Global, found that 1871 ranked 1st in the United States and 2nd in North America among other business incubators that work with universities.
“The UBI Global ranking confirms that 1871 continues to be a leader in its support of innovation and the entrepreneurial community,” said 1871 CEO Howard A. Tullman in a statement. “By offering hundreds of member companies the best educational resources, individualized programming, mentorship from top industry leaders, and access to potential investors, 1871 works to make a real, positive impact on Chicago’s economy by helping entrepreneurs develop successful technology businesses.”
1871’s close relationships with the city’s top campuses helped secure its position at the top of the list. Students and faculty at Northwestern, University of Chicago, University of Illinois, Loyola, DeVry, and Illinois Institute of Technology all have school-specific spaces at 1871 where they can build their businesses in the heart of Chicago’s tech ecosystem.
Globally, more than 400 incubators across 70 countries were considered and assessed. Last year, 1871 came in 9th globally. UBI Global plans to release its global rankings later in the year.
UBI Global’s international research team takes into consideration a variety of factors when compiling the list, like the incubator’s commitment to member companies and overall contribution to the economy.
“1871 is a top performing business incubator in the North American region,” said Director of Research and Co-Founder of UBI Global Dhruv Bhatli in the statement. “It performs exceptionally well on value for client indicators. Additionally, it strongly contributes to the growth of the local economy by catalyzing job creation. 1871 provides high-quality incubation services to its client startups, particularly on access to fund and access to network indicators. Based on UBI Global assessment of 1871’s performance, we recommend it to all future entrepreneurs in the region.”
The list was presented Tuesday night at the 2015 UBI Global benchmarking conference and award ceremony for North America in Toronto, Canada.
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