Here's Why Chicago Could Be The New Hub For Social Commerce

March 13, 2012

This article originally appeared on Business Insider.

Here's Why Chicago Could Be The New Hub For Social Commerce

Chicago's entrepreneurs may be poised to score an increasing share of the roughly $400 billion monthly US retail sector. To wit: venture capital investment increased by about 450% from 2010 to 2011, according to Built in Chicago. In that time, more than 25 e-commerce companies in the Windy City scored funding. Last fall, in a vote of public-market confidence, the market rewarded social-coupon giant Groupon with the second-biggest IPO in tech history, at a whopping $12.5 billion. That minted plenty of new millionaires, soon to be angel investors with particular expertise in social, local commerce. And among many smaller-scale projects from innovation-boosting groups throughout the city, a new tech incubator, dubbed "1871" for the year of Chicago's phoenix-like emergence from a major fire, is being built in the historic Merchandise Mart with millions of dollars in state backing.



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