Hey Friends!
Welcome to Issue #24 of the Driver’s Seat 🚙
📍 Today’s Lineup:
🚀 The History of Google’s Chicago HQ
💥 Chicago's Quantum Leap
📊 Chart of the Week
🗺 Events Around the City
🔙 Previous Issues of the Driver’s Seat
Before we dive in , here’s a quick RECAP of some activities from last week at the Drive Chicago office.
We hosted an intimate dinner for Chicago portfolio companies and friends. 👇🏽
We have 5 pre-seed companies in our Chicago program, with four being new to our city (a highlight I love sharing).
In my first year at Drive, I'm proud of our progress but recognize the work ahead to make Chicago a top tech hub.
Rather than a regular happy hour, I encouraged our guests in a meaningful salon-style tech discussion where we spoke on important topics surrounding our tech scene.
StartupGrind stopped by our office to host an event on “Making Chicago the Pre-Seed Capital.” 👇🏽
I spoke with host Raj Nathan about boosting Chicago's early-stage ecosystem.
From the investor perspective, our city needs more funders with clear theses, especially based on firsthand experience or domain expertise, for successful pre-seed investments.
This strategy can foster founder growth right here in Chicago.
Our friends at LongJump visited for an all-day founder co-working session. 👇🏽
The journey of a founder can be a lonely one, so I want to continue betting on the importance of building community, which is why it’s always important to collaborate IRL with others.
One of the things I cherish most about Chicago is our collective sense of community; we really support each other.
Bonobos founder Andy Dunn joined us for a fireside chat on the early journey of building a startup. 👇🏽
Andy built one of the first e-commerce companies, managed 500+ employees, and sold Bonobos to Walmart for $300M.
We discussed his startups before Bonobos, strategies for a solid cap table, and his guidance for first-time startup founders.
Andy and I both share a positive outlook for Chicago and its potential growth in saying we must to the following as a city:
Chicago’s ecosystem should double down on specific industries to distinguish itself from other cities.
Chicago founders need to dream MUCH BIGGER. “Don’t set out to get acquired by Google, instead build with the intention of acquiring Google one day.
Chicago investors must invest earlier, especially if we want to keep our top founders here.
Make sure you’re subscribed to the Driver’s Seat 🚙 for the best info on Chicago's GROWING innovation economy 🙏
Let’s dive in! 🚙 🚙 🚙
🚀 The History of Google’s Chicago HQ
Google’s Second Official Office
Google expanded to Chicago in 2000.
It was the second major city the company expanded to outside of CA
Initially, Google started with a team of two in Chicago, but the office now hosts 1,800 Googlers.
The Expansion
The office was originally an advertising hub.
By 2010, the office expanded to other roles like engineering, sales, and finance.
Google moved to Fulton Market District in 2018 (right next to the Drive Chicago office)
Google recently purchased the Thompson Center for $105M which will be the new home for Chicago Googlers.
Why It Matters
Our city has every ingredient necessary to elevate itself as a premier tech hub.
Our founders and funders need to think as ambitiously as Larry and Sergey did, and connect our resources / opportunities more efficiently.
💥 Chicago’s Quantum Leap
High Level Insights
Chicago wants to become the central hub for quantum computing.
Governor Pritzker has already committed $200M to this vision.
Quantum startups have already raised $33M in Illinois since 2017.
What is Quantum Computing?
Quantum computing uses principles of quantum mechanics to process information differently than traditional computers.
This is significant because quantum computers can solve certain complex problems much faster than traditional computers, potentially revolutionizing fields like finance, medicine, and material science.
Why Chicago?
Chicago has long led in tech fields like AI, supercomputing, and biotech. Now, 40% of federal quantum computing funds are used here.
Over the last 5 years, institutions like the University of Chicago, UIUC, and the Argonne Lab have invested $50M+ in quantum infrastructure.
Our city currently hosts over 30 quantum companies and more than 40 corporate, government, and academic partners. (see below)
Moving Forward
Chicago is attracting quantum computing enthusiasts and specialists from all over.
With our universities emphasizing quantum training, we lead in quantum academic degrees nationally.
Our diverse economy encourages businesses to adopt innovative technologies.
Quantum may define Chicago's industry future, and we need investors to support this vision.
📊 Chart of the Week
Our region is a powerhouse when it comes to producing outstanding entrepreneurs.
Just considering the Midwest universities mentioned above (and that's not even all of them), our leading institutions have given rise to over 160 companies valued at more than $1B.
Specifically in Illinois, a major driving force behind this achievement at the university level that I’ve seen IRL is the emphasis on expanding research centers and providing entrepreneurial resources for students.
🗺️ Events Around The City
This was created with AI
Commercializing Neuro Lunch and Learn
Hosted by MATTER
Tuesday Aug 29
Productionizing React Code
Hosted by React Chicago
Weds Aug 30
Personalizing Healthcare Benefits for Every Life Stage
Hosted by MATTER
Weds Aug 30
ETHChicago Co-Working Day
Hosted by GENESIS and Drive Capital
Weds Aug 30
Inside the Loop Bi-weekly Coffee
Hosted by Inside the Loop Podcast
Thursday Aug 31
Build and Launch Accelerator Demo Day
Hosted by the Polsky Center
Thursday Aug 31
Financial Modeling Basics: Raise money while efficiently running your business
Hosted by mHUB
Friday Sep 1
👋 See you next time!
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