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Welcome to the 15th issue of the Driver’s Seat 🚙

Before we get started: I’m heading to Cincinnati next month to speak at Black Tech Week. My panel will be focused on Pitching and Fundraising.

I’ll be sharing insights from our pre-seed program at Drive, as well as providing advice specifically tailored for early-stage founders in the Midwest.

If you're interested in learning more about the event, visit the Black Tech Week website.

Make sure you’re subscribed to the Driver’s Seat 🚙 for the best information on Chicago's GROWING innovation economy 🙏

Let’s dive in! 🚙 🚙 🚙

In recent years, the Midwest has emerged as a prominent hub for onshoring, which is the act of bringing offshore manufacturing operations back to domestic soil. 🇺🇸

This is significant because onshoring initiatives can bring renewed hope / economic stability to a region like the Midwest.

Onshoring has the power to revitalize local economies, attract more investments, increase talent, and foster more community development.

This trend is driven by several key factors such as geopolitical uncertainties and economic considerations like operating costs in China for ex.

For instance, geopolitical tensions, natural disasters, trade disputes, or unforeseen events like pandemics can disrupt the flow of goods and materials from overseas suppliers.

These disruptions can lead to delays in production, increased costs, and potential loss of revenue for companies.

By onshoring and sourcing materials locally or within our domestic region, businesses can minimize the impact of disruptions, maintain greater control over their supply chain, and ensure a more reliable and timely flow of resources to support their manufacturing processes.

Onshoring not only helps bridge the cost gap between the USA and China, but also positions American companies at the forefront of modern manufacturing practices.

In addition, onshoring contributes to sustainability efforts by enabling a transition towards cleaner and more efficient manufacturing practices.

By relocating production closer to the consumer markets, companies can reduce transportation related emissions / promote a more environmentally friendly approach.

Overall, onshoring in the Midwest holds significant importance for its ability to generate employment, strengthen American manufacturing, and promote more innovation.

It’s crucial for us to closely monitor the rise of onshoring in the Midwest, as it has the potential to further fuel the remarkable progress happening in our region.

Handshake released their annual Campus to Career Report on popular cities where college grads want to work.

They pulled data on 9M students from more than 500 universities across the US and more than 13M job applications submitted by students over the past year.

I was impressed (but not surprised) to see that Chicago was ranked as the second top destination for all recent-grads in the US.

Also, 66% of Midwest grads choose to stay in the Midwest, and Chicago keeps the solid majority of students in the Midwest at 44%.

There are numerous reasons why Chicago proves to be the perfect place for new grads to kickstart their careers.

To start, our diverse range of industries guarantee that graduates from all fields can discover the ideal opportunities that resonate with their passions and expertise.

Secondly, our job market is stacked with renowned companies, both established giants and innovative startups.

So whether graduates aspire to work for established corporations or venture into the world of startups, Chicago provides the platform and resources to turn their ambitions into reality.

Beyond professional opportunities, Chicago offers a captivating lifestyle that caters to the diverse interests and preferences of young professionals.

In case you forgot, Chicago was voted one of the top big cities in the United States by Conde Nast Traveler.

Lastly, our affordable cost of living compared to other major metropolitan areas like NYC or SF makes it an attractive choice for new grads.

Last week, Chicago:Blend published their latest Diversity Data Report for 2022.

The report encompasses data gathered between late 2022 and early 2023, including workforce insights from 884 employees across 116 VC firms in Chicago.

These firms have actively engaged in at least one venture investment over the past year, and they comprise a range of entities, such as venture funds with investments of $5 million or more, family offices, angel investment networks, and a select few other investors involved in venture deals.

One noteworthy stat that stands out is the YoY growth experienced by Chicago VC firms in terms of female representation at First Time Funds.

The data reveals a surge of 19.19%, with the proportion of women employed at these funds rising from 42.57% in 2021 to 50.75% in 2022.

This notable shift indicates that women now constitute a slight majority within the employee base of First Time Funds at Chicago VC firms, which demonstrates a positive trend towards greater gender diversity and inclusivity within the VC landscape in Chicago.

Bullish on Chicago!

2023 International Conference on the Science of Science and Innovation

Deep Tech Ventures Showcase

Space Meets Blockchain: Unraveling the New Frontiers

mHUB Climate & EnergyTech Virtual Pitch Competition

Rust for Mission-Critical AI: A Journey into Healthcare's Safest Language

ETHChicago Launch Party

Helium Chicago Networking Social

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