Recapping TechWeek in Chicago
From quantum computing to first-check funds, Chicago is a special place harnessing a wave of innovation for the startup ecosystem
Last week, I was in Chicago during TechWeek Chicago, a busy week of events dedicated to founders, investors, and ecosystem partners across the country discussing a range of topics from AI to consumer to quantum computing (still don’t know what this is).
In short - cool people in a cool city😎
So yeah, it doesn’t really make sense why I was there, considering I’m not a founder, investor, or ecosystem partner. But, as cliche as it sounds, these are the opportunities that challenge your “intended” destiny. I truly believe in stepping out of the bubble that inherently distorts your reality. When I was 17 years old, I was offered to go to Mexico with a founder I was interning with and work from a house of other founders who dropped out of college. COVID-19 killed this opportunity but looking back, I know this would’ve opened my eyes to a world where people weren’t waking up to sit in boring history and science classes; they were solving extremely challenging problems as young adults.
Living in a state of monotony is comfortable. Logging on at 8am, solving someone else’s problems — the job may be stressful but, at the same time, comfortable. And hey, I’m not one to judge. I’m an incoming consultant after all🙂 (my job will literally be to solve other people’s problems!!!). All I’m saying is that work and school can constrain our outlandish thinking. Of course, there’s a time and a place to daydream. But don’t let those thoughts die - no matter how technically intelligent or academically focused you are, creativity is a force to be reckoned with.
Anyways, back to TechWeek! I am SO glad I got a chance to listen to some of these panel events. I attended the two-day Capital Summit, where the focus was primarily placed on founders and investors at every stage.
I’ll be talking about two main topics today:
Prioritizing diversity for the Midwest Angel Investor community
Investing in consumer & sports
Prioritizing diversity for the Midwest angel community
As a volunteer for Forge North, one initiative I’ve been able to keep up with is Catalyst Angels, a six-week program dedicated to Black, Latinx, and/or female Minnesota-based investors learn more about angel investing. The application is open until August 16th if you or someone you know is interested in applying!
Dawn Batts started this program a few years ago to educate diverse angels on the steps of becoming a successful angel investor. At the Capital Summit, her husband, Derek Batts, discussed some of the key problems Catalyst Angels seeks to solve:
How can we activate diverse angels in the investing community?
How can we get underrepresented angels on the cap table?
One way Chicago is supporting this movement is through the Josephine Collective, a women-led group of angel investors co-investing small checks in early-stage startups. A unique aspect of the Josephine Collective is its low fee structure. Allowing angels to invest as little as $1,000 opens up the opportunity for women and people of color to actively engage with the investment world. Another interesting find is that, throughout TechWeek, there were multiple events dedicated to underrepresented investors. Bringing together this community, especially in the Midwest, is important to share knowledge and challenges as a new path is carved for diverse angels to lead funding rounds.
We have a robust angel community, with multiple angel groups already existing in the Twin Cities and an upcoming University of Minnesota Alumni Angel group. There’s still a lot of work to be done to increase representation but taking these learnings from neighboring states can support the growth of angel investing in Minnesota.
Investing in consumer & sports
Of course, this was a panel I sat in the entire time. I mean, look at this lineup of incredible speakers!!
NASCAR’s market expansion through street racing
Julia Giese, President of Chicago Street Races, talks about how she’s bringing NASCAR to new audiences. After finding that 85% of the attendees at last year’s Chicago Street Race were first-time Nascar Race attendees, she proves the potential of bringing a race to a city. NASCAR is no longer limited to stadiums, so by bringing the experience to fans, consumers are more likely to engage with an event happening in the heart of Chicago (similar to Lollapalooza!). This also makes it easier to market the event organically, as people on higher floors of their apartments or passing by the event can gauge the hype of this sports experience.
Stadiums aren’t just for sports; it’s also an ✨elevated way✨ to socialize
Justin Stahl, VP of IT at Chicago Bears, shares the post-COVID demand for live experiences (wrote about this in a previous blog post). But he shares how the Chicago Bears stadium will have new capabilities to build a space for socialization and cater to the niche characteristics of Chicago. I decided to do some digging and see what he meant by this. Here’s what the Chicago Bears Stadium intends to have by completion in 2028:
Green space: Similar to how Chicago is broken up by various green spaces and parks, the stadium includes 14 acres of athletic fields and recreational park space for public use.
Vendor promenade: Three acres of space dedicated to year-round food and beverage outlets, and retail shops
Socializing with a view: The seating area will be strategically organized for fans to see the incredible Chicago views
Investing in physical infrastructure that can also be used by the public during the off-season highlights an intentional approach by the Chicago Bears to not only think about the economic gains but also the broader perceptual shift that people will have toward the impact of sports.
Selling nostalgia, Gen Z has disposable income now
Lance Dietz from KB Partners highlights how Gen Z has disposable income and wants to spend money on products that spark nostalgia. I never thought about this perspective, but it’s so true. An easy way to understand this is Barbie. We grew up watching Barbie cartoon movies — Swan Lake and Rapunzel were my personal favorites — to Mattel releasing a Barbie movie in 2023, earning a total of $1.5B. This also means collectibles and memorabilia. Another is the digital camera. I remember running around the house with a tiny pink camera, taking slightly blurry pictures with boundless excitement. Turns out, Gen Z wants this again. This is a perfect example of using the past to predict the next hype cycle.
Don’t know how I wrote this all in one sitting but pretty proud of this - thank you so so much for reading!!
Sanjana
