Mayor Pitches Local Investors

Mayor Rahm Emanuel throws two challenges to more than 500 private equity investors during an address at the Illinois Venture Capital Association (IVCA) dinner. ❒

4 Comments

  • Jackie says:

    For those of you who do not speak Rahmlish, here is the official translation:
    1. Dude, please ignore my unionized money pit school system being totally broken. Just hire their grads. It’s totally cool.
    2. Please ignore Illinois being bankrupt and on the verge of collapse. It’s going to be okay. Seriously, I know the gov and the prez. They’re pretty cool. Besides, we are like California. So, don’t move out there.
    3. Please ignore the massive tax burden I will hit you with here in Chicago. It is very cool to pay epic high taxes. They do it in California…and they seem to be happy.
    4. Dude, you gotta ignore the Chicago murder rate and do a start-up here. My bodyguards say it’s totally safe. One suggestion though…don’t do it too far south of the loop.
    5. Let’s see what else…Oh yeah, don’t worry about the IL-HR341 New Venture Start Tax Bill (aka. start-up business tax) I have slated for 2014. It’s just a small fee (current proposal: about 42% of year one rev). I’ll use the money towards something good…like public sector pensions. We are behind on a few payments.
    6. Finally, thank you all for coming tonight! (okay, probably did not need to translate that part of the speech)

  • Ryan K. says:

    Hey Rahm, the only reason I started my company here last year is simply because I did not have the money to relocate to another state after graduation. Many of us are “forced” entrepreneurs because your economy is so bad. Both political parties are a failure. Illinois and Chicago are corrupt embarrassments. You represent the status quo. I am planning to relocate this year.

  • I won’t disagree about the politics of Illinois. But when they limit innovation like food trucks I get worried. I am “all in” on Chicago. I co-founded Hyde Park Angels, now building coworkchicago.com among other things.

    Would the city allow this? http://www.wired.com/design/2012/12/3-d-printing-cookie-cutters/
    without unions?

  • Mike W says:

    I too am a small technology start-up company relocating out of state this year. The only reason I started it in the city is because I was so anxious to begin. Now that I’m established, I’m leaving. Chicago and Illinois are both entrepreneurial dream killers. I also agree with the food truck comment. What ever happened to free enterprise? It’s not existent here in Chicago. The city wants a hand in anything of success that comes from these parts. With the horrible business tax structure, excessive start-up fees and Rahms dictator-style of government, I have no desire to live in such a dysfunctional State. I same as many others will continue to draw most of my business from Chicago but I’ll be based in another Great Lake State. This means, Chicago will get nothing in return. My new location will be the beneficiary of jobs, taxes, rent and expendable incomes. This is what happens when you chase your talent away due to greed…

    That’s pretty sad.

    Maybe if Chicago changes its culture of corruption and pick-pocket style politics I’ll return. But I highly doubt that will ever happen.

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