‘1871’ Releases First Year Economic Impact Figures

CHICAGO― Governor Pat Quinn joined leaders from digital startup hub, 1871, to release data showcasing its impact on the local economy. The co-working space, which opened its doors one year ago, is currently home to 225 startup companies.

A combination of private and public funds financed the 50-thousand square foot entrepreneurial center in which the State of Illinois invested $2.3 million.

“The state’s investment in 1871 is already paying dividends by creating jobs, attracting local and national investment, and strengthening our state’s economy,” Governor Quinn said. “Fresh ideas and innovation are happening at 1871, and our state is benefitting from the creative forces at work within this community.”

A survey, conducted by 1871, revealed the following:

  • 800 jobs have been created by 1871 startups to date.
  • A projected 1,342 more jobs will be created in the next 12 months.
  • Nearly $30 million in capital has been invested into 1871 organizations.
  • 1871 companies added almost $13 million in revenue to Chicago’s economy.

1871, which is run by the nonprofit Chicagoland Entrepreneurial Center (CEC), offers educational programming, access to mentors and investors, and other resources to help early-stage entrepreneurs accelerate their path to success. ❒

[Footage courtesy of Governor’s Press Office]

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