CHICAGO | Economic & Business Development
So in trying to move some of the off topic posts in the old chicago economic thread to a different thread, something went horribly awry with my computer and the whole damn thread apparently disappeared into the ether, nowhere to be found
I have no idea what really happened or if the old thread is gone forever or not (currently looking into it), but in the meantime here's a new thread to discuss all things economy and business related to chicago. |
Oh no!
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I feel defeated from losing all those announcements. It was nice to show a shining light on Chicago's economy despite what people read in the news.
Anyways... InContext Solutions raises $15 million for virtual reality simulations InContext Solutions, a Chicago-based virtual reality software company, has raised about $15 million, according to a filing with the Securities and Exchange Commission. The six-year-old company creates virtual reality simulations for retailers and manufacturers. Its website lists clients including Walmart, Walgreens and Pepsico. Investors in the round were not listed in the filing. This investment brings InContext Solutions' total funding to more than $42 million. Earlier this year, the company raised nearly $5 million in debt, according to Crunchbase. Article: http://www.chicagotribune.com/bluesk...921-story.html |
Not directly a big, wow business article but I think this shows the perhaps unique difference between Chicago style finance and elsewhere.
I never realized until this article the role that clearing played in the rise of women in derivatives. It's a great story. Proud that Chicago is central to this diverse, balanced story. The futures industry's surprisingly good record of promoting women. Exhibit A: CME Group's Kim Taylor. Quote:
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my apologies to you specifically because you were the best and most consistent contributor to the old thread. i don't know exactly what happened, but right in the middle of when i was trying to move some posts, my internet connection totally froze up on me. i made a few random clicks with my mouse to see if it would come back, and my only guess is that in those few random clicks i might have accidentally clicked on some "delete entire thread from all known existence" button, or something. my internet connection had locked up on me so i killed chrome and when i logged back in, the thread was completely gone. gone without a trace. really, really bad timing on that one. i've been a moderator here at SSP for 15 years now and this is the first time i've ever accidentally hard-deleted an entire thread. oh well, we can only go forward at this point. time to start anew. |
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Rock on little exchange, rock on. Get bigger.
CBOE Holdings looking to buy exchange operator Bats Global Quote:
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European finance giant Rothschild arrives in Chicago
Rothschild, the storied European financial services firm, is opening its first office in Chicago, the company said in a statement today. The firm, which has dual headquarters in London and Paris, will enter the city with its mergers and acquisitions advisory business, the biggest of its three global business arms. Article: http://www.chicagobusiness.com/artic...ves-in-chicago Former City Hall insiders Spielfogel, Goldstein launch startup fund David Spielfogel, who was a top aide to Mayor Rahm Emanuel, and Brett Goldstein, a technologist who was the city's chief data officer, have raised a $15 million fund for civic-tech startups called Ekistic Ventures. Among the investors is Michael Sacks, CEO of asset-management firm GCM Grosvenor and a confidant and financial supporter of Emanuel. Advisers include former Philadelphia Mayor Michael Nutter, former New Jersey Attorney General Anne Milgram and Tim O'Reilly, founder of computer publishing firm O'Reilly Media. Article: http://www.chicagobusiness.com/artic...h-startup-fund Ex-Fieldglass CTO raises $11 million for new venture Sean Chou, former chief technology officer of Fieldglass, has raised $11 million for his startup Catalytic. The company, founded last year, is working on business-software platform called Pushbot. Investors include New Enterprise Associates, which has backed several successful Chicago startups, such as Groupon, Sprout Social and Raise Marketplace; Chicago Ventures; and former Fieldglass CEO Jai Shekhawat. Article: http://www.chicagobusiness.com/artic...or-new-venture |
M&A always make me nervous, especially when a Chicago based company is involved.
As much as I am the CME Group superfan, I think having two big exchanges in Chicago would be good for both exchanges and great for the city's undented position as a global financial center. ... even though ... no one ... seems to know that about Chicago. This is big, big news. Bats Needs to Close This Deal Fast Quote:
CBOE, Bats Deal Creates New Exchange Behemoth Quote:
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So ConAgra moves to the Mart. Business as usual or does being in Chicago affect the company? Appears to be the latter.
Maybe the same will be true of McDonald's after they move to Randolph Street foodie town from the back country. Rick Bayless' Frontera Foods sold to ConAgra; chef's brand staying in Chicago |
If for nothing other than bragging rights for Chicago, the CBOE and BATS merger is good news. I'd love to see CBOE acquired by CME Group
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I welcome the prospect of a dual powerhouse Chicago. |
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That statement was rough but I think it is true. Small, marginal companies may find a home in the Oak Brook-Lisle-Downers Grove-Schaumburgs of the region, but no major company should even know nor care about locales where the street names start with "I". |
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Lefkofsky takes on the big C
Eric Lefkofsky is bringing his genomics startup, Tempus, out of stealth mode, announcing today its first partnership, with Northwestern University's cancer center. Several other hospital collaborations are expected to be announced soon as the chairman and former CEO of Groupon embarks on his most-ambitious venture ever—utilizing Big Data to help physicians tailor cancer treatment based on a patient's own genetic profile. Lefkofsky, who co-founded Groupon and such other e-commerce companies as InnerWorkings and Echo Global Logistics with long-time business partner Brad Keywell, launched the health care software startup late last year. Since then, he quietly has built a company with a headcount approaching 100, heavy on Ph.D.s and data scientists, and a 20,000-square-foot genomics lab in the River North building that houses Groupon and Lightbank, the partners' venture fund. Lefkofsky scored a coup earlier this year when he hired Kevin White, a top genetics researcher at University of Chicago, as Tempus' president. Article: http://www.chicagobusiness.com/artic...-northwesterns |
^^^ That's exactly what is driving the scorching development of Chicago's central core. When you have a company grow to 100 employees completely under the radar hiring largely computer scientists and PHD's, you are going to see real growth in all sectors of the economy in that area. These types of employees not only fulfill the typical economic role of perpetuating growth through the demand the create, but they generate a special kind of demand. As highly educated, well paid, individuals they are not just going to create demand more more Starbucks or WalMart Expresses, they are likely going to demand a diverse array of services and goods ranging from staples like Target or Starbucks to cultural output (art, syphony, music fest, etc) to "craft" economy output like microbreweries or mixology bars.
The little "renisassance" happening in America's urban cores continues to amaze, and companies like this are just more fuel on the bonfire which is already being stoked by the big logs like McDonalds or ConAgra. |
^ They are also creating a rebound effect of resentment by blue collar and lower income folk who used to think Chicago belonged to them. They say things like "The city was fine the way it was!"
I never really saw much of blue collar Chicago, but it must have been a nice place at its zenith (1950's and 60's) |
ive dealt with Lefkofsky and worked for one of his companies pre Groupon (and saw the inner workings of 2-3 others), and the business practices were always pump and dump/straight up shady. plenty of supporting documents out there if you care to do the research. also funny that the press release for the cancer data company almost identically mirrors that for all the other industries hes "disrupted"...expect i know what the back end looked like and its capabilities were never even remotely close to what it was sold as to clients. actually a complete joke. quite interesting sales meetings to say the least and outright lying to clients was common. "software cant do what we say it does? just show them some powerpoints with screenshots and walk them through that instead so we dont have to do a live demo." also plenty of strong arm tactics against vendors who were supposed to be "partners" in an effort to drive costs. ironically the partners were the only ones actually producing a tangible thing of value in this entire exchange but the fact he was putting small mom and pop business out of work couldnt have mattered less...to the point that they were forced into borderline bribery to do business with us. calling it a "tech" company was a joke, but sure it was enough for Mayor Daley to think it was a big thing, who happened to tour the 600 West office to see what the "new economy" was all about.
the fact hes become the celebrated poster boy for Chicago entrepreneurship is disconcerting. then again i suppose it fits perfectly with the hucksterism of our late stage capitalism. i suggest checking your wrist if you ever happen to shake his hand to make sure your watch is still there after the exchange. |
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