The Hidden Startups of Chicago: Emerging Companies to Watch

Chicago's startup ecosystem is characterized by a blend of traditional industries and cutting-edge technology. Unlike coastal cities that often focus solely on tech, Chicago's startups span a wide range of sectors, including healthcare, finance, logistics, and consumer goods. This diversity creates a fertile ground for innovation, attracting talent and investment from around the country. One prominent example is Tempus, a technology company founded in 2015 that leverages data analytics and machine learning to improve cancer care. Tempus has raised significant funding and is now a leader in precision medicine, showcasing how startups can innovate within established fields. Its success illustrates the potential of combining traditional healthcare with advanced technology to create impactful solutions.

Spotlight on Innovative Startups

1. BentoBox: BentoBox provides a comprehensive digital platform for restaurants, enabling them to manage their online presence and sales effectively. Co-founder and CEO, Krystle Mobayeni, emphasizes the importance of helping restaurants thrive in an increasingly digital world. She remarks, "We want to empower restaurateurs to take control of their online operations and enhance their customer experience." BentoBox addresses a critical need in the hospitality industry, especially following COVID-19, when online ordering became vital for survival. 2. Cameo: Founded in Chicago, Cameo allows fans to purchase personalized video messages from their favorite celebrities. The concept, launched by Steven Galanis, Jake Paul, and Devon M. Wright, has gained traction, especially during the pandemic when personal connections were hard to come by. Galanis shares, "Cameo is about creating personal moments." The platform has not only generated millions in revenue but has also transformed how fans interact with public figures, demonstrating the power of technology in fostering personal connections. 3. Foxtrot: This on-demand convenience store merges technology and retail. Founded by Mike LaVitola, Foxtrot offers a curated selection of gourmet snacks, drinks, and everyday essentials, delivered to customers' doors. LaVitola explains, "We wanted to create a neighborhood store that feels like a local favorite, but with the convenience of modern delivery." Foxtrot's success has led to rapid expansion, indicating a strong demand for innovative retail solutions in the era of e-commerce. 4. Spot Meetings: Spot Meetings focuses on providing flexible meeting spaces tailored to businesses' needs. Co-founder Megan Hargis highlights the importance of adaptability in today's work environment, stating, "Companies need a space that fits their culture and mission, and we're here to provide that." Spot Meetings is responding to the evolving landscape of work, where traditional office setups are being replaced by more dynamic and collaborative environments.

Challenges and Opportunities

While the startup scene in Chicago is thriving, founders face unique challenges. Access to funding can be a hurdle, particularly for those outside the traditional tech sphere. Initiatives like Techstars Chicago and 1871, a nonprofit that supports entrepreneurs, are helping to bridge this gap by providing mentorship, resources, and networking opportunities for emerging companies. The COVID-19 pandemic has reshaped the way startups operate, prompting many to pivot their business models. The ability to adapt quickly has become a defining trait of successful startups in this environment. For instance, several companies shifted to digital platforms to maintain customer engagement during lockdowns, proving that resilience is key in the face of adversity.