Chicago’s tech incubator 1871 was ranked first in the world among university-affiliated business incubators for its impact among local startups and its dedication to diversity.
The list, put together by Sweden-based UBI Global, ranks business incubators based on factors like how much value they bring to their members and their overall economic impact. 1871 is the only U.S. incubator on the list of 10. Other ranked incubators are in countries, such as Portugal, the Netherlands and Turkey.
1871's ranking on the list is an improvement from years past. In 2015, 1871 was ranked fourth in the world, second in North America and first in the U.S.
"1871 has—once again—demonstrated that it is one of the best university-linked business incubation programs in the world,” said Holger Meyer, director of research at UBI Global, in a statement. “Achieving outstanding results across all assessed impact and performance dimensions and an impressive track record of successful client and alumni startups, 1871 has become a central hub and major pillar of the Chicago entrepreneurship ecosystem."
1871, launched in 2012, has eight university partners, like Northwestern University and The University of Chicago, and is home to more than 500 startups. Affiliated companies and alumni have raised more than $280 million and have created over 8,000 jobs.
The incubator attributes its high ranking to its dedication to fostering a community amongst its members and recruiting talent and investment from Chicagoland and beyond. 1871 has also prioritized diversity through initiatives it has launched, including its Hispanic Technology Incubator, a partnership with the Illinois Hispanic Chamber of Commerce, and ChiBuys, a program that supports women- and minority-owned food companies.
Additionally, WiSTEM, an accelerator program for women entrepreneurs, has helped grow more than 70 companies, which have collectively created more than 250 jobs and raised nearly $10 million in venture capital funding.
“Being recognized by UBI Global as the top university-affiliated business incubator in the world is an exceptional honor,” said 1871’s outgoing CEO Howard A. Tullman in a statement. “1871 will continue to go above and beyond expectations by offering our hundreds of member companies a truly world-class working environment.”
