Techstars Chicago, the startup accelerator that helped launch notable local tech companies like Jiobit and SpotHero, hosted its first virtual demo day on Wednesday night as the coronavirus forced its cohort companies to pitch from home.
Each of the 10 companies, which were first announced in January, explained their missions and products in pre-recorded pitches on Techstars’ website. The startups spanned across industries, such as cybersecurity, childcare, logistics, government and culinary.
Some startups, like Havoc Shield, founded by Brian Fritton, have built fast and effective cyber security programs specifically for startups, while others like ToDoolie, founded by Armando Arteaga, Sergio Rodriguez-Valenzuela and José Romo-Puerta, have created a gig economy marketplace for homeowners to hire local students for hourly tasks.
Many startups also explained how they’ve pivoted under the pandemic. Visual Feeder, founded by Yaxi Yang and Edward Yang, which connects landlords with brands who may want to use their vacant window space for digital advertising, began using its display tech to show COVID-19 information from the Centers for Disease Control and Prevention. Visual Feeder says it has also set up display ads for Lyft and Adidas.
Techstars was originally founded in Colorado in 2006 and launched a Chicago operation in 2013. There are now nearly 50 programs throughout the world.
By being accepted into Techstars, each startup receives a $120,000 investment from the program, with $100,000 provided in a convertible note and the remaining $20,000 in cash.
"It was important to keep our founders safe and healthy as possible."
Neal Sáles-Griffin, Techstars Chicago’s managing director, said he made the decision in early March to transition this spring’s accelerator to an all-remote program. This latest Techstars Chicago cohort is also Sáles-Griffin’s first one since leading the program. He took over the role from Logan LaHive in July.
“It was important to keep our founders safe and healthy as possible,” Sáles-Griffin said. “In doing so, it made the lives of some of our companies a lot more challenging.”
The demo day usually serves as a networking opportunity for founders, who can mingle with investors and potential customers at the event. Additionally, pitching in person can sometimes allow for a more compelling message.
“There’s really something special about stage presence,” Sáles-Griffin said.
However, this spring’s Techstars companies may still end up pitching to an audience at the Chicago Venture Summit, which is tentatively scheduled for September. As of now, Sáles-Griffin said each team is guaranteed an opportunity to present their companies at the event.
Investors, founders’ families and friends, and the Chicago tech community at large typically attend the Techstars demo day, and Sáles-Griffin said in an interview hours before the virtual pitch event that he expected this year to be no different.
“This is a very important day for all of the [startups] when it comes to the culmination of all of this hard work,” Sáles-Griffin said. “I’ve seen first-hand how resilient and incredible this group is, and I couldn’t be more proud of all of them for making it across the finish line.”
