1871 RANKS 9th IN THE WORLD IN SURVEY OF BUSINESS INCUBATORS
UBI Index names 1871 one of the global top ten university-associated business incubators following its survey of over 800 incubators across 60 countries
CHICAGO (September 16, 2014)— 1871 ranked 9th in the UBI Index list of Top Ten University-Associated Business Incubators announced in a live video this morning. UBI Index utilizes an international research team that analyzes business incubators based on a wide range of factors, including their value to members and overall economic impact. The ranking system aims to determine the best incubators from around the world as well as the two best performing business incubators from across five regions.
“The UBI Index ranking confirms that 1871 is a global leader in its support of innovation and the entrepreneurial community,” said 1871 CEO Howard A. Tullman. “1871 offers members the best educational resources, individualized programming, mentorship from top industry leaders and access to potential investors - all under one roof where hundreds of startups are building their businesses, creating jobs and fostering economic growth throughout the city of Chicago.”
As a university-associated incubator, 1871 maintains close partnerships with top universities in Chicago and around the world. Northwestern University, University of Chicago, University of Illinois and Illinois Institute of Technology all have dedicated spaces at 1871 where students and faculty come to work on their businesses and immerse themselves in Chicago’s entrepreneurial community.
“Incubators like 1871 are helping to keep Illinois at the forefront of innovation,” Governor Pat Quinn said. “Today’s ranking shows how investing in the entrepreneurial community can pay dividends to our economy, creating new businesses and jobs for years to come.”
Based on the one of the most comprehensive frameworks to measure incubator performance, UBI Index is at the cutting edge of incubator analysis. Its ranking system considers the incubator’s economy enhancement performance, such as job creation and talent retention, value for their members, such as access to funds and competence development, and the members’ post-incubation performance.
“As Chicago’s tech economy grows, our entrepreneurs look for the type of collaboration and sense of community that innovation spaces like 1871 provide,” said Mayor Rahm Emanuel. “Having access to other startups, as well as funders and academics, increases the chance of success for these businesses, and is helping them to become a driving force in growing Chicago’s 21st century economy.”
With over 300 participants who were specifically assessed, the information in UBI Index’s Top 10 Ranking helps incubator managers from around the world successfully run their programs, allowing them to see areas requiring improvement for their specific business models, ways of effectively utilizing operational budgets, and strategies to attract a new client base. Additionally, the rankings will aid governments, investors and early-stage companies to see where the top incubators are for specific sectors, whether they be Life Sciences, Biotechnology or ICT.
“1871 is an exceptional incubation program,” said UBI Index co-founder Dhruv Batil. “It performs really well on our global benchmark, especially on economy enhancement indicators. This signifies that 1871 clients make a significant economic impact on the region by the high number of jobs created and the exceptionally high proportion of graduate startups that are growing or profitable. The UBI Index global benchmark of business incubators includes most of the top Universities in the world, notably Stanford, UC Berkeley and Cornell. In this context 1871 performs much better than their peers at top universities.”
About UBI Index
Based in Stockholm, Sweden, and with an international research team, including founders Ali Amin, Dhruv Bhatli, Joel Eriksson Enquist and Lars Henrik Friis Molin, UBI Index is a thought leader in performance analysis of business incubators around the world. It helps business incubators become more efficient and competitive through a comprehensive benchmark where more than 300 incubators in over 60 countries participate. TechStars London Director, Jonathan Bradford, Chief Strategy Officer at Vinnova, Kjell Håkan Närfelt, and Paolo Borella, Director, Microsoft Nokia App Campus form part of the official UBI Index advisors.
1871 is an entrepreneurial hub for digital startups. Located in The Merchandise Mart, the 75,000-square-foot facility provides Chicago startups with programming, access to mentors, educational resources, potential investors and a community of like-minded entrepreneurs that help them on their path to building successful businesses. 1871 is the flagship project of the Chicagoland Entrepreneurial Center.