1871, GOOGLE, LEFKOFSKY FAMILY FOUNDATION
AND MOTOROLA MOBILITY ANNOUNCE
1871 FEMtech INCUBATOR FOR
WOMEN-OWNED STARTUPS
Cutting-Edge
Facility at 1871 Will Bring Together Businesses, Mentors, and Investors
to
Foster Opportunity for Female Entrepreneurs
CHICAGO,
IL (March 11, 2014) -- 1871
announced today that it will launch 1871 FEMtech, an innovative incubator designed
to facilitate opportunities and foster growth for women-owned technology startups
in Chicago. The facility, which was announced with support from the Lefkofsky
Family Foundation and Motorola Mobility, is a part of an International effort
by Google for Entrepreneurs to launch 40 female-focused incubators around the
world.
"Women-owned
technology businesses have grown in number and reach in recent years, and we
are hopeful to see more of these exciting companies doing great things as a
result of our new incubator," said Howard A. Tullman, CEO of 1871.
"What we have found at 1871 is that if we embrace specific verticals and
natural areas of growth, we can help our companies achieve much more than they
might have on their own. Critical mass creates an environment of support,
shared experiences and cross-pollination that significantly accelerates the
development of powerful ideas."
1871 FEMtech will feature
between ten and fifteen women-owned technology businesses, that will be
co-located and engage in programming, mentorship, and training that’s
specifically designed to maximize their resources and opportunities for
success. The companies that make up the incubator will be drawn not just from
1871 and Chicago, but from around the United States and the world.
There is significant
historical data that demonstrates that early-stage, women-owned technology
businesses are materially more successful than male-directed firms. DowJones
indicates that for startups with five or more females, 61%
were successful and only 39% failed.
Additionally, there is data that shows that by putting multiple businesses with
similar characteristics in close proximity to one another, there are demonstrable
synergies and mutual benefits are created.
“1871 has had a
far-reaching impact on our state’s economy and I appreciate their commitment to
support women-owned startups,” said Governor Pat Quinn. “Female entrepreneurs
are a vital part of job creation in Illinois and by helping them, 1871 will
improve its already impressive economic performance.”
Innovation in Illinois is
a top priority of Governor Quinn. The Governor was an early supporter of 1871,
providing $2.3 million in seed money to get it started in 2012. Continuing on
that success, earlier this year the Governor announced MATTER – an innovative
startup center for next-generation healthcare technology companies. In
addition, in 2011 Governor Quinn created the Illinois Innovation Council to
identify and advance strategies that accelerate innovation, economic growth and
job creation.
"Chicago's tech and
digital manufacturing industry continues to create jobs and boost economic
growth across the City," said Mayor Emanuel. "The FEMtech incubator
at 1871 will increase opportunities in this dynamic sector for women-owned tech
businesses and startups. This incubator, along with the City's Technology
Industry Diversity Council, will help ensure the diversity and vitality of the
City itself as we continue to solidify our position as a leader in
technological innovation."
1871 FEMtech is part of
Google for Entrepreneurs’ #40Forward initiative, a challenge to increase the
participation of women in technology by 25% this year in an overall effort to
close the gender gap. Google for Entrepreneurs is providing program assistance
and $1,000,000 to partner organizations that increase the representation of
female entrepreneurs in their startup communities because Google cares about
diversity – not just because it is the right thing to do, but because it’s the
smart thing to do.
"Google for
Entrepreneurs is thrilled to be a partner of 1871 to support female
entrepreneurs in Chicago and across the U.S. The current accelerator models are
not attracting and advancing enough women-led startups, and 1871's new program
will help reach these women,” said Bridgett Beam, Global Manager, Google for
Entrepreneurs.
The Lefkofsky Family
Foundation has supported the launch of the incubator with a grant that will be
used to ensure that the programming, operations and mentorship associated with
the center are of top quality. Additionally, Liz Lefkofsky, executive director
of the Lefkofsky Family Foundation, will serve as part of an advisory board for
the incubator, which will include leading women in business from across the
Midwest.
"There is great
talent among women in technology in the Midwest, and it’s just waiting for the
right support and mentorship," said Lefkofsky. “We’re thrilled to support
1871 in providing these businesses with the resources, expertise and access
they need to succeed.”
"Making sure that
more female entrepreneurs have access to the tools they need to succeed can
unlock tremendous potential in the technology industry and beyond," said
Courtney VanLonkhuyzen, Executive Director of the Motorola Mobility Foundation.
"Helping to catalyze that kind of change is exactly what the Motorola
Mobility Foundation strives to do in all its investments. That's why we've been
longtime supporters of 1871, and why we're so excited to help launch 1871
FEMtech."
In a recent survey, 1871
reported that nearly 30% of its member companies had a female on their founding
team, contrasted by a recent report by Women 2.0
that indicates female-owned startups are only around 5%. The 1871 FEMtech
incubator will work to extend the proportion of women-owned businesses not only
at 1871, but also in and around Chicago and greater Illinois.
Some women-founded 1871
members companies and alumni include:
1871 FEMtech will open in
the Fall 2014.
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About
1871
1871 is an entrepreneurial hub for digital startups. Located in
the famed Merchandise Mart, the 50,000-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
CEC.
About
the Lefkofsky Family Foundation
The Lefkofsky Family
Foundation (LFF) is a private charitable foundation that was established in
2006 by Liz and Eric Lefkofsky. The purpose of the LFF is to advance high
impact programs, initiatives and research that enhance the quality of human
life in the communities we serve. To achieve this mission the LFF strives to
ensure access to quality education, improve fundamental human rights, propel
innovative medical research, and expand cultural initiatives.
About
The Motorola Mobility Foundation
The Motorola Mobility
Foundation is the philanthropic arm of Motorola Mobility LLC. By supporting the
most innovative non-profits and collaborating with all levels of learning
institutions, startups, government, corporate, and civic organizations, the
Foundation seeks to spark disruptive innovation to improve lives and
communities through technology. Our focus areas are bolstering STEAM (science,
technology, engineering, arts & math) education, fostering technology
entrepreneurship, increasing community outreach and employee engagement, and
improving technology accessibility for persons with disabilities. The Foundation's
mission and objectives are driven by the Team4Good, a group of dedicated
employee volunteers passionate about community outreach.