Technology startups in Chicago thriving

As we have written about in previous posts for many startup businesses financial is a major hurdle. As it turns out, technology startups in the Chicago area are overall doing really well in this area. A recently report indicates that in 2012, a total of $391 million was raised by businesses in this demographic.

Digging a little deeper into the numbers, it is clear the fundraising and general growth in the area of technology startups is an improvement over the previous year. More specifically in the financial realm, 15 more businesses focused on technology raised at least $1 million in capital than in 2011, bringing the number up to 59. Also, more technology startups were launched in 2012 as compared to 2011.

This is clearly good news for the Chicago business community and economy.

As anyone who has launched a startup company, whether it is in the field of technology or a neighborhood bakery, is aware, financing is of course only one piece of completing that process. In addition to securing financing new startups also need to take into account other factors such as minimizing liability and corporate taxes. This is accomplished in part by selecting the best business entity for what business owners are seeking to accomplish.

Many who venture down the path of creating a small business are not aware of all that it entails. Fortunately, there are others who can assist in that area. Lawyers who work in the area of small businesses can provide counsel on a variety of matters throughout the life of the business.

Source: Gaebler, "Chicago Technology Startups Raise $391 Million In 2012," Feb. 18, 2013

  • We handle small business matters including those pertaining to financing. For more information on the topic, please visit our Chicago small business page.

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