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72nd Edition
✍🏽 This Week on Landon in the Loop:
📝 Illinois 2024 Economic Plan
🏁 Lessons from Chicago's Biggest Exit
📆 Events Around the City
📝 Illinois 2024 Economic Plan
I read The State of Illinois 2024 Economic Plan to share the most critical insights.
The 40-page document lays out the vision for our state’s economic development over the next five years.
Here’s what stood out to me:
Six Deep Tech Sectors:
The plan emphasizes focusing on development in six key sectors: life sciences, quantum / AI, clean energy, manufacturing, ag-tech, and transportation.
A huge focus is on enhancing our business environment by reducing taxes / cutting red tape for businesses.
Inclusivity was a major point, and a specific plan to do so was to provide $1.4B in federal funds to expand broadband access in underserved areas.
Investing in Infrastructure
Illinois is working towards a 10% increase in business relocations, supported by tailored incentives and a "white glove" service to welcome companies to Illinois (we’re already the top state for corporate relocations 11 years in a row).
We’re investing $15B for transportation and $5B for clean energy, creating 43,000 jobs and adding $5.5B to GDP, with $106m for downtown revitalization.
With $3B annually in R&D, Illinois will lead in emerging tech through a new Quantum and Microelectronics Park, expanding the Illinois Innovation Network, and securing federal funds.
Building the Future
Illinois will increase training with new Manufacturing Training Academies, Fast Track grants, and more apprenticeships, aiming for a 20% increase in completions and a 15% rise in skilled labor.
The state will expand the Advantage Illinois Program and launch the $114m INVENT fund to boost small business loans by 30% and support 500+ startups by 2026, with 85% of INVENT funds going to disadvantaged businesses.
Illinois targets 50% clean energy by 2040 and 100% by 2050, backed by $10B in investments. CEJA will create 13 clean energy hubs and provide job training for thousands.
🏁 Lessons from Chicago's Biggest Exit
Cleversafe didn't just innovate in data storage; it created 80 millionaires and reshaped Chicago's tech scene with its $1.3B sale to IBM—the largest exit in Chicago's history.
Here’s their story:
The Early 2000s Data Explosion
The early 2000s saw a massive increase in digital data, overwhelming traditional storage.
Traditional storage methods were becoming obsolete, unable to handle the sheer volume and complexity of the data being generated.
Chris Gladwin started Cleversafe in 2004 to revolutionize data storage with secure, scalable solutions.
Cleversafe Enters the Market
Cleversafe's "dispersed storage" technology fragmented and distributed data across multiple locations, ensuring secure access even if some pieces were lost. This innovation revolutionized data security for industries like healthcare, finance, and government.
Cleversafe began generating revenues in 2010, almost six years after its founding.
Under Gladwin's leadership, Cleversafe rapidly gained traction, becoming a go-to solution for Fortune 500 companies and government agencies.
In 2015, IBM acquired Cleversafe for $1.3B, validating its impact and integrating its technology into IBM's cloud and data storage offerings, further extending its influence.
Advice for Chicago Founders in 2024
Spot Emerging Problems: Like Gladwin with Cleversafe, identify critical gaps in your industry that others might miss.
Innovate Boldly: Challenge established norms to set your company apart, just as Cleversafe did with "dispersed storage."
Leverage Relationships: Build strong industry connections to drive growth, as Cleversafe did with major players, many of which are in Chicago.
📆 Events Around the City
Monday Morning Run Club
Hosted by DripCo
Monday
Pro-Housing Happy Hour at the 2024 DNC
Hosted by Yimby Action
Monday
Early-Stage B2B SaaS VC/Founder Chicago Coffee Meetup
Hosted Drive Capital, Forum Ventures, and TSX
Tuesday
AI Tinkerers Chicago #11
Hosted by Drive Capital
Tuesday
Crypto DNC
Hosted by Awen
Wednesday
Innovation House
Hosted by mHub
Wednesday
Designing the Next Tech Decade
Hosted by Drive Capital
Friday
#71 - Salary Shifts in Chicago
👋 See you next week!
Companies that either relocated or expanded to Illinois this year:
✅ @Rivian chose Illinois over Georgia to build its new R-2 model. 500 new jobs and $1.5B investment.
✅ $K (fmr Kelloggs) moved their HQ from Michigan to Illinois.
✅ @PsiQuantum is building the world’s… x.com/i/web/status/1…
— Landon (@landon20s)
9:33 PM • Aug 13, 2024