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đź’ľ Illinois Computing Chip Innovation
AND Congratulations to Chicago's 25 Under 25
Landon Campbell
January 16, 2024
Hey Friends! 🚙 👋🏽
Another week, Another Driver’s Seat. Welcome to issue #41.
To our new subscribers: check out www.bullishonchicago.com for your up-to-date encyclopedia on all things Chicago for founders. 👇🏽
📍 Today’s Lineup:
đź’ľ Illinois Computing Chip Innovation
🏆 Chicago Inno 25 Under 25
đź“Š Chart of the Week
đź—ş Events Around the City
🔙 Previous Issues of the Driver’s Seat
Let’s dive in! 🚙 💨
đź’ľ Illinois Computing Chip Innovation
Moving to the Midwest
For the longest time, semiconductor and chip development was centered in Silicon Valley. But this is changing.
Major catalysts like the CHIPs Act and also local technical talent are boosting Midwest chip innovation. Both of these have led to events like Intel's new $20B facility in Columbus and Ann Arbor's $238M microelectronics hub.
There are numerous semiconductor achievements happening in the Midwest. And as onshoring gains momentum, it’s expected to boost chip development within the United States, with a significant portion of this growth happening outside the traditional tech hubs like Silicon Valley.
Let’s take a quick look into semiconductor innovation happening in Illinois, specifically the Manufacturing Illinois Chips for Real Opportunity Act (MICRO):
What is MICRO
The Manufacturing Illinois Chips for Real Opportunity Act is a bill designed to boost our state's semiconductor industry by targeting both large and small projects with tailored incentives.
For large projects, the MICRO Act offers a 15-year tax credit, requiring a $1.5B investment and the creation of at least 500 jobs.
Small projects benefit from a 10-year tax credit under the MICRO Act, with an investment threshold of over $20M and a requirement to create 50 new jobs within four years.
Why Does This Matter
The MICRO Act signifies Illinois' strategic role in the Midwest's emerging high-tech manufacturing movement, enhancing the region's potential as a semiconductor innovation hub.
MICRO has even led to Chicago’s $11B bid for a new semiconductor plant (there are currently 5 in Illinois).
🏆 Chicago Inno Under 25
Five of our pre-seed founders made it onto Chicago Inno’s latest 25 under 25 list:
Andrew Gunderman from Coherence 👇🏽
Alex Bahram from Pathize Health 👇🏽
Anj Fayemi, Simran Pabla, and Nafim Rahman from Rivet 👇🏽
Congratulations to them and all the other 25 under 25 builders.
đź“Š Chart of the Week
Tech talent is increasingly leaving coastal areas and entering other locations between the coasts.
And when it comes to recent college grads, Chicago is the second top destination in the US.
Our city’s lower cost of living compared to coastal areas reduces expenses in hiring top talent / establishing a successful company. We also have less competition for hiring top talent.
🗺️ Events Around The City
Considerations for Migrating SQL Databases
Hosted by Chicago Sub SQL User Group
Tuesday Jan 16
1871 Stories: Tim Barry, CEO & Co-Founder of VillageMD
Hosted by 1871
Wednesday Jan 17
Gigazine Launch Event
Hosted by Keep it Crypto
Thursday Jan 18
Angel Squad Chicago Q1 Meet Up
Hosted by Hustle Fund Chicago
Thursday Jan 18
Chicago Databricks Meetup: Data Monetization, Generative AI with RAG
Databricks Community Meetup Chicago
Thursday Jan 18
How to Build your Financial Model for a Successful Fundraise
Hosted by Bionic Colabs
Thursday Jan 18
đź‘‹ See you next week!
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