Article by Kyla Colomina
The annual Chicago Innovation Awards bring some of the region’s most exciting ventures, from startups to corporate expansions, into the limelight. With all of the fantastic nominees that were received this year, it’s now time to reflect on the changes in comparison to prior years of our awards. Chicago’s innovation sphere is continuously molded by the interests of the people both inside and outside of it and is distinctive because of how dynamic the change can be from year to year.
This year, more than 50.6% of nominees indicated that they are interested in potential investors; this value is larger than last year’s 42.8%. The difference in these values could possibly indicate that this year’s nominees were composed of a higher concentration of startups and small businesses. Through our awards, nominees are provided with an ideal avenue to get to know potential investors, as well as network with others that may be operating in similar spheres. With so many unique companies putting their best foot forward, investors have a plethora of budding financial opportunities.
Within the metrics for capital raised, the transition in which industries garnered the most capital is a worthwhile one to consider. Financial services remained the most prominent sector for capital raised, with an incredible $2.399 billion; continuous development in the financial sector, primarily through venture capital and AI-based solutions, was evident in this year’s nominees. On the note of AI, technology took a lead over business services for capital raised this year – contrary to last year – thanks in part to the further development and innovations within AI models and methods. A final noteworthy change within capital raised had to do with a jump in capital raised for non-profits. This is an inspiring change, given the amount of support and change that nonprofits spearhead in the Chicago metro area. Through greater contributions in capital, growth for essential causes from social support to youth development to historical preservation is within reach.
Through investigation of jobs created as another imperative metric, it was evident that the Industrial & Energy sector notably increased jobs created, and Healthcare followed suit. This metric could indicate increasing attention being paid to issues within this industry. As climate-related concerns become more and more pressing, a spike in development within this sector will hopefully continue to be seen and worked on by innovative individuals. As for the healthcare industry, it underwent a movement from seventh in jobs created to second. Nominees in this industry addressed a wide range of niches, thus working towards saving and bettering the lives of many individuals.
As an intern lucky enough to work behind the scenes with such an amazing organization and round of awards, I have become much more well-versed in the world of innovation. Seeing all the nominees has proven just how essential creativity and disruption are to progress in our day and age. Chicago, with its rich landscape of innovators, is highlighting topics that may not have been previously seen as a necessary focus, and therefore changing the trajectory of the city’s future. I am eager to see what change each of this year’s nominees continue to inspire, as well as what the future of the Chicago Innovation Awards holds.
