1871 Opens Apps for BLKtech Founders C5! 

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CHICAGO, May 23, 2023- 1871 has opened applications for their 5th cohort of BLKtech Founders, an affinity program designed to support and amplify Black early-stage founders and their startups. Applications for both 1871 members and non-members will be accepted through June 26th, 2023. 

Starting July 2023, this unique offering runs for twelve weeks, combining professional development curriculum, 1:1 mentoring, and peer group development programming.

The cohort is designed to create a safe, judgment-free space for Black founders to meet others in similar entrepreneurial situations to connect and address the unique challenges they face due to their social identity.

The program will run from 7.11.23 – 9.12.23, meeting virtually every Tuesday from 3:00 – 5:00 PM CST. 

BLKtech Founders C5 is proudly supported by general partners Molson Coors, EY, Verizon, William Blair, and Food Foundry. 

“This program focuses on you, as the founder which is essential to starting a successful business but is often overlooked. Our personal and professional development sessions help you to overcome common scenarios and roadblocks that, unfortunately, inevitably, happen to Black founders. It also instills in you a sense of pride in what makes you unique, not minimize it” said Alysha Aubrey Bursey, Sr. Director of Affinity Programs. “The beauty of these cohorts is that when you log into that Zoom, everyone looks like you, you can be your full self. It allows people to open up and breaks down that wall that underrepresented groups tend to put up for survival. Because of this, the people that you meet within the cohort are going to be rallying behind you forever, regardless of if your company makes it or not.” 

About the experience

Key takeaways for participants in the program: 

  • Learn how to maximize their key leadership skills
  • Gain confidence in themselves and their startups 
  • Overcome obstacles one faces when starting a business
  • Build reputable relationships with experienced founders and 1871 members who are dedicated to supporting this group. 

“Participating in the 1871 BLKtech Founders cohort helped me personally and professionally by providing access to a network of entrepreneurs who were facing some of the mental and emotional challenges that I was facing, especially while navigating through the pandemic and the ever-rising racial tensions that have emerged over the last year,” said Tanisha Hemphill, Founder of Black Mom Resource. “It felt good to have a space where we could share resources and regularly check in with each other. 

Important Dates

 If you would like to learn more about sponsoring BLKtech Founders or any other affinity-related program, reach out to corpinno@1871.com.  

About 1871

1871 is Chicago’s innovation hub and the #1 ranked private business incubator in the world. It exists to inspire, equip, and support early stage, growth stage and corporate innovators in building extraordinary businesses. 1871 is home to ~400 technology startups, ~200 growth stage companies, and ~1,500 members, and is supported by an entire ecosystem focused on accelerating their growth and creating jobs in the Chicagoland area. The member experience includes virtual and in person access to workshops, events, mentorship, and more. The nonprofit organization has 350 mentors available to its members, alongside access to more than 200 partner corporations, universities, education programs, accelerators, venture funds and others. Since its inception in 2012, more than 850 alumni companies are currently still active, have created over 14,500 jobs, and have raised more than $3.5 billion in follow-on capital.

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Thought Leaders Inspired Positive Change & Growth for Chicago Tech Community at ScaleUp 2023.

On May 10th, thought leaders and growth-scalers from across the Midwest gathered for 1871’s 6th Annual ScaleUp, a half-day dedicated to innovating growth, inspiring change, and connecting peers in the tech community. 

This year’s hybrid event featured a legendary lineup of 15 thought leaders who shared incredible insights, personal advice, and best practices for scaling growth companies as they continue in today’s ever-changing tech industry. 

“This day is about imparting knowledge, meeting other people, and an opportunity to ask questions while pushing your own thinking,” said 1871 CEO, Betsy Ziegler. “Success for today is what you put into it.” 

Without further ado, here are 5 lessons for growth companies to utilize as they continue to grow, scale, and lead their businesses. 

Lesson 1: Be agile

Andy Kofoid, current 1871 board member and president of Databricks shared insight on his personal career journey, and the importance of integrating change and pushing for growth across all companies, especially as AI and LLMs continues to evolve in his chat with 1871 CEO Betsy Ziegler, Artificial Intelligence: A Disruptive Force for Growth Companies. 

“It took me a long time to build that change-management muscle, and it all depends on the outcome you’re trying to drive to. To survive and thrive, whether you’re a CEO or in any other role in a highly dynamic and innovative environment, you have to think about innovation, thought leadership, and speed responsiveness as the core tenants of how you’re driving the business. You better be ready to change, you can’t be comfortable with stability and routine, because it just won’t fly in this world. If it takes you three-to-six months to do something and you accomplish it in a week, think about how far ahead you’ll be in the game – don’t miss that window of opportunity.” -Andy Kofoid

Lesson 2: Prioritize building relationships & transparency

 Moderated by Kevin Willer, partner of Chicago Ventures, panelists Nick Solaro, general partner at Drive Chicago, Sonia Nagar, 1871 board member & general partner at Pritzker Group Venture Capital, Jason Felger,  head of operations at Jump Capital, and Dana Sun, senior associate in digital health at OCA Ventures, shared their personal and professional insights on the ups and downs of the current market, and advice on how to continue growing funding in Raising Capital in Today’s Market. 

“The pace of venture employment has just slowed down, so  it gives you time and it gives VCs time to actually build a relationship. Great companies are still being funded at exceptional valuations and relatively quickly, once you actually establish that relationship.” — Jason Felger

“Most venture funds are experiencing some level of markdown, and we make it a point to communicate that very, very clearly to our LPs. There’s no beating around the bush. We’re very honest and transparent, but we’re also talking about what we are doing to address the problem – not just wallowing in the fact that the market sucks right now.” — Dana Sun

“We want to feel like a partner, so we appreciate having transparency, regular communication, and over communication in the bad times. We’re going to lean harder into the relationships where we feel like people are being good stewards of capital and good partners to us.” — Sonia Nagar

Lesson 3: Invest in culture & community

Moderated by Julianne Cox, vice president of Business Development at Invest Northern Ireland, panelists James Taylor, CEO of Launchways, Willemijn Schneyder, CEO & founder of SwipeGuide, and Cass Baker, president & COO of GainShare, discussed the adaptations  their companies made as they transitioned to a virtual workplace from the COVID-19 pandemic. Panelists shared the importance of a community both on screen and in-person in Managing A Growing, Global Workforce. 

“There’s two things in mind that organizations have failed – trust and communication. We need a level of transparency with wins and losses. Everyone learns and communicates differently, so the best way is to get to know everyone on an individual level so you can effectively communicate and give them one-on-one attention to make the relationship last.”  — James Taylor

“Think about coffee check-ins, think about lunch roulettes, but also think about well organized virtual events that are really focused on building a sense of belonging and community. We were making sure that we have a layer around the work that’s really about driving a sense of community and belonging.” — Willemijn Schneyder 

“Everything you say and do is representative of your culture. The most valuable thing we learned along the way was a full mentoring program. We matched up someone senior to them to mentor. You have to plan out effective ways to engage and build relationships because everybody has a different way that they appreciate things, regardless of what the breakdowns are. Give them the space and voice they need (type B), so that type A doesn’t take over the room.” — Cass Baker

Lesson 4: Leverage mentorship from leaders accessible to you

Moderated by Marc Schiffman, president & CEO of SMS Assist, panelists Garry Cooper, CEO of Rheaply, Jeremie Bacon, co-founder of The Forge, and Coco Meers, CEO & co-founder of Equilibria, shared their insights on what makes up a versatile and successful board, and their personal expertise on crafting a well-oiled machine in Governance: Insights from Board Members of Growth Companies. 

“I think of my board as my accountability mirror. Of course it’s a helpful discussion and of course you’re relying on them for strategy,  counsel, and risk mitigation, but they’re also there to hold you accountable. When you’re alone as a CEO in the deepest darkest place of ‘what do i do now’, take those thoughts to the board and allow yourself to share that hard work of ‘what if’ with them, because that’s why they’re there so you don’t have to be alone.” — Coco Meers 

“The framework that I think about is how can everyone in the company support the mission? If you have the power to find board members,have a very specific reason in which you’re getting them on the board, and then to operationalize the reasoning you have.  I try to have a thesis on why I want people on the board, and try to extract that value from them.” — Garry Cooper 

“It’s important as an operating team and as a CEO of a company to think of your board like you think about your teammates. We need to surround ourselves with the best talent possible at all times for the job to be done to be successful. You don’t want to grow your board bigger than it should be relative to the size of your business. Manage your board like you manage your team in terms of the skillsets, and don’t be afraid to hire, fire, and replace and remove and find better opportunities for your board like you do with your team from time to time.”– Jeremie Bacon

Lesson 5: Your health is #1

Andy Dunn, founder of Red Swan Ventures,  founder & CEO of Pie Labs, and author of Burn Rate: Launching a Startup and Losing My Mind, sat down with 1871 CEO Betsy Ziegler for an intimate discussion about his memoir, dedicated to his personal Bipolar disorder diagnosis and mental health struggles. Dunn shared advice for founders, thought leaders, and peers surrounding their mental health and advocating for supporting others. 

“The best investment you can make in a pre seed-stage company is in the ability of the founders to endure stress. If you think to yourself ‘ I don’t have any mental health issues’, that’s a mental health issue right there. Because you don’t need a chronic condition to have an acute mental health crisis at some point, life just brings it. The thing about a startup is its ongoing stress, so if you’re a founder or lead teams, be in some form of therapy for three months every two years. You don’t need to be a mental health professional to employ empathy.” — Andy Dunn

Dunn suggests for those looking to learn more skills in understanding how to help others in need of mental health support, is to take the Be There Certificate. This free, self-paced learning experience is designed to increase mental health literacy, and to provide those with knowledge, skills, and confidence to safely support anyone struggling. 

View full content playlist from the day and subscribe to upcoming 1871 events & news. 

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Applications for Deloitte’s Technology Fast 500 are now open.

It’s back! Applications for Deloitte’s Technology Fast 500 are now open. Celebrating the fastest growing, most innovative companies in the country, this awards program recognizes the top industry disrupters in public and private companies in the technology, media, telecommunications, life sciences and energy tech industries. 

  

Eligible companies are selected based on the percentage of fiscal year revenue growth, and the list is compiled from applications submitted directly to the Technology Fast 500 website. Being recognized as a Technology Fast 500 winner provides increased visibility, brand recognition, and growth opportunities for companies, leveraging Deloitte’s U.S. and global brand recognition and visibility. 

“Chicago’s diverse ecosystem of start-ups continues to be a bright spot for our local economy,” said Tracy Harrison, managing director and Chicago emerging growth company practice leader, Deloitte & Touche LLP. “With the exciting growth of the city’s tech and innovation scene, I look forward to seeing the diverse display of innovative approaches this year’s Chicago applicants bring to the table.”

The application period is open from April 3 to June 23. Winners will be announced on Nov. 8. A

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Foodtech Innovation Lab Launches for Growth Stage Tech Startups, Late Stage Tech Companies, and Corporates — Apps Now Open

CHICAGO, May 8, 2023 – Non-profit global innovation hub 1871 announces applications are open for their first Foodtech Innovation Lab taking place July 2023. This year’s lab is supported by our General Partner World Business Chicago, with focuses in Agtech, Food Innovations, and Manufacturing & Packaging. Applications are now open until 6.16.23!

The Foodtech Innovation Lab is designed to bring growth-stage startups, late-stage businesses, corporates, investors, and industry experts together to collaborate on the biggest challenges within foodtech. This lab is part of 1871’s suite of 6 Innovation Labs happening this year and the second to launch this summer, the other – Supply Chain Innovation Lab. 

The dedicated Entrepreneur-In-Residence (EIR) is Nate Cooper, Founder and Managing Partner of Barrel Ventures, an early-stage startup fund investing in the future of food, working with some of the brightest entrepreneurs (Olipop, Jumbotail, Grabango, Helaina, Great Wrap & others).

The Lab runs from 7.17.23 – 10.5.23 and is open to the following innovators: 

  • Growth-stage startups with a technology or product focused on the foodtech space 
  •  Late-stage partners seeking to elevate their brand as experts and influence the foodtech industry.
  • Corporations sitting at the forefront of foodtech innovation or seeking to enhance their capabilities or offerings via partnerships

There will be a selection process for startups to ensure those admitted to the program have proven readiness and are fit for the lab. 

Information sessions on the lab will take place on 05.23.23 and 06.08.23, to provide attendees with information on the program structure, how to participate in the lab, and the benefits of joining. 

“Foodtech is not just about disrupting the food industry, it’s about redefining our relationship with food through technology. As one of the most fundamental human needs, food deserves our attention and innovation. The intersection of food and tech is where we can create a more sustainable and equitable future for all,” said 1871 CEO, Betsy Ziegler. “By leveraging key players’ expertise and resources in AGtech, food innovations, and supply chains to address the challenges facing the food industry, we can collaborate to create innovative and productive solutions that not only speed up its distribution, but also improve the health, sustainability, and accessibility of our food system across the globe.”

About Foodtech Innovation Lab

This lab focuses on several areas for cohort members to explore, identify, and collaborate to solve key issues within the industry. Startups serving domains across the foodtech focus will be considered for the cohort. 

Focus areas include:

  • Agtech – Biotechnology, Farm Management Software, Farm Robotics, Mechanization, & Equipment, and Novel Farming Systems
  • Food Innovations – Novel Ingredients, Upcycling, and Nutraceuticals
  • Manufacturing & Packaging – Midstream Technologies and Packaging

 

The lab experience explained

This lab is designed to connect startups, late-stage businesses, corporates, VCs, and Foodtech experts together in 4 immersive weeks of programming, alternating in virtual and in-person experiences. 

The cohorts will meet for one full week of programming and workshops in July, August, September, and October 2023.

The program ends with its Foodtech Innovation Summit, taking place in October 2023.

For inquiries about involvement in partnering with us or learning more about sponsor options for either our Foodtech Innovation Lab or Foodtech Innovation Summit, connect with our team at corpinno@1871.com. 

To stay updated on all Foodtech Innovation Lab news, subscribe here.

About 1871

1871 is Chicago’s innovation hub and the #1 ranked private business incubator in the world. It exists to inspire, equip, and support early stage, late stage, growth stage, and corporate innovators in building extraordinary businesses. 1871 is home to ~400 technology startups, ~200 growth stage companies, and ~1,500 members, and is supported by an entire ecosystem focused on accelerating their growth and creating jobs in the Chicagoland area. The member experience includes virtual and in-person access to workshops, events, mentorship, and more. The nonprofit organization has 350 mentors available to its members, alongside access to more than 200 partner corporations, universities, education programs, accelerators, venture funds and others. Since its inception in 2012, more than 850 alumni companies are currently still active, have created over 14,500 jobs, and have raised more than $3.5 billion in follow-on capital.

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Supply Chain Innovation Lab Launches for Growth Stage Tech Startups, Late Stage Tech Companies, and Corporates — Apps Now Open

CHICAGO, May 8, 2023 – Non-profit global innovation hub 1871 announces applications are open for their second annual Supply Chain Innovation Lab taking place July 2023. This year’s lab is supported by Strategic Partner Accenture; Anchor Partners Microsoft and Deacero; and General Partner World Business Chicago.  Applications are now open until 6.16.23!

The Supply Chain Innovation Lab is designed to bring growth-stage startups, late-stage businesses, corporates, investors, and industry experts together to collaborate on the biggest challenges within the industry. This lab is part of 1871’s suite of 6 Innovation Labs happening this year and the second to launch this summer, the other – Foodtech. 

Over 40 startups participated in 1871’s Supply Chain Innovation Lab 2022, with representation from more than 10 different countries. 12 late-stage partners, including Flexport, Uber Freight, Rheaply, and ShipBob, were a part of last year’s Lab program. 

The Lab runs from 7.17.23 – 10.5.23 and is open to the following innovators: 

  • Growth-stage startups with a technology or product focused on the supply chain space
  •  Late-stage partners seeking to enhance their supply chain through partnerships or have a core product focused on the supply chain space
  • Corporations sitting at the forefront of supply chain innovation or seeking to enhance their supply chain via partnerships

There will be a selection process for startups to ensure those admitted to the program have proven readiness and are fit for the lab. 

Information sessions on the lab will take place on 05.23.23 and on 06.08.23, to provide attendees with information on the program structure, how to join  the lab, and the benefits of joining.  

“Supply chain innovation is essential to drive enterprise reinvention, enabling companies to reach new performance frontiers. Accenture’s collaboration with 1871 and World Business Chicago is designed to help emerging tech businesses focus their innovation efforts on supply chain solutions to accelerate growth,” said Patty Riedl, Accenture’s North America Supply Chain and Operations lead.

“Innovation in the supply chain is not just a competitive advantage, but a necessity in today’s fast-paced world, where agility, efficiency, and sustainability are crucial for business success,” said 1871 CEO, Betsy Zeigler. “Collaboration is key to unlocking the full potential of supply chain innovation and creating shared value for the entire community. We look forward to working with Accenture once again to bring leaders and entrepreneurs together and empower them to create solutions in the supply chain that will build a brighter future in our city and beyond.” 

 

About Supply Chain Innovation Lab

This lab, built strategically with Accenture, focuses on several areas for cohort members to explore, identify, and collaborate to solve key issues within the industry. Startups serving domains across the supply chain will be considered for the cohort. 

Focus areas include:

  • Sustainability by Design
  • Compliance + Risk Management
  • Data-led Innovation 
  • N-Tier Supply Chain Visibility 
  • Customer Centric Supply Chain
  • Automation: Unlocking Human Potential 

 

The lab experience explained

This lab is designed to connect startups, late-stage businesses, corporates, VCs, and Supply Chain experts together in 4 immersive weeks of programming, alternating in virtual and in-person experiences. 

The cohorts will meet for one full week of programming and workshops in July, August, September, and October 2023.

The program ends with its Supply Chain Innovation Summit, taking place October 2023.

For inquiries about involvement in partnering with us or learning more about sponsor options for either our Supply Chain Innovation Lab or Supply Chain Innovation Summit, connect with our team at corpinno@1871.com. 

To stay updated on all Supply Chain Innovation Lab news, including the summit, subscribe here.

 

About Accenture

Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 699,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at accenture.com.

About 1871

1871 is Chicago’s innovation hub and the #1 ranked private business incubator in the world. It exists to inspire, equip, and support early stage, growth stage, late stage, and corporate innovators in building extraordinary businesses. 1871 is home to ~400 technology startups, ~200 growth stage companies, and ~1,500 members, and is supported by an entire ecosystem focused on accelerating their growth and creating jobs in the Chicagoland area. The member experience includes virtual and in-person access to workshops, events, mentorship, and more. The nonprofit organization has 350 mentors available to its members, alongside access to more than 200 partner corporations, universities, education programs, accelerators, venture funds and others. Since its inception in 2012, more than 850 alumni companies are currently still active, have created over 14,500 jobs, and have raised more than $3.5 billion in follow-on capital.

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1871 and Long-Time Partner BMO Announce Their WMNfintech 2023 Cohort

1871 & BMO are excited to announce the 5 women-founded fintech startups participating in the fourth cohort of their award-winning WMNfintech program.

Starting in May, the cohort will further develop their services and solutions through the program’s tailored product, business development, and entrepreneurial programming, along with mentorship from BMO Executive leaders to help navigate their startup fundamentals. 

To date, more than 15 percent of women fintech founders in North America have participated in WMNfintech, making it the largest nonprofit fintech accelerator for women-founded and women-led startups.

About the program

Participants in this cohort are high potential, early-stage women entrepreneurs whose startups exhibit exceptional promise in their future development and amplification in the financial sector.  

The program runs for 4 months, meeting for one full week each month, from May until August 2023. 

Cohort members will attend 1871’s PYROS  programming, tailored curriculum focusing on enterprise sales cycles, vendor management, information security & risk and regulatory requirements, and fintech deep dives led by BMO leaders & experts. 

The program will culminate in a cohort showcase, where participants will have the opportunity to share their business solutions and services directly with BMO executives for feedback and support.

Cohort members will also be introduced into the exclusive community of WMNfintech alumni, financial institutions, venture capitalists, and industry leaders for future networking opportunities.  

WMNfintech 2023 Cohort Members 

Dani Pensack, Co-Founder & CEO of Rightfoot 

Rightfoot is an API-first technology for banks and lenders of all kinds to underwrite customers. Rightfoot fills in the mosaic of consumer financial health data, a picture left previously incomplete by the credit report.

Lori Shao, CEO of Finli 

Finli is a digital back-office, all-in-one business management platform built for the small but mighty. Finli allows businesses to manage invoices, collect payments, communicate with their customers, and so much more. 

Saujin Yi, Founder & CEO of Liquid 

Liquid is an all-in-one global AP and project payroll solution that lets you confidently contract and pay your flexible team.

Stefania Di Bartolomeo, CEO of Physis

Physis brings sustainable transparency to the financial industry and enables truly sustainable investing for all financial institutions. Physis helps institutional investors, managers, wealth managers, and advisors who want to build and report on impact portfolios in the capital markets.

Svitlanka Sergiichuk, Co-Founder & CEO of Neofin 

Neofin is a no-code, intuitive SaaS platform. The company’s platform allows the automation of all loan operations. The company’s platform allows it to launch and improve services such as buy now, pay later, P2P lending, online lending, payday loans, POS credits, and more.

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As cannabis legalization continues to reshape the nation’s mindset on the industry, it is only fitting that 1871  jumped into the mix to host their first-ever Cannabis Innovation Summit this April.

On 4.20.23, hundreds of cannabis innovators and “canna-curious” attendees gathered at 1871 for a full day of programming centered around cannabis and tech innovation, in collaboration with industry experts Grown In and Cresco Labs. 

1871 CEO Betsy Ziegler kicked off the morning of the summit, while keynote Michele Roberts, Former Executive Director at NBPA and current Board Director of Cresco Labs, discussed her beliefs of legalizing cannabis, and her contributions to advocating for cannabis policy changes in the NBA.

From previous laws in 2014 to recent changes in 2020, Roberts helped advocate for players to not be tested for cannabis in their off season, raised the THC level so that players can legally consume, and advocated for players to invest their dollars into the cannabis business. 

While Roberts herself doesn’t partake in using cannabis, she has always advocated for the legalization of cannabis and continues to speak out against the disproportion of drug laws against people of color. 

“The reasons why I joined them [Cresco Labs], is they convinced me they will be committing to diversifying this industry,” Roberts said. “This industry has a lot of problems with equity, and as long as I’m able to, I’m going to work towards more people who look like me, more people of color, and women, getting involved.” 

The overall arching theme of the summit? Cannabis + Chicago = Change. 

With excitement and high-energy in the air, attendees had the opportunity to discover the innovative new products and services that 1871’s first-ever Cannabis Innovation Lab cohort members are working on in our Startup Tech Alley. Founders set up booths for public engagement, investor conversations, and product demos. 

We had a blast hearing from these founders about their businesses in our pitch competitions, especially the 4 pitch finale finalists, The 1937 Group , CannMenus, ProCanna, and Zentrela, who pitched live on stage about their incredible products and cannabis-focused services.  

Attendees also had the opportunity to learn from industry experts in several breakout sessions that sparked their interest, including:

  • Cannabis & AI
    Cannabis: Industry & Investment Trends
  • Cannabis for the Older & Wiser
  • Women Leaders in Cannabis
  • Mental Health & Advocacy

These breakout sessions showcased that cannabis can be a positive change that society can utilize in several aspects, such as integrating cannabis for further development within other industries, the health benefits of using cannabis for mental health and aging, and giving minorities— primarily women and people of color—a platform to enter the world of investing, funding, and founding cannabis businesses.

Experts in cannabis took over the stage for our guest panel, including Vaughn Bentley, Deputy Director of Adult Use Cannabis at  Illinois Department of Financial and Professional Regulation, Abin Kuriakose, Chief Strategy & Innovation Officer at World Business Chicago,

Renu Kulkarni, Corporate Engagement Lead at Discovery Partners Institute, and Matthew Brewer, Owner of Grasshopper Club Dispensary. 

“One of the most exciting things this city and state can take advantage of is Cannabis,” said Abin Kuriakose. “And so we have to make sure Cannabis has a voice and a place in our new administration’s economic development strategy. Here’s the opportunities, here’s the challenges, but this is why it’s a big deal for city residents and our economy.” 

Each panelist shared their insight on their personal and organizations’ efforts, like advocating for efficiency of laws and licensing for cannabis to be socially equitable, safe and legal cannabis consumption in Chicago, and the importance of diversifying the industry for future innovation within the city and beyond.  

“We’ve seen a lot of revolution and change within the cannabis industry in Illinois, and one thing that the governor is committed to is making sure that this is the most equitable program in the nation, and we’re well on our way to achieving that goal,” said Mario Treto Jr., Secretary of the Illinois Department of Financial and Professional Regulation. “ I’m excited to see all of the collaboration and all the innovation that you’re gonna be able to do with one another here in 1871, and talk about a hub that really materializes that dream into a reality. It’s all about innovation when we’re entering into an industry that is new across the country, we want to make sure we’re leading the pack nationwide.” 

As the tech world continues to embrace cannabis and integrate it within the community, 1871 is proud to bandwagon this effort of utilizing cannabis in a way that is socially and economically equitable, and innovative for founders, leaders, investors, and canna-curious people alike. 

Watch our Cannabis Innovation Summit playlist, and we’ll see you next year for Cannabis Innovation Summit 2024. Happy 4.20! 

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Women Founders Win Big at WMNtech Pitch Competition 2023

On 03.30.23, 1871 hosted their second WMNtech Pitch Competition. The 3-round competition started with 80+ applicants, 20 founders moved to the semi-finals, and the top 5 women founder finalists pitched their startups in front of a live audience.

Congratulations to the 2023 WMNtech Pitch Competition finalists 

1. kweliTV, taking home $20k dollars & $10k in Aloa dev credits 

2. Here Here Market, taking home $15k dollars & $2.5k in Aloa dev credits 

3.Clickvoyant, taking home $5k dollars & $2.5k in Aloa dev credits 

4. Hyivy Health, taking home $5k dollars & $2.5k in Aloa dev credits 

5. Neofin, taking home $5k dollars & $2.5k in Aloa dev credits 

 

Judges for the competition included: 

We are grateful for the support from investors 7Wire, Hyde Park Venture Partners, OCA Ventures, Subconscious Ventures, and Troy Henikoff, as well as our competition sponsors Aloa, Molson Coors, and State Farm. Thank you for helping make this competition a success and helping 1871 continuing our mission of supporting well-deserving entrepreneurs with resources and funding. 

About WMNtech 

WMNtech is 1871’s umbrella of programming centered around supporting, equipping, and elevating women founders and leaders in tech through curated programming and mentoring initiatives. 1871 has several programs dedicated specifically to women, including WMNtech Founders, WMNtech Leaders, and WMNfintech.

 

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1871 Announces AI Innovation Lab 2023 Cohort

CHICAGO (April 4th, 2023)– Non-profit global innovation hub 1871 announces its first-ever list of cohort members for their AI Innovation Lab 2023. The program has been strategically built with execution partner Why of AI, and supported by anchor partner Discover and several other partners. 

This is 1871’s third tech innovation lab, designed to connect startups, growth scalers, and corporate innovators together, while also introducing VCs, AI experts, and talent to collectively solve various challenges across industries with the support of artificial intelligence (AI) and machine learning (ML) technologies. 

The 39 cohort participants will collaborate through curated programming, workshops, and inspiration sessions, designed to foster meaningful connections and accelerate growth. They’ll hear from world renowned speakers, deep dive into how AI is changing various functions and industries, and take the stage themselves to share how they’re disrupting through AI. 

 

Cohort Members 

7 QUBES | Chase Yeung, CEO

7QUBES is a cloud-based CRM platform designed to revolutionize how small businesses manage their customer relationships, operations, data analytics, finance, and inventory. With advanced AI-driven tools, 7QUBES empowers businesses to prepare for the future and stay ahead of the competition.

ANDRALOGY ™ |  Dege Nsoki, Founder & CLO Products Analytics

ANDRALOGY™ has the vision to create a future of work for all. We are on a mission to help learners to design, build and deploy their own personalized Analytics, Machine Learning and AI projects.

Arvist | Nilay Parikh, Founder & CEO

Arvist uses existing security cameras and AI-powered Digital Twin technology to provide real-time critical event awareness for warehouse operators, helping to reduce supply chain disruptions and optimize operations.

Arvo | Alane Boyd, Co-Founder & CEO

Arvo is an AI-powered sales tool with a drag-and-drop interface that makes it easy for users to create stunning digital sales assets such as proposals, case studies, how-tos, client portals, and even follow-ups, in minutes.

BannerBoo | Nadiia Yuzkova, CTO

BannerBoo is an AI-powered no code banner editor that allows businesses to accelerate and automate ad creation processes. 

Biologit | Nicole Baker, Co-Founder & CEO

AI-enabled Scientific Literature monitoring for Pharmacovigilance, Cosmetovigilance, Nutrivigilance and medical devices. 

Bizbaz | Hayk Hakobyan, CEO 

Bizbaz offers comprehensive customer intelligence and risk assessment capabilities. 

BlackInc AI | Eric Mills, Founder

BlackInk AI helps tattoo enthusiasts and artists quickly and easily generate unique and personalized tattoo designs. With a vast catalog of pre-made designs and a creation tool, BlackInk streamlines the tattoo design process for everyone.

Bloomfield | Mark DeSantis, CEO 

Bloomfield offers precise, objective and accurate plant-level health and performance assessments, continuously at any scale. 

Brighten AI | John Berkey, CEO/CTO 

Next generation Conversational Ai hardware and software platforms, enabling great conversations, even without an internet connection. 

CharacTour  | Kimberly Foerster, Founder & CEO

CharacTour is a patented platform that provides truly personalized recommendations for its 8 million registered users: based on 46 demensions of their complex personalities. Leveraging its psychographic data, CharacTour also building AI technology to precisely calculate the “personality” of a brand, determine target consumers using advanced statistical techniques, and generate ad copy using words and phrases to appeal to specific personas. 

ClearCOGS | Osayanmo (Osa) Osarenkhoe, Co-Founder & CPO

ML/AI driven demand forecasting and operation optimization for restaurants. 

Community Wellness Technology Inc. | Bonnie Johnson and Jon Fenner, CISO, CTO

We are a patient first, physician led organization improving outcomes and reducing costs in support of patients living with multiple chronic conditions. We partner with hospitals and managed care organizations to produce outcomes at scale.

Course Collab | Jamie Gladfelter, Founder 

AI-first productivity tools for higher education faculty. 

Encounter AI | Derrick Johnson, CEO 

Encounter AI, a cutting-edge voice AI system that streamlines the customer ordering process at drive-thrus. Our tech was developed with SRI International, the makers of Siri and Nuance.

Folder Front | Bryan Mulcrone, Founder

Folder Front has developed a Revolutionary AI-File Manager, that allows Users to organize files in seconds with the latest Artificial Intelligence and Machine Learning, as well as to find files faster than ever before with our Patent-Pending Folder Technology. 

Justpoint | Gregory Zarrillo, Chief of Staff 

Justpoint identifies products and practices causing public harm and holds responsible parties accountable by pursuing justice for victims.

LISA Insurtech | Gino Volpi, CEO

We are helping insurance carriers worldwide deliver a better, simpler, and faster claims experience to their customers.

Mercurial AI Inc. | Dennis Trujillo, CEO 

Creating AI solutions for improving cancer care. 

Outboundly | Miguel Dey, Founder

Outboundly extends LinkedIn with the ability to Instantly analyze  profiles and generate highly personalized cold outreach messages in one click using AI. You can also use Outboundly to analyze website text and generate cold email. 

Parkva | Rob Benson, CEO 

By leveraging computer vision (CV) and artificial intelligence (AI), Parkva solutions detect parking occupancy and violations 24/7 without human intervention.

Photos.live | Leonardo Araujo de Assis, CEO 

We deliver measurable, memorable guest experiences that help brands gain data-driven insights into their events. 

Qilo | Dave Brost, Co-Founder & CEO 

Qilo enhances electric utility data with AI to create a stronger grid.

Quadratic Systems Inc. | Anil Koripelly, Principal 

Quadratic is a pure-play Analytics firm helping our customers in their journey towards data democratization, AI/ML Automation and digital transformation.  

Rentervention | Conor Malloy, Rentervention Project Director 

Rentervention, a service of the Law Center for Better Housing, is a virtual assistant for tenants in crisis. Through Rentervention, tenants can access free legal information, document assembly and referrals to legal and social services. 

ReVert Technologies Inc. | Ryan Li, CEO 

With AI enabled power adapters, we make it easy to turn things off and save energy.

SC Tech | Jeff Beyle, CEO 

Provide advanced Industrial IoT technologies in a system that is easy to implement and straightforward to use. 80% of the power of the high-end Industrial IoT systems at <20% of the cost and complexity.

Sign-Speak Inc. | Yamillet Payano, Co-Founder & CEO

Sign-Speak is a revolutionary language translation services. Our AI-powered sign language recognition technology and support for multiple spoken languages make us the ideal solution for innovative financial service leaders looking to shape the future of accessibility.
 

Snips Media | David Zaretsky, Founder, CEO, & Chief Scientist 

Snips is the first performance-driven influencer marketing platform that empowers influencers with business tools to grow their audience and monetize their social networks, while enabling brands to run performance-driven influencer programs built on true measurability and scale. 

Socian Technologies | Marc Ward, Founder & CEO 

Socian Technologies builds autonomous drone systems powered by an advanced AI to provide on-scene visualization services to first responders. 

Socrates.ai | Melissa Swisher, Chief Revenue Officer 

Socrates is the leader in the Employee Experience Platform space focusing on delivering one place for the employee to go for anything they want to ask or do all through a conversational experience.   

SpaceBot | Dave Turner  & Angelo Garetto, Co-Founder 

SpaceBot is a spatial research and AI operations platform dedicated to improving the health and well-being of space users through data democratization, micro-conveniences, and automations.

Studio AI | Deepak Bandi, Founder 

Unlock the power of AI within your SaaS platform. 

Tribaja | Shannon Morales, CEO

Tribaja is solving for the world’s talent shortages using AI and predictive analytics to increase learning outcomes for the working class. 

UBIVIS | Paulo Henrique Garcia de Souza, Founder & CEO

Ubivis Industrial IoT collects machinery data from Operations Technology.  On Cloud SaaS or on-premises Ubivis systems perform real time analytics using BI. Digital Twin provides real time Artificial Intelligence manufacturing and/or maintenance simulation and our software robot executes autonomous machinery operation. 

Under | Michael Abramovic, Co-Founder

Beautiful digital applications, identity verification, and integrations with a few clicks. 

Verbal Transactions | Nancy Munro, CEO

Verbal Transactions accelerates the rate in which customer facing employees reach mastery of critical business skills. Our software platform, ACES, builds highly customized hands-on simulations with a built-in coaching bot and NLP to create realistic scenarios to experience deliberate practice.

Verity XR | Shiva Rallapalli, CTO & COO

Verity XR is a HealthTech company leveraging the power of virtual reality to provide treatment solutions for pain management and physical rehabilitation.  

Vetelligence | Zachary Oshinbanjo, Founder 

Vetelligence is a post service navigation platform built to help service members determine their next steps. We leverage data in order to guide service members towards new careers, education or entrepreneurship.

 

About the program 

Led and facilitated by Gabby Snedeker, 1871’s Senior Director of Innovation Labs, cohort members will participate in 4-weeks of hybrid programming, alternating each week for virtual and in-person experiences in April, May, and June 2023. 

The program culminates with a capstone-like event, the AI Innovation Summit, open to the public on 6.29.23. The summit is a full day of programming, centered on AI and machine-learning tech innovation, and highlighting the startups in the cohort. 

Subscribe to stay up-to-date on all AI Innovation Lab news + summit. 

For inquiries about involvement in partnering with 1871  or learning more about sponsor options for either our AI Innovation Labs or AI Innovation Summit, connect with our team at corpinno@1871.com.

 

About Why of AI

Why of AI helps startups to Fortune 100s bridge company-wide gaps in AI knowledge, strategy, and innovation. Our AI strategy consulting and training services help companies understand AI and develop responsible AI roadmaps to drive business growth, customer success, and competitive advantage. Why of AI is led by Alex Castrounis, a best-selling book author on AI and professor of AI at Northwestern University’s Kellogg / McCormick MBAi program. Alex is also a former INDYCAR engineer, race strategist, and data scientist that drove winning results for teams such as Andretti Autosport in world-renowned races, including the Indy 500. 

About 1871

1871 is Chicago’s innovation hub and the #1 ranked private business incubator in the world. It exists to inspire, equip, and support early stage, growth stage and corporate innovators in building extraordinary businesses. 1871 is home to ~400 technology startups, ~200 growth stage companies, and ~1,500 members, and is supported by an entire ecosystem focused on accelerating their growth and creating jobs in the Chicagoland area. The member experience includes virtual and in-person access to workshops, events, mentorship, and more. The nonprofit organization has 350 mentors available to its members, alongside access to more than 200 partner corporations, universities, education programs, accelerators, venture funds and others. Since its inception in 2012, more than 850 alumni companies are currently still active, have created over 14,500 jobs, and have raised more than $3.5 billion in follow-on capital.

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CHICAGO: March 27th, 2023 – Global innovation nonprofit hub 1871 is hosting its first ever Cannabis Innovation Summit on April 20th, 2023. This public event will engage over 250+ key players in the tech and Cannabis industry, including early-stage startups, growth-scalers, operators, as well as VCs, cannabis-enthusiasts, and those who are “canna-curious.”

The summit focuses on in-person programming (with select portions live-streamed),  and interactive networking. The summit is a capstone event for the Cannabis Innovation Lab program, launched earlier this year. The summit is co-hosted by  execution partner and industry expert GrownIn, leading cannabis compliance and education company. The lab is the first tech program of its kind, designed to bring startups, growth-scalers, corporations, investors, and operators together to approach the cannabis industry’s challenges and opportunities collectively. 

Summit Agenda

From 8:30 AM to 7:00 PM, summit attendees can attend a custom program for the day, including;  keynote, expert panels, topical breakout sessions, pitch competitions, tech playground, networking, and more. See full agenda here.

Anchored by partner Cresco Labs, the summit exclusively showcases cohort 1 of the lab and gives them the limelight to showcase their innovations, as well as interact with thought leaders, investors, corporates, and more! 

This content, paired with industry leaders and executives, will make for an unforgettable day centered around all things cannabis-tech. Breakfast and lunch will be offered to in-person attendees, followed by happy-hour networking and drinks in the final hours of the event.

While attendees can watch virtually, only a select group of events will be live streamed. Thank you to several 1871 growth members for sponsoring this event, including NuEra, Tecvine, and Aeropay. 

Registration is required for this event – RSVP here. 

To sponsor the summit, email corpinno@1871.com. To stay up-to-date on 1871’s Cannabis-related programming & news, subscribe here. 

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Top 5 Finalists for WMNtech Pitch Competition 2023!

This is the second year 1871 is hosting WMNtech Pitch Competition. This 3-round pitch competition aims to highlight and support extraordinary women who are founding and leading tech startups all across the globe through funding and resources. 

With ~80 round 1 pitches and 20 extraordinary semi-finalists, we are excited to announce the top 5 founders who will be moving forward to our finalist event on 3.30! 

Cash prizes and equity funding from our VC partners, totaling $50,000 will be awarded to the finalists, alongside 6-months of free membership to 1871. Aloa credits, totaling a value of $20,000 will also be distributed, with $10k awarded to our first place winner, and $2.5k awarded to each finalist in 2nd-5th place. 

Thank you to Aloa, State Farm, and Molson Coors for sponsoring this event. 

Special thank you to our VC and investment partners, 7 Wire, Hyde Park Venture Partners, OCA Ventures, Subconscious Ventures, and Troy Henikoff for your continuous support and contributions to this event. 

Top 5 Companies of the WMNtech Pitch Competition 2023

Clickvoyant, pitched by CEO Mia Umanos

Here Here Market, pitched by Co-Founder & CEO, Disha Gulati 

Hyivy Health, pitched by CEO Rachel Bartholomew 

kweliTV, pitched by Founder & CEO, DeShuna Spencer

Neofin, pitched by Co-Founder & CEO, Svitlanka Sergiichuk

About WMNtech Pitch Competition 

WMNtech Pitch Competition is a part of our larger women tech founder initiative, designed to support and amplify women early-stage founders through immersive programming, tailored resources, mentorship, and community networking opportunities. 

We are so honored to bring together our community of early, growth, and corporate members, VC partners, and allies as we highlight and celebrate well deserving women-led startups!  

Help us cheer on the finalists as they pitch their businesses to an innovative panel of VC investors by attending the event in-person or virtually.

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1871 and Long-Time Partner BMO Open WMNfintech Applications to Support Progress of Women-Led Startups

● “WMNfintech” is North America’s largest nonprofit fintech industry program for women-founded and women-led startups, developed by BMO and 1871 

● Applications are open from March 20-April 17, 2023 

● Any women-founded or women-led fintech startup in North America that has a brand presence in the United States may apply 

● More than 15 percent of women fintech founders in North America have participated in WMNfintech

CHICAGO, March 21, 2023 ─ BMO and 1871 today announced a call for applications for the fourth annual WMNfintech, the largest non-profit fintech industry program for women-founded and women-led startups in North America. The program, designed to support the financial progress of women in fintech, bridges the gender gap in the startup and tech community by giving more women entrepreneurs the opportunity to bring innovative technologies and products forward that support the financial sector. 

Since launching in 2020, women-led fintechs that have completed WMNfintech have raised more than $29M in capital and created over 170 jobs. Out of all women fintech founders in North America, 15 percent have come through BMO’s doors and became a valuable part of its ecosystem – which continues to grow following BMO’s recent acquisition of Bank of the West that now positions the bank in three of the top five U.S. markets.

Additionally, BMO has expanded its national fintech network by hosting the “WMNfintech Lounge” at the annual Fintech Meetup in Las Vegas, one of the largest financial technology events in the world happening this week. 

Five companies will be selected to participate in the program to support the progress of women founders in the following ways: 

  •  Curated fintech amplified learning workshops delivered by BMO leaders.
  • Additional curriculum focused on enterprise sales cycles, vendor management, information security, risk and regulatory requirements, and media training. 
  • Opportunity to pitch to investors and BMO ecosystem partners for feedback, mentoring, continued connections, and/or funding. 
  •  Access to an immersive 12-week educational programming known as PYROS 
  •  Six months complimentary membership to 1871, including access to its space, resources, and roadmap of support.

A virtual information session will be held on March 29th, from 1:00 – 2:00 PM CST for attendees to learn more about the program, eligibility, and cohort involvement. Sign up here.

“BMO is invested in zero barriers to financial progress, and in the world of financial technology, WMNfintech is the only program of its kind that connects women founders to one of the best ecosystems in North America to diversify their networks, pitch products and services to investors, and create opportunities to secure capital,” said Andrew Harrison, Head of U.S. Digital Partnerships at BMO. “Each year, we see how our program helps founders create meaningful growth. We are eager to meet this year’s cohort that will no doubt transform the banking experience.” 

“Women are unapologetically taking the fintech industry by storm, and it’s vital that corporations team up with proven young startups to accelerate innovation and success,” said Betsy Ziegler, CEO of 1871. “ Year after year, we’ve seen extraordinary female founders in this program solving very important problems. We are excited to partner with BMO once again in delivering this program.” 

To apply for the WMNfintech program by April 17th and learn more about the program, click here.

WMNfintech strongly aligns with BMO’s Zero Barriers to Inclusion strategy that supports equity, equality, and inclusion in and outside the bank. The program is also another example of BMO’s Digital First strategy, focused on building a digitally-enabled, future-ready bank that drives progress for its customers, unlocks the power of its people, and delivers loyalty, growth, and efficiency. 

BMO is committed to supporting the advancement of women through the following commitments and programs: 

● $1.2 million in funding to SheEO – a not-for-profit company which offers financial support to businesses led by women and non-binary people. BMO’s financial commitment allowed SheEO to fund all 2021 venture applicant companies. 

● BMO Empower 2.0 – a series of long-term commitments to advance inclusive economic recovery and address barriers faced by minority businesses, communities, and families in the United States. The plan builds upon the bank’s previous $5 billion EMpower commitment for which the bank exceeded its goals early. 

● As part of EMpower, announced $300 million for Women in Business and BMO for Black and Latinx Businesses to provide better access to affordable credit lending, meaningful partnerships, resources, and tools to create more opportunity for growth and real financial progress. 

● BMO Celebrating Women Grant Program – an annual partnership with Deloitte to award $80,000 in grants, in both the U.S. and Canada, to support the high-level growth plans of women-owned businesses. 

● BMO Returnship Program – a partnership with The Mom Project to provide mothers who have a gap in their career or have left the workforce a smooth path to return without having to start over. 

● Set new diversity goals for senior leader and executive roles through its Zero Barriers to Inclusion 2025 strategy, including maintaining its leadership in gender diversity with at least 40 percent of senior leadership roles filled by employees who identify as women.

About BMO Financial Group 

Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $1.15 trillion as of January 31, 2023, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets. 

About 1871 

1871 is Chicago’s innovation hub and the #1 ranked private business incubator in the world. It exists to inspire, equip, and support early stage, growth stage and corporate innovators in building extraordinary businesses. 1871 is home to ~400 technology startups, ~200 growth stage companies, and ~1,500 members, and is supported by an entire ecosystem focused on accelerating their growth and creating jobs in the Chicagoland area. The member experience includes virtual and in person access to workshops, events, mentorship, and more. The nonprofit organization has 350 mentors available to its members, alongside access to more than 200 partner corporations, universities, education programs, accelerators, venture funds and others. Since its inception in 2012, more than 850 alumni companies are currently still active, have created over 14,500 jobs, and have raised more than $3.5 billion in follow-on capital. 

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February 8th 2023. Chicago, IL – nuEra, a leading Chicago-based cannabis company, is proud to announce its sponsorship of 1871’s Cannabis Innovation Lab. The Lab’s mission is to connect early startups in the cannabis industry with growth-scalers, corporate innovators and venture capitalists with the goal of solving industry problems with technology and particularly in promoting social equity and diversity.

“We are thrilled to support the innovative work being done at the Cannabis Innovation Lab,” said Laura Jaramillo Bernal, COO of nuEra. “We believe that by supporting the collaboration between startups, social equity license winners and established cannabis companies, we can help drive the sort of innovation that will make Chicago the undisputed hub for the cannabis industry in the country and the world. And as a socially responsible company, we’re committed to mentoring new entrants in the industry and promoting diversity and innovation through the lab’s platform.”

The Cannabis Innovation Lab provides a unique opportunity for startups to access the resources and expertise of 1871, one of the leading technology and innovation centers in the United States. The Lab is focused on identifying and addressing the most pressing challenges facing the cannabis industry, such as supply chain management, regulatory compliance and leveling-up social equity and diversity in the industry.

nuEra’s sponsorship of the Cannabis Innovation Lab is a reflection of the company’s commitment to driving progress and innovation in the cannabis industry. By supporting the Lab, nuEra is helping to create a more sustainable, diverse and successful future for the industry.

For more information about the Cannabis Innovation Lab, please visit 1871’s website.

About nuEra:

The name nuEra highlights the fact that legalization in Illinois didn’t just change the laws on the books – it unleashed a whole new era of cannabis. An era in which cannabis is safer, higher quality and available in a greater variety than ever before. Canna-consumers have more methods of consumption, more strains, more precise dosage labeling, and better information about the effects of each of our products than any generation before them.

nuEra sources the highest quality products to suit the needs of qualified Illinois Medical patients and 21+ adult-use customers alike. nuEra has been operating in Illinois since the start of the Medical Cannabis program in 2015 and currently operates six dispensaries in three major Illinois metros, with several more slated to open their doors in 2023.

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The Future of Payments

The recent surge of states like Missouri, Connecticut and Maryland passing legislation for legalized cannabis in some form has been nothing short of revolutionary. Not since the end of alcohol prohibition in 1933 has a product been rapidly unleashed onto the licensed market with such high and widespread demand. With each passing year, cannabis legalization, normalization, and demand continue to grow.

‍While the industry looks optimistically towards the future, the current federal classification of cannabis brings substantial challenges for dispensaries when it comes to payments. A common issue faced by rising cannabis businesses is the need for reliable, consistent, and fully compliant cannabis payment services.

As technology endeavors to provide cannabis companies with compliant solutions, what does the future of paying for legal cannabis look like?

It’s no surprise that experts are forecasting big moves on the tech side of the cannabis industry in 2023. With a growing customer base and new technology, the cannabis industry is likely to continue experiencing growth in the next few years. The number of legal cannabis consumers is expected to reach close to 71 million by 2030. New products and services that could help propel the sector even further are likely to be launched in near future, especially concerning payments for cannabis dispensaries.

What are some other trends we expect to see in the future for cannabis payments?

We’ll see bigger players entering the cannabis market.

Emerging markets in states like New Jersey are being closely watched and are setting the precedent for legal cannabis markets on the east coast. In Q3 alone, New Jersey saw over $100 million in recreational cannabis sales. Experts believe the success of adult-use cannabis legalization in New Jersey has pressured neighboring states like New York to do the same. 

The legalization of cannabis in New York is a big step toward seeing mainstream ancillary businesses including financial services, banking, accounting and more enter the cannabis space. This will provide the industry with much needed support and enterprise-level solutions. As the Safe Banking Act failed to pass in 2022, showing a stronger need for cannabis normalization, we can only hope to see more mainstream companies entering the cannabis space sooner rather than later.

Shoppers will leave the cash behind.

Less and less American consumers are using cash when they shop. A survey from U.S. Bank found that 50% of the respondents carried cash less than half of the time when they went out. Millennials have flocked to new digital payment trends like Apple Pay, Zelle, and Venmo. What does all this mean for cannabis payments? 

Though cash payments are the most common way to transact in the cannabis retail space, it is not without its share of complications. Transacting predominantly in cash, especially when operating at a high-volume location, can create unforeseen additional costs associated with cash management. With digital payments, e-transfers, and smartphone wallets now seen as the common form of payment, more customers are moving away from cash. 

Cannabis retailers have been using cashless ATMs, or “point of banking” systems, as a workaround to allow customers to use their bank cards at checkout. Business owners can “mask” payments to hide transaction details like the name of their business and the products sold. As the industry continues to evolve, staying current on the latest payment solutions is crucial in staying competitive, compliant, and transparent. Because cannabis is still federally illegal, accepting payments like this is technically unlawful. Credit card companies like Visa have warned the industry against cannabis payments that run on the card rails.

The recent crackdown on using cashless ATMs will have a large impact on the industry and there will be an increase in digital cannabis payment processors for dispensaries. 

Cashless payments will continue to increase in popularity, allowing customers to pay with mobile devices at dispensaries and other cannabis businesses via contactless and digital payments. Expect to see bank-to-bank transfers via ACH overtake alternative payment methods and “workarounds” such as Cashless ATMs. Differentiators for contactless payments will go beyond transaction fees with a focus on speed and settlement times, risk and fraud protection measures and supporting marketing programs. Secure and safe transactions will be key as risky cash transactions continue to dwindle.

Technology will start to bundle up.

Partnerships with large-scale tech companies and other big players will lead the way by offering integrated solutions for cannabis businesses with much more flexibility, choice, and scalability. More companies want bundled integrated solutions for limitless combinations of one-stop shopping. Digital payment providers like Aeropay, for example, have already partnered with some of the top technology companies, including Jane, Akerna, Flowhub, Dispense and Mosaic, among many others, to offer all-in-one payment and business management opportunities.

These robust integration solutions will allow business owners to integrate all aspects of their dispensary, including e-Commerce or cannabis delivery, for seamless digital transactions and store management. For developers and business owners, payment processors will continue to offer the latest easy-to-implement SDK, a more extensive library for complete customization, and access to more advanced out-of-the-box integrations with numerous point-of-sale and cannabis eCommerce platforms.

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With smiles and shared enthusiasm, a community of women professionals, founders, leaders, and allies gathered on the morning of March 8th for our annual International Women’s Day.

 Hundreds of attendees  buzzed in our auditorium,  chatting, connecting, and uniting under the goal of furthering equity. The content was on 🔥💡!

The day was filled with interactive, custom-designed workshops from our education partner Sandwina, which split off into “founders” and “leaders” tracks. Following the workshops, we hosted “Conversations with Leaders,” where Betsy Ziegler interviewed Suzanne Muchin, Co-founder of BonfireWomen and Clinical Professor at Kellogg School of Management, and Andrea Zopp, Managing Partner at Cleveland Avenue.

This year’s hybrid event was made possible by World Business Chicago and GET Cities, and we couldn’t thank you enough! 

If you missed the event, or want to revisit content from the day, don’t worry – We took notes! Enjoy our recap of quotes, video content, and more below. Find our IWD 2023 youtube playlist here. Subscribe here.

Opening Remarks

In her opening address, 1871 CEO Betsy Ziegler kicked off the conversation by reminiscing on the last three years – from the early stages of the pandemic to where the tech community is today. 

“This day matters,” said Ziegler. “Everything has changed over the last three years. How we work, interact, communicate. Status quo is redefined. IWD is a reminder that everyone can make a difference, work towards a gender equal world. No matter where you are in your path, you’ll benefit.” 

Ziegler asked the crowd to not only applaud themselves for showing up to learn and grow as individuals, but to applaud ourselves as a community for how far we have come, from “surviving” to “thriving” as we continue  in our own journeys. 

The aim of the IWD 2023 #EmbraceEquity campaign theme is to get the world talking about why equal opportunities aren’t enough. People start from different places, so true inclusion and belonging require equitable action. Read more about this here.

Staggering statistics were shared regarding the inequality for VC funding ,investing, and other roadblocks faced by minorities in tech. Not only just women founders and leaders, but other underrepresentated groups, such as Black founders and leaders, Latin founders and leaders, etc. 

Ziegler then tasked the crowd with several goals for the day: ‘Think of one to two things you can do to create an equal world, meet someone new, and most importantly, have fun’.

“It’s time for all of us to create and own a new vision of the future,” said Ziegler. “A future where people of all backgrounds have the opportunity to fund, found, lead, partner, and scale new innovations and visions.”

Founders Track Workshops

Bridget Lohrius, Founder & CEO of Sandwina, and Ellie Bahrmasel, Co-Founder & CEO of Further Faster,  taught attendees how to get women founders funded, along with sharing insider tips on how to do so in ‘Closing the Investment Gap: Getting Women Funded Faster’. 

Lohrius and Bahrmasel shared that one of the best practices women founders can do, is to create a ‘Whisper Network’. This is when individuals create a network of people who know their story, can speak highly of them and their work, and can spread their name in any room they walk into. 

“Know your power, keep your faith in what you’re building, ask people to remind you what you’re building and build that whisper network,” said Lohrius. ”Make those connections and enjoy the benefits. Be confident, be bold, be proud – because you’re doing amazing things.” 

Julie Bronsteatter, Mental Fitness Enthusiast & Sandwina Coach took the stage after Lohrius and Bahrmasel for ‘A Personal Branding Story – How a marketing professional scrapped her marketing knowledge to build and own a brand she loves’.

Bronsteatter shared her personal story about finding her own path in life, and shared several tips on what other women founders can do to take themselves and their business to the next level. Her overall tip to hesitant crowd members, “just f**king start.” 

Leaders Track Workshops

Sandwina Coach Azalia Speight kicked off the Leaders Track workshops with ‘The Art & Science of Allyship: How Fear Feeds the Gap’. 

Speight shared that several factors, such as current societal norms, conscious and unconscious bias, and resistance to vulnerability and equity, are reasons we as a society continue to “feed” inequality. Speight then shared how we as a community can acknowledge these barriers and stand up for ourselves and others when faced with inequity. 

“You’ll be surprised that we all have platforms, we all have opportunities, and we all have power that will allow us to elevate others and be true allies,” said Speight. 

Bridget Lohrius and Sharmili Majmudar, Executive Vice President of Policy, Programs, and Research of Women Employed, finished the Leaders Track workshops with ‘Fixing the Broken Rung – The Pipeline to Equity’’. 

Lohrius and Majmudar shared that the inequity of women in the workplace results in several factors, such as gender pay gap, underrepresentation in the workforce, unequal opportunities to move up in the work ladder, etc.

One major takeaway was for women professionals to raise their voice against inequality in the workplace, and to hold their organizations accountable. 

Conversations with Leaders

1871 COO Lisa Laws kicked off the ‘Conversation with Leaders’ panel with a non-traditional, yet exhilaratingly entertaining ‘rap’ introduction of our guest speakers, with help from Chat GPT. 

A huge thank you to Suzanne Muchin and Andrea Zopp for joining Betsy Ziegler on stage and sharing their professional insights and personal experiences. 

Topics of discussion ranged from learning when to ask for help, building relationships, learning from life’s turning points, and comical personal stories woven throughout. 

Zopp shared stories about her journey early on in her career and the challenges she faced, and conquered, along the way. Her best advice for women uncertain with their career? Trust yourself.

“Because of those relationships and the way my life went that I would never have thought about, it worked out totally fine,” said Zopp. “I could not have seen that, and I call out to you that things will happen that you feel are a derailment, and that’s okay. You will recover, and if not, recover better if that had not have happened to you. Trust.”

Muchin ended the conversation by sharing key values women professionals should keep in mind as they continue in their journey. 

“We are not in a world where we deeply understand the value proposition that women bring to the workplace,” said Muchin. “ If you don’t fundamentally believe that you can be successful, no one else will. Only if you see within your own underlying value proposition, that you are making the world a better place, and you become more valuable.”

Thank you so much to everyone who joined us this year and celebrated women’s achievements with us! We hope you had a great time and continue to #EmbraceEquity all year long. We’ll see you next March for IWD 2024!

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1871 and Long-Time Partner BMO to Host WMNfintech Lounge at Fintech Meetup 2023

CHICAGO (March 15, 2023) – 1871, a global non-profit innovation hub, and BMO are excited to host the WMNfintech Lounge at Fintech Meetup, the fintech industry’s largest meet-up in Las Vegas, Nevada on March 19th, 2023.

The WMNfintech Lounge is a pop-up space showcasing the success of the WMNfintech program, 1871 and BMO’s award-winning mentoring and accelerator experience. It’s also North America’s largest nonprofit fintech industry program for women-founded and women-led startups. 

Since launching, the women-led fintechs in the program have raised more than $29M in capital and created over 170 jobs. Additionally, over 15 percent of all women fintech founders in North America have come through BMO’s doors since 2018 and become a valuable part of its ecosystem. 

Additionally, on March 20th, 2023, applications to join Cohort 4 of WMNfintech open as the Fintech Meetup kicks off its second day. More details may be viewed here.

The WMNfintech Lounge will highlight 17 alumni of the program to share their experiences, allow attendees to learn more about the program and how to get involved, as well feature a panel focusing on gender diversity in fintech.

Attendees have the opportunity to walk through the lounge and connect with 1871, BMO, WMNfintech alumni, World Business Chicago as well as Jump Capital, which will be joining this lounge as its supporting venture capital (VC) and civic partners. Other agenda items include startup pitching and thought leadership panels. More details here. 

The WMNfintech program is part of 1871’s overall affinity offering “WMNtech,” a product line of women-centric experiences that focuses on exclusively supporting women in tech. Other programs include WMNtech Founders, WMNtech Pitch Competition, and WMNtech Leaders. 

“The fintech world is being positively changed by extraordinary female founders and we are proud to champion their early wins, and create opportunities for them to grow,” said 1871 CEO, Betsy Ziegler. “We’re excited for the WMNfintech Lounge to celebrate program alumni, women who are actively leading fintech companies, and the collective impact of 1871 & BMO’s innovation partnership within the industry.”

“BMO and 1871 have created the best ecosystem for women-founded fintechs across North America and we are thrilled to share the success of WMNfintech with the industry so we all can proactively address and close the gender gap,” said Andrew Harrison, Head of U.S. Digital Partnerships at BMO. “From partnering with our alumni and investing in their innovative companies to providing them with the right tools and resources for success, BMO is devoted to the progress of women-founded and women-led startups as we prepare to kick off the program’s fourth year.”

WMNfintech Lounge Agenda

3.20.23 

12:15 – 1:15 PM 

How to Show Up for Women in Fintech

Panel hosted by Nicole Casperson, Founder of Fintech is Femme, involving WMNfintech 2022 Cohort Founders

5:00 – 5:30 PM

Masterclass on Chicago Fintech 

Moderator

Alexandra Oleksiuk, World Business Chicago

Panelists

Investor perspective: 

Tarun Gupta, Jump Capital

Founder perspective: 

Rochelle Nawrocki-Gorey, SpringFour

Innovation hub perspective: 

Stephanie Miller, CXO, 1871

5:30 – 7:00 PM 

Startup Pitches

Spring Four
Plinqit
Arena Pay
Trustate
IndieTech
Expand HR
CreditRich
Homezada

3.21.23

12:15 – 1:00 PM

WMNfintech Program Q&A

A WMNfintech Program Q&A will be held for attendees to learn more about the program and how they can get involved.

Featuring

Andrew Harrison, Head US Digital Partnerships, BMO

Alycia-Aubrey, Sr. Director of Affinity Programs, 1871

4:30 – 6:00 PM

Startup Pitches

Xeni
Grounded
Caribou
Sign-Speak
Pocketnest
Second Keys
TruCrowd Illinois
Debtle

About BMO 

Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $1.15 trillion as of January 31, 2023, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

About 1871 

1871 is Chicago’s innovation hub and the #1 ranked private business incubator in the world. It exists to inspire, equip, and support early stage, growth stage and corporate innovators in building extraordinary businesses. 1871 is home to ~400 technology startups, ~200 growth stage companies, and ~1,500 members, and is supported by an entire ecosystem focused on accelerating their growth and creating jobs in the Chicagoland area. The member experience includes virtual and in person access to workshops, events, mentorship, and more. The nonprofit organization has 350 mentors available to its members, alongside access to more than 200 partner corporations, universities, education programs, accelerators, venture funds and others. Since its inception in 2012, more than 850 alumni companies are currently still active, have created over 14,500 jobs, and have raised more than $3.5 billion in follow-on capital.

Contact

1871: J Blaszczykiewicz, Sr. Director of Marketing. j@1871.com 

BMO: Lucas Seiler, Senior Manager, Media Relations. Lucas.Seiler@bmo.com 

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CHICAGO, March 13, 2023- 1871 has opened applications for their WMNtech Founders program, starting April 2023. This unique affinity offering runs for twelve weeks, combining professional development curriculum, mentoring, and peer group development to elevate women tech founders and their startups. Applications for both members and non-members will be accepted through April 3rd, 2023. The program will run from 4.11.23 – 6.20.23, every Tuesday, from 3:00 – 5:00 PM CST. 

This cohort is designed to create a safe, judgment-free space for women founders to meet others in similar entrepreneurial situations to connect and address unique challenges they face due to their gender. 

“I truly believe this program is vital as it focuses solely on the founder, which is often neglected by founders when it comes to starting their company,” said Alysha-Aubrey Bursey, Senior Director of Affinity Programs at 1871. “It’s unfortunately inevitable these women will face tough entrepreneurial challenges simply because they are women founders. 1871 strives to arm them with the skills and tools necessary to not only face these challenges, but overcome them. It’s an honor to watch the positive impact this program has on their journey – not just during and immediately after the cohort, but for years to come.” 

WMNtech Founders is supported by Molson Coors. This will be the 16th cohort of the program.

About the experience

Key takeaways for participants in the program: 

  • Learn how to maximize their key leadership skills
  • Gain confidence in themselves and their startups 
  • Overcome obstacles one faces when starting a business
  • Build reputable relationships with experienced founders and 1871 members who are dedicated to supporting this group. 

“WMNtech Founders provided me with a community of women who I could grow with over several weeks through a transformative cohort experience filled with workshops and share outs,” said Sara Agate, CEO & Founders of MuniTask. “ The potential for relationship building and skill sharing has been valuable beyond the cohort. Many thanks to those who make this program possible!”

“As a Black woman in tech & solo founder, it’s tough to find the “right” community to help you take your start-up to the next level,” said Ayrika Craig, Founder of Barter-E. ” I joined the cohort hoping to connect with like-minded individuals to help me navigate the journey of becoming a great founder. After completing this program I was not only able to connect with like-minded individuals, but also gain tons of wisdom that has saved me time and money! Being able to hear and have access to founders who have walked the current path I’m on is PRICELESS. I believe there is power in community and 1871 has provided me with the right amount of knowledge to keep moving forward.”

Important Dates

About 1871

1871 is Chicago’s innovation hub and the #1 ranked private business incubator in the world. It exists to inspire, equip, and support early stage, growth stage and corporate innovators in building extraordinary businesses. 1871 is home to ~400 technology startups, ~200 growth stage companies, and ~1,500 members, and is supported by an entire ecosystem focused on accelerating their growth and creating jobs in the Chicagoland area. The member experience includes virtual and in person access to workshops, events, mentorship, and more. The nonprofit organization has 350 mentors available to its members, alongside access to more than 200 partner corporations, universities, education programs, accelerators, venture funds and others. Since its inception in 2012, more than 850 alumni companies are currently still active, have created over 14,500 jobs, and have raised more than $3.5 billion in follow-on capital.

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1871 Announces its Spring ’23 WMNtech Leaders Cohort

Our WMNtech Leaders program kicked off in February 2023, and we are honored to announce the 31 women professionals participating in this innovative cohort! 

This 4-month accelerator and mentoring initiative is designed to cultivate the next generation of early-tenure women leaders by accelerating and developing their professional skills through curated programming. This is the 5th WMNtech Leaders cohort. 

Ethos, a culture consulting meets diversity, equity, inclusion firm, co-developed this program in 2019, and have continued to partner on delivery.

About the cohort

Participants in this cohort are high potential, early-tenured women professionals who exhibit exceptional promise in their current leading market-facing or technical roles. Participants  have an average range of 3-10 years of personal experience in their field. 

The cohort meets virtually between 2.24.23 – 6.14.23 for programming, workshops, and 1:1 mentoring. 

Cohort members are paired with a volunteer “Super Mentor”, meeting several times throughout the program to discuss leadership, personal, and professional development skills. We are so grateful for our mentors who have volunteered to support this program with their dedicated time, experience, and expertise.  

While WMNtech Leaders is one cohort, its peer-driven forums and group coaching sessions are split into two groups — market-facing and technical — to  equip each group with the necessary tools and resources to amplify their development, and meet their primary takeaways of the program. 

Market-Facing Leaders

Individuals who work in Marketing and Communications, HR, Sales, Customer Service, etc. 

Alicia Newland, VP of Digital Marketing at Double Good 

Amanda Ho Sang, Associate Director of Product Strategy at CCC Intelligent Solutions 

Andrea Proos, Senior Program Manager at CCC Intelligent Solutions 

Annalise Arigi, Marketing Associate at Morningstar 

Beatriz Kauffmann, Program Associate of ThinkChicago, at World Business Chicago

Celine Brookover, Marketing Manager at Morningstar 

Hollee Mangrum-Willis, Senior Program Manager at One In Tech, an ISACA Foundation

Jenna Blaszczykiewicz, Senior Director of Marketing at 1871

Kathy Wang, Associate Director of Product Management at  CCC Intelligent Solutions

Michelle Malcolm, Senior Director, Enterprise at Morningstar

Sarah Quinlan, VP of Marketing and Partnership Enablement at ThinkCERCA

Technical Leaders 

Individuals who work in Software Engineering & Development, IT, Analytics, etc. 

Allison Korhan, Data Scientist at Journera 

Anusha Satish Thattehalli, Data Engineer at  CCC Intelligent Solutions

Candace Draves, Senior IT Services Manager at Advanced Technology Services

Courtney Horne, Associate Manager of Salesforce Admin at CCC Intelligent Solutions

Dana Mock, Engineering Team Lead at Jellyvision

Eileen Dominic, Director of Engineering at Skillful.ly 

Henna Loungani, Engineering Manager at Yello 

Jennifer Walsh, ServiceNow Business Systems Analyst at Morningstar

Joanne Sfatcu, Senior Software Engineer at CCC Intelligent Solutions

Julia Holovko, Chief Product Manager at Corner

Kaitlyn Kimble, Project Manager at DeVry University

Kanthi Komar, Data Scientist at Journera  

Lauren Howerter, Lead Product Designer at dscout

Maryam Moghimi, AI-Enablement Lead Engineer at CCC Intelligent Solutions

Pragya Shrestha, Manager of QA at Morningstar

Sasha Korobko, Director of Engineering at dscout 

Sidra Bhatti, Software Engineering Manager at Vivid Seats 

Subhashini Srinivasan, Senior Software Engineer at CCC Intelligent Solutions

Swetha Derangula, Software Engineer at CCC Intelligent Solutions

Taylor Greene, Engineering Operations Manager at Upfront Healthcare 

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