On November 2, 1871, the vibe in Chicago was absolutely electric! At the close of June, the nonprofit tech hub hosted its 2023 AI Innovation Lab, wrapping up with a bang at the AI Innovation Summit, a big, public event.

Imagine 39 startup founders from Chicago and beyond coming together to form this cool lab cohort.

Picture this: the summit day, filled with exciting programming, was the climax the cohort had been gearing up for during their three-month lab journey.

Here, they got the golden chance to pitch their companies to around 300 local venture capitalists, AI experts, CXOs, founders, and corporate innovators. And guess what? The event wasn’t just for insiders – the local community got an open invitation to join in on the plenary and breakout room action.

Now, let’s talk about 1871. This place is like a tech haven, supporting its members with awesome programming, resources, and community events. It’s home to about 500 early-stage tech startups, 250 growth- and late-stage companies, 60 corporates, and a whole bunch of members. And the mission? To drive inclusive, sustainable economic development, making waves in innovation, job creation, and prosperity, not just in Chicago but everywhere.

Oh, and the cool part? McKinsey, the big name, joined the AI Innovation Lab as the anchor sponsor. We brought more than just financial support – we threw in speaker series, mentorship rounds, and workshops at the AI Summit, diving straight into the startup world.

We covered everything from nifty product development tips to savvy go-to-market strategies and shared some seriously cool lessons from startup CEOs. It was a blast!

“In 1871, we believed in the power of teamwork for problem-solving,” shares Betsy Ziegler, CEO of 1871 and former McKinsey partner (’98-11). “AI is set to influence every aspect of our lives eventually. We need leaders from different industries, functions, and companies to challenge norms, foster experimentation, and build partnerships. That’s when positive change takes root.

It’s fantastic to actively partner with McKinsey on one of the most crucial issues of our generation.”

More than 30 leaders from the firm got involved, including associate partner Parisa Sbak. Parisa expresses, “Being part of local innovation is always invigorating. At McKinsey, we were inspired by 1871’s impressive track record and thrilled to contribute – and learn.

The innovations aimed to enhance the lives and livelihoods of communities, promoting sustainability and green business building. We feel privileged to have mentored these founders.”

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