Spinning out projects incubated in GET Cities’ Tech Equity Working Group
GET Cities is reaffirming our commitment to partner organizations through a second round of grant distribution to three Tech Equity Working Group (TEWG) pilot spinouts. These pilots have been carefully selected to drive meaningful change in the tech sector by fostering equity, inclusivity, and opportunity for every entrepreneur. These pilot programs showcase the innovative approaches we’re taking to address the challenges faced by underrepresented groups in the tech industry. Our goal is to transform these pilots from small initiatives into fully integrated, scalable solutions within our partner organizations, amplifying their impact and creating a more equitable landscape in the tech sector.
Touring Investor in Residence
MATTER, 1871, and mHUB are continuing their collaborative Touring Investor in Residence (IIR) pilot, aimed at providing invaluable guidance to founders as they navigate fundraising and ecosystem resources.
The pilot, launched in response to the challenges posed by the COVID-19 pandemic, involved the hiring of a shared IIR who provided unbiased advice to entrepreneurs at MATTER, 1871, and mHUB. The success of the pilot has paved the way for each organization to continue scaling the project:
- 1871 will enhance their commitment to founders ready to explore institutional funding with a more supportive infrastructure, including extending the IIR pilot in-house.
- MATTER plans to introduce a new healthcare executive-in-residence to further support founders in defining their value propositions and designing solutions.
- mHUB is expanding availability of its Product Expert in Residence (Product EIR), to enrich startup advising with technical expertise in both hardtech and software.
Emerging Fund Managers
BLCK VC and P33, two leading organizations committed to fostering equity and inclusion in the venture capital ecosystem, have joined forces to continue two initiatives that address the historic exclusion of Black fund managers and women, trans, and nonbinary emerging fund managers in the Midwest’s venture capital landscape.
The first is BLCK VC’s Fund Forward initiative, which aims to mobilize $1 billion toward Black-led venture funds by 2030 and support Black General Partners (GPs) in the Midwest by fostering connections to LPs, providing knowledge-sharing platforms, and enhancing back-office operations.
The second pilot is P33’s Velocity Initiative, a program designed to invest in emerging fund managers, particularly women, trans, and nonbinary GPs, at the Pre-Seed and Seed stages. The goal is to catalyze inclusive capital, accelerate first closes, and build more meaningful assets under management.
Together, these two initiatives make up the Emerging Fund Managers program, which unites these organizations to address the funding gap and provide essential support to overlooked and excluded fund managers in the Midwest.
Elevate Tech Talent for Startups
The Kaplan Institute at Illinois Tech is excited to build on the success of its pilot program aimed to foster impactful collaborations between diverse tech talent and startups in Chicago. The 2023 pilot, as part of the Tech Equity Working Group, successfully facilitated opportunities for tech talent to engage with Chicago-based startups and laid the groundwork for the 2024 Elevate Tech Talent for Startups program.
Leveraging Chicago’s vibrant tech and innovation ecosystem, the program will offer Illinois Tech students personalized mentorship from industry leaders. Through an immersive cohort-based internship program, tech talent will get hands-on startup experience and create successful career pathways in the ever-evolving tech landscape. By spotlighting the vast potential of startups, this program aims to instill an entrepreneurial spirit among their students, positioning them as future leaders in the tech sector.
