Photo: 1871
1871 has made a sizable impact on the Chicago tech community. The startup incubator has helped hundreds of local startups develop their ideas, build a professional support network and get their business off the ground. But a recent deal will help 1871 create an impact outside of Chicago in the western suburbs.
On Tuesday, 1871 announced that it is acquiring Hub88. Although specific details of the acquisition were not announced, the two have entered a binding agreement that is expected to close some time in the future.
Hub88 is a tech accelerator based in Naperville, within the Nokia campus. Because of its access to the Nokia Bell Labs, Hub88 gives entrepreneurs access to cutting-edge technology to explore potential applications. This tech includes things like LTE and 5G, carrier-grade communications networks, drones and more.
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The program was created by the nonprofit P33 with Verizon and business incubator 1871 to generate tech-related jobs and give $5 million for early-stage Black and Latino tech entrepreneurs.
P33, a Chicago nonprofit focused on connecting entrepreneurs to resources and funding, created the TechRise initiative as a way to support Black and Latinx tech founders.
Several national and Chicago-based organizations have joined together to support early-stage Black and Latino tech entrepreneurs through ample funding and resources.
The program TechRise was created by the nonprofit P33 in partnership with Verizon and 1871, a private business incubator and technology hub, among others, with the goal of narrowing the wealth gap in Chicago, generating thousands of tech-related jobs and giving $5 million in grant funding to Black and Latino entrepreneurs.
Desiree Vargas Wrigley, executive director of TechRise by P33, said in helping to establish the initiative, she thought of ways to give diverse tech founders what they need most capital and resources for those who don’t have family or personal wealth to tap into and the chance to build community and connection, particularly fo
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