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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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Consolidation continues to sweep across the tech-support network in Chicago, with another organization being absorbed into 1871, the co-working space and educational hub for startups.
1871 is acquiring the assets and intellectual property, but not the real estate, of rival Catapult. A year ago, 1871 acquired the Illinois Technology Association, a trade group for more mature tech companies.
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Catapult, like 1871, was founded in 2012 in an effort by Chicago entrepreneurs to improve the odds of tech startups succeeding by offering affordable space downtown in proximity to peers. In addition to office space, both organizations provided mentoring, educational and networking events to entrepreneurs.
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