In a previous article, we reviewed the venture capital ecosystems in Ohio and Michigan. Now, let’s take a look at Illinois and Minnesota.
Last year, Illinois businesses raised more than $2.2 billion (No. 8 nationally) through 299 deals, while Minnesota saw $1.2 billion (No. 14 nationally) through 132 deals.
In its report titled “America’s Mighty Middle,” Crunchbase highlights the growth of investment dollars ($5.8 billion in 2010 to $20.2 billion in 2019) and the frequent occurrence of large exits (60 percent at $500 million or more from 2015 to 2019). Examples include Chicago’s Grubhub ($2.7 billion valuation at its IPO in 2014) and Minneapolis-St. Paul’s JAMF (which started in Wisconsin and confidentially filed for an IPO at a $3 billion valuation in Q1 2020).
Here are a few ways Illinois and Minnesota have gotten to where they are. You should note that it’s not about the size of the states; rather, it’s about these states having internal collaboration, creating momentum and putting the pieces together.