CHICAGO | Economic & Business Development

[Justin_Chicago]

I agree. They need to kill the parking lots around the Cumberland Blueline CTA stop, replace some of the lots with new parking garages to open up development space, and build 2-3 new office buildings fronting the highway and CTA station. The best path is probably replacing the existing Marriott with new office buildings and redeveloping the massive parking lot in the back with a brand new hotel property, restaurants, and parking garage. The office buildings near the Rosemont Blueline CTA stop are too far away in my opinion. The walk from the CTA stop to the U.S. Foods HQ or MB Financial HQ looks painful.


City says tourism in 2016 hit record: 54.1 million visitors

Chicago tourism hit a record level in 2016, despite a drop-off in visitors from Europe and other international locals.

New figures being released today by the city and Choose Chicago, the city's promotion agency, indicate that an estimated 54.1 million out-of-town residents visited Chicago last year. That's a bump of 1.5 million people, or 2.9 percent, over the prior year and moves the city close to Mayor Rahm Emanuel's goal of hitting the 55 million mark.

In a statement, Emanuel and Choose Chicago CEO David Whitaker said they're "thrilled" with the numbers, and said they have caused both an increase in tourism-related jobs (up 3.3 percent, to a total of 145,137) and direct spending (up 2.6 percent, to $15 billion) in 2016.

But the numbers were not as good in the lucrative international tourism category, in which each visitor tends to stay longer and spend more than U.S. tourists.

Though the number of visitors from Asian markets such as China, India and South Korea were up a solid 22.7 percent, 7.1 percent and 10.2 percent, respectively, tourism dropped from bigger European markets including the United Kingdom, down 18.3 percent; Germany, down 6.1 percent; and Spain, down 14.5 percent. Officials blamed "economic uncertainty and unfavorable exchange rates," with international tourism down an estimated 3.7 percent, to 1.56 million.

Of total visitors, roughly four in five were here for pleasure, as tourists. The remainder were traveling on business, the city said.

Article: http://www.chicagobusiness.com/artic...d-54-1-million

[Justin_Chicago]

CloudCraze Secures $20 Million in Funding to Meet Growing Demand for Cloud-Based B2B Commerce

CloudCraze, an enterprise digital commerce solution built on the Salesforce platform, has secured $20 million in funding led by Insight Venture Partners. Salesforce Ventures joins Insight as an additional investor. The combined funds will supercharge product development, support continued growth in the United States and EMEA, and expand the company`s team of B2B commerce experts.

CloudCraze is a Platinum Salesforce ISV Partner. Built on the Salesforce platform and leveraging the agility of the cloud, CloudCraze allows businesses to harness the power of digital commerce to generate online revenue fast and easily scale for growth. It provides seamless omnichannel interactions and a holistic view across all customer touchpoints. CloudCraze is focused on solving the complex needs of B2B companies including several iconic brands, such as Coca-Cola, Avid, AB InBev, Barry-Callebaut, Ecolab, GE, Land O` Lakes, Kellogg`s, and WABCO.

In the past year, CloudCraze has been recognized for its growth and innovation by several notable institutions, including being featured as a Visionary in the March 2016 Gartner Magic Quadrant for Digital Commerce and recognized as one of eight firms in The Forrester Wave(TM): B2B Commerce Suites, Q2 2015. Additionally, the company recently won the Salesforce Partner Innovation Award for its work with a leading sports apparel company and was named to Chicago Inno`s 50 on Fire list as one of the hottest B2B companies in Chicago.

Article: http://www.cloudcraze.com/news/cloud...-b2b-commerce/


Dalton, the company’s CEO, said CloudCraze hired more than 60 employees last year, ending the year at just under 100 people. He said the company expects to hire 30 or 40 more in 2017.

Article: http://www.chicagotribune.com/bluesk...104-story.html

[Justin_Chicago]

DePaul Cinema School Grows Thanks To Hands-On Partnership With Cinespace

DePaul University is more than holding its own against more renowned film schools in New York City and Los Angeles thanks to its burgeoning partnership with Cinespace Chicago, the booming set of film studios on the West Side.

DePaul is in the fourth year of what's become a 10-year lease to rent a studio at Cinespace, recently adding a second sound stage that can be partitioned to create a third.

John Corba, director of DePaul's Cinespace Studios, calls the complex "the lab," and says its emphasis on hands-on instruction in cinematography, lighting and other technical aspects of the industry has enabled the school to act as a "pipeline" to fill positions on the many commercial productions being filmed there, including Fox's "Empire" and Dick Wolf's cottage industry of Chicago-based series for NBC that began with "Chicago Fire."

The studio has 30 stages, including DePaul's two, and all of them are fully booked.

"If I had the space, I could add probably another four TV shows right now," said Alexander Pissios, founder and chief executive officer of Cinespace.

The Cinespace partnership has led to dramatic growth in the School of Cinematic Arts, which Corba said has expanded "exponentially" in about 15 years from "a few hundred" students to more than 1,200, making it the fastest-growing major at the university and the largest outside of the business program.

The key, Corba said, is "we're a pipeline," providing technical workers to fill the growing number of TV productions at Cinespace, "sometimes even before they graduate."

Pissios said a show like "Chicago Fire" spends $7-$10 million an episode. Multiply that by 24 episodes a season and three other NBC series and three other Fox shows shooting at Cinespace, and it adds up quickly.

Article: https://www.dnainfo.com/chicago/2017...arts-cinespace

[Justin_Chicago]

Networked Insights raises $30 million

Networked Insights has raised another $30 million to make its marketing-analytics software even more powerful.

Much of the money comes from some heavyweights in the food and beverage business: Sands Light Capital, the family office of an Arizona Iced Tea co-founder, and the Cherng Family Trust, the family office of the founders of Panda Express. Other investors include Goldman Sachs, which led previous rounds, and American Family Ventures, the investment arm of American Family Insurance in Madison, Wis.

Networked Insights uses artificial intelligence and machine learning to sort through massive amounts of online data, such as social media posts, that advertisers use to better target potential customers based on their interests.

Headcount has grown to about 80 from 57 a year ago. Networked Insights expects to add 35 to 40 more employees this year, mostly in Chicago and New York. Much of the staff is technology talent, though the company is building out sales as the business grows. “Talent is a challenge,” he says. “You're looking for machine learning, artificial intelligence and Big Data skills that everyone else needs, too. It's hard to hire.”

Article: http://www.chicagobusiness.com/artic...iced-tea-panda

[Vlajos]

Wow, that's a lot of new VC in the first week of 2017.

[Justin_Chicago]

Chinese company bringing more than 200 jobs to Naperville

A Chinese maker of power tools plans to bring more than 200 jobs to its new North American headquarters in Naperville over the next three years.

Chervon North America, the U.S. arm of Nanjing, China-based Chervon Holdings, confirmed plans to move workers from Michigan and several suburban Chicago locations when it opens a new headquarters in Naperville sometime in the spring.

Article: http://www.chicagobusiness.com/artic...ville-illinois


Mac & Mia gets $3 million

The online clothing seller for kids started by Marie Tillman has raised $3 million from a trio of Chicago venture funds. The company, which launched in Tillman's garage on the North Shore in 2014, has since moved to Chinatown, where it has warehouse space and 14 employees. It hired Jason Smith, former vice president of merchandising for Trunk Club, as president.

Investors include Corazon Capital, a fund launched by Sam Yagan; Chicago Ventures, whose co-founder, Stuart Larkins, invested in Trunk Club; and KGC Capital.

Article: http://www.chicagobusiness.com/artic...gets-3-million


Ex-McDonald's CEO returns to food biz

Former McDonald's CEO Don Thompson is back in the food business.

Thompson, who left the world's largest burger chain in early 2015, has launched Cleveland Avenue, a Chicago-based venture-capital firm focused on building and growing food, beverage and restaurant ventures.

The company, named after the Near North Side street where Thompson was raised, today announced its first original concept, Drink, a nonalcoholic beverage bar inside an American Eagle Outfitters flagship store in New York's Times Square.

Thompson started the company quietly in late 2015, calling on some of his former McDonald's colleagues to help with the launch. Cleveland Avenue last fall took over a three-story, 33,000-square-foot building at 222 N. Canal St. in the West Loop, an amount of space that perhaps signals big intentions.

Article: http://www.chicagobusiness.com/artic...-food-business

[Justin_Chicago]

Swanberg's "Easy" one of 3 new TV series filming here

If 2016 was considered a great year for the Chicago media and entertainment business, 2017 is starting to shape up as even greater. It could even be the year when the Chicago market eases into $1 billion revenue from film status.

Thanks to Dick Wolf / NBC Universal and to Fox TV, six primetime TV series currently film here at Cinespace Studios, with three new TV series expected to start production in early February.

They are Showtime’s “The Chi” and two Netflix anthology series, Joe Swanberg’s “Easy” and Michael Dinner’s “Electric Dreams: The World of Philip K. Dick.” “The Chi” and “Easy” are set for Cinespace stages and “Electric Dreams” will film at Chicago Studio City.

Showtime’s new hourlong drama series, “The Chi,” is from actress / writer Lena Waithe (“Bones,” “Dear White People”), an Evanston native and Columbia College 2006 graduate and is based on her experiences growing up in Chicago. The pilot was known as “The Chicago Project” when it shot here last summer.

Article: http://reelchicago.com/article/two-n...-chicago170111


Onion, Inc. & partners diving into the film business

Satiric news digital publisher Onion, Inc. has formed a joint partnership with award-winning production company, Serious Business, to produce three feature films over the next two years that Lionsgate will distribute.

Onion Studios, the in-house film/TV development arm of Onion, Inc., will work with Jason U. Nadler, Alex Blagg, and Jon Zimelis, creators and executive producers of Comedy Central’s Emmy-winning late-night show, “@midnight with Chris Hardwick.”

An Onion Productions green screen stage is located in the Franklin Street office (730 N. Franklin) and the building housing a full-service shooting stage is at 2155 W. Hubbard.

Article: http://reelchicago.com/article/onion...business170111

[Justin_Chicago]

Shiftgig rings up another $20 million for growth

The Chicago-based company, which provides personnel on demand for industries from catering to retail, raised $20 million in new capital. It will use the money to add staff, technology and new customers, and expand to more cities.

Shiftgig, which started as a professional-networking site, evolved into a mobile platform for workers and employers. "Access to today's workforce is through the smartphone,” said CEO Eddie Lou. About 15,000 workers picked up work on Shiftgig

Shiftgig, which recently moved from River North to the West Loop, has about 200 employees and operates in 12 cities. It expects to increase its headcount 50 percent in the coming year

Article: http://www.chicagobusiness.com/artic...ion-in-capital

[Justin_Chicago]

Dyson joins McDonald's and Google in Fulton Market ​

High-tech vacuum cleaner maker Dyson is moving its U.S. headquarters to the Fulton Market District from River North, as the company plans to add almost 100 employees in the Chicago area.

Dyson has leased 40,686 square feet at Fulton West, an office building Chicago-based Sterling Bay is developing at 1330 W. Fulton Market, the company said.

It plans to move there from about 38,000 square feet at 600 W. Chicago Ave., its home since 2007, by the end of this year.

The relocation of its U.S. headquarters from River North is part of the Malmesbury, England-based company's plan to add nearly 100 workers in the area. Dyson said it will add almost 70 employees in the Chicago office, which is focused primarily on marketing and sales, and almost 30 to an Aurora call center.

Article: http://www.chicagobusiness.com/reale...rket-plans-100


Jiobit raises $3 million to make a new kid-tracking wearable

Jiobit, the Chicago-based maker of a small wearable device that helps parents keep track of their children, has raised $3 million, the company announced Thursday.

Its first product, which the company describes as a "smart tag for kids", will be available for pre-order later this year and will start shippping this fall, said CEO and co-founder John Renaldi. The funding will go toward production and monitoring of the wearable device, the company said.

Investors in the round include Chicago-based MATH Venture Partners and Inflection Equity. Also investing was board member Lior Ron, who's the co-founder of autonomous truck maker Otto, which is now owned by Uber.

Article: http://www.chicagotribune.com/bluesk...126-story.html

[Justin_Chicago]

Caterpillar to move HQ to Chicago area

Caterpillar is moving its global headquarters to the Chicago area, the company announced today.

The company has not decided where in the area the headquarters will be, a spokeswoman said this morning.

"Caterpillar's Board of Directors has been discussing the benefits of a more accessible, strategic location for some time," CEO Jim Umpleby said in a statement. "Since 2012, about two-thirds of Caterpillar's sales and revenues have come from outside the United States. Locating our headquarters closer to a global transportation hub, such as Chicago, means we can meet with our global customers, dealers and employees more easily and frequently."

About 300 people will be based in the Chicago-area headquarters once it's fully operational, Caterpillar said.

Article: http://www.chicagobusiness.com/artic...o-chicago-area

[LouisVanDerWright]

Give them an entire block in the IMD and let them use half of it as a demonstration yard for their equipment.

Good news even if it doesn't end up downtown. I can't see the locating anywhere other than downtown or O'Hare. Even at O'Hare I don't know where they would good, 300 employees is a decent chunk of space and there aren't a lot of truly class A buildings out there with 100,000 SF chunks of space.

[Justin_Chicago]

A Corporate HQ office for 300 employees only requires 2-3 floors depending on the floor plate design. I hope Rahm makes some calls. Also, Caterpillar is a Corporate Sponsor of the Digital Manufacturing & Design Innovation Institute in Goose Island, so a city office makes more sense for their participation.

[Steely Dan]

i imagine this move will likely kill Caterpillar's long-proposed new HQ building in downtown Peoria:




too bad, i thought it was a pretty cool design.

[the urban politician]

^ Yes that is what the article stated. Sucks for Peoria I guess

[rgolch]

Isn't the Catepillar president/CEO an ultra conservative? I seem to remember them always threatening a move to Texas. Maybe I'm mixing him up with another company. I only say that because if true, I don't predict a HQ location in the city. That has burbs written all over it.

[sukwoo]

Are there any remaining Fortune 500 HQs in Illinois that aren't in Chicagoland?

[Steely Dan]

Originally Posted by sukwoo

Are there any remaining Fortune 500 HQs in Illinois that aren't in Chicagoland?

i know state farm is still HQ'ed down in bloomington and john deere is still HQ'ed in moline.

there might be a couple others i can't remember right now.

[UPChicago]

Originally Posted by sukwoo

Are there any remaining Fortune 500 HQs in Illinois that aren't in Chicagoland?

Statefarm?

Yea this does suck for Peoria though. IMO, it would be very nice if the State was able to cultivate economic development and grow other metro areas within the State outside of Chicago.

[Steely Dan]

Originally Posted by UPChicago

IMO, it would be very nice if the State was able to cultivate economic development and grow other metro areas within the State outside of Chicago.

for better or worse, the days of F500 HQ's remaining located in metro areas of less than 500,000 people are probably coming to an end. i'm not sure there's a whole lot that "the State" can do to fight that tide.

i mean, if you were a C-suite guy pulling down C-suite money, would you really want to live your day to day life in peoria, or decatur, or bloomington, or similar such places?

[the urban politician]

^ I don't know, a lot of wealthy people still live in those kinds of places.

In this case I think it truly does amount to Caterpillar's need to be closer to a global city to service its global clientele