The tech community is excited about a quickly growing startup scene outside of the industry’s traditional strongholds in the Bay Area and New York City. Chicago’s startup community has been generating higher returns on investments than anywhere else in the country. Technology entrepreneurs in Chicago continue to create and develop businesses, making Silicon Prairie an up-and-coming force in the national technology and innovation scene.

According to a report by investment research company PitchBook, Chicago is currently the most profitable city for startups in the United States. Of the 31 Chicago startups analyzed by PitchBook, 81 percent yielded between 3 and 10 percent return on an investment. With 31 startups that meet PitchBook’s profitability requirements compared to Silicon Valley’s 613, of which 72 percent yielded between 3 and 10 percent return. Chicago remains a relatively small hub for technology entrepreneurship. However, the fact that startups in Chicago are achieving such impressive return rates suggests that the technology industry in Chicago is growing at a steady rate.

Investors and entrepreneurs in Chicago have resources available to them including the tech incubator 1871, which has helped businesses grow and innovate during the past five years by providing them with space and connectivity, education, early-stage venture capital and customers. Located in downtown Chicago’s famous Merchandise Mart, 1871 is now the home of more than 400 startups.

Another good resource is the website Built in Chicago. It connects job seekers with startups and reports on news in the technology sector. The daily job listings on Built in Chicago illustrate the benefit of the city’s startup scene on an individual level.

Chicago’s prospects as a technology hub have been rising in recent years. Industry experts point to the city’s historically multifaceted business community, robust and innovative revenue streams and a steady stream of local tech talent to explain why Chicago is prospering. Its big-city location adjacent to transportation hubs and institutions of higher education is another reason why Chicago has attracted and retained talented people from around the world as the technology sector has steadily grown. The companies being founded and incubated in Chicago are steadily growing, creating good jobs as they expand and innovate.

The health and continued growth of Chicago’s technology sector is crucial to the state of Illinois and its economic well-being. The technology sector is becoming an increasingly important part of the global economy by creating good-paying jobs and valuable companies. It has revolutionized and revitalized local economies and it continues to benefit the locales in which it flourishes.

Chicago is uniquely positioned to become the next big tech hub. Expect to hear more about Chicago in the future as a diverse community of companies continues to expand, solve everyday problems, and create good jobs for a 21st century economy.

Though Blockbuster has but a few dozen stores left, Glenview-based company Family Video has expanded to 759 locations in 19 states and Canada. Last year the DVD rental company made an estimated $400 million in revenue and has seen significant growth under President Keith Hoogland.

In its heyday, Blockbuster operated over 9,000 stores and made $6 billion in revenue annually. While many have thought that the large movie rental companies faded due to the development of digital technology, Keith Hoogland cites poor business practices and contracts as the reason for the large movie rental companies’ demise.

Family Video has taken a much different approach than big video chains like Movie Gallery and Blockbuster. The company has chosen to buy movies outright and keep all of the profits rather than accepting deals for discounted movies in exchange for shared revenue. Family Video stores are entirely company-owned and use many items that are made in-house, ranging from software to shelving.

Keith Hoogland has continued to adapt his ventures as the marketplace changes. As the market has changed, he’s reduced the square footage of his stores and leased the space to businesses like Subway, H&R Block and Marco’s Pizza. In fact, Hoogland is the largest Marco’s Pizza franchiser, operating 149 stores. Additionally, Hoogland has opened 11 fitness centers and a chain of electronics-repair stores. The businesses are managed by the parent company Highland Ventures (Hoogland means Highland in Dutch) and video continues to account for about 90 percent of Highland Ventures annual revenue.

The history of Family Video can be traced to 1946, when Keith Hoogland’s grandfather Clarence opened an appliance distribution business. Keith’s father Charlie took over in 1953. In the 1970s, the distribution business started to wane as mom-and-pop shops closed and suppliers choose direct sales over distributors. In 1978, with an overstock of videocassette tapes and a few real estate properties, Charlie Hoogland launched the Video Movie Club of Springfield, one of the very first movie-rental stores in the U.S.

Charlie Hoogland worried that technological advancements would soon render his cassette tapes irrelevant, but he figured that the real estate beneath the stores would remain valuable. He began a policy of paying off mortgages on his locations within five years, a practice that Family Video continues today. Forbes estimates the chain's real estate is worth as much as $750 million today.

In the 1980s, Charlie forged into rural markets, hypothesizing that larger competitors would maintain an advantage in big cities. Now 90 percent of Family Video’s stores are in rural America where customers may have limited access to high-speed internet or be reluctant to use services such as Hulu and Netflix.

Over the years, Family Video has embedded itself within the community. When a new store opens, it’s a community affair with snow cone machines, face painting and giveaways. Hoogland told Forbes that his stores have become gathering places like local coffee shops.

Family Video has in part remained competitive by offering new releases well before streaming sites. The copyright laws on physical discs are much less stringent than for streamed content, allowing Family Video to offer the latest films weeks or months before streaming outlets. This fact has also helped Family Video gain business with a younger crowd.

Though Hoogland realizes that his movie rental enterprise won’t last forever, he will continue to use Family Video to increase his real estate portfolio.

For more information and to see the initial article, click here.

On Feb. 22, 1983, Harold Washington won the Democratic primary election for Chicago mayor, defeating incumbent Mayor Jane Byrne, Richard M. Daley and other candidates. He went on to be elected the 51st mayor of Chicago that April and served as the first African-American mayor of Chicago.

Harold Washington was born on April 15, 1922, in Chicago to Roy Lee Washington Sr., a lawyer and Methodist minister, and Bertha Jones Washington, a singer. He was the youngest of four children. Washington attended DuSable High School before he was drafted into the Army in 1942. He served in the U.S. Army Air Corps unit of engineers, where he earned the rank of First Sergeant.

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Micah Wall is an artist based in Edwardsville who specializes in woodworking and personalized craftsmanship. He founded his own business called Unnatural Resources and prides himself in working with his hands and tools to bring beauty into our everyday lives and spaces.

Coming from a long line of craftsmen, the spirit to create and design is something he considers part of his DNA. He specializes in bringing others’ visions to reality and bringinging out the natural beauty in his materials.

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