January 11, 2024
Betsy Ziegler, CEO, 1871
Rebooting Entrepreneurial Ecosystems
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In a previous episode, we talked with Jeffrey Scott Miller about how a mentor can be a huge help for entrepreneurs and businesses alike, with a focus on how to make the most out of a mentor/mentee relationship. Taking Scott’s book to the next level—how would you like to have an entire ecosystem chalk full of supportive mentors and coaches to help you on any topic or business challenge. Well that’s what you will find in Chicago—especially at 1871.
As the top private incubator in the world, 1871 helped drive a tech renaissance in Chicago over the last decade. As a cofounding board member, I delivered a Ted talk about it at the UN, providing a blueprint for cities to reboot themselves. Now, with thousands of startups and 17 unicorns that raised over $3.5 billion in capital, 1871 is on a roll once again.
Under the remarkable leadership of CEO Betsy Ziegler, 1871 and its partner networks, have continued to pivot toward creating the future of growth and innovation—building the next generations of ventures in the region. We invited Betsty on for an episode of The Reboot Chronicles, to unpack what’s working, what needs rebooting and what’s next for global entrepreneurial ecosystems.
Empowering Entrepreneurs
At the heart of 1871 are entrepreneurs. As Betsy puts it “We have nothing at stake with any of these companies. So my only goal is to try to help as many people as possible”. 1871 offers assistance in several ways, one is a program called Pyros, which focuses on product strategy, market strategy, leadership, and operations. With a development and go-to-market focus, 1871 provides a ton of resources and programs that they can tailor around their customers based on where they are at in their business, in their life, and any number of changing variables.
Innovating The Incubator
1871 is in a unique position in terms of growth, as they are not currently worried about their demand, but more about opening the door to the demand that is out there. “Entrepreneurial aspiration and talent is everywhere, “Betsy says, “Opportunity and access is not.” Although 1871 has the highest membership than it ever has, other factors could arise and require them to innovate and adapt to. For example, as I am sure everyone guessed, AI could be a huge disruptor for company formation and tech incubators as a whole. Moving forward, maybe 1871 has to be able to stay ahead of the wave of AI, so that they can turn what innovations they have made, into innovations for their clients to use to stay in front of the wave.
Insights On Leadership
As we all know it is important to learn from other people’s experiences. To take their lessons, and try to adapt them into our own lives. Some advice Betsy has for people entering the workforce today is “Your life story is a summary of the choices that you make. So make a choice, and if it’s not a good choice for you, just change.” Mistakes and failures are a great source of fuel for change, and change is how you make a difference. Experience everything you can, reflect on those experiences and you will probably end up in a better position than yesterday.
