CHICAGO- Foley & Lardner LLP and Catapult Chicago, a community of high-tech start-up firms, announced yesterday that Catapult had renewed their lease with the law firm for more than 10,000-square-feet of office space on the 25th floor of 321 N. Clark St. Catapult, first launched a little over a year ago, allows developing firms to share space, collaborate on ideas and gain access to possible funding sources. Similar incubator spaces, modeled after types that were common in Silicon Valley, have sprouted across Chicago's CBD and many experts say they might help finally turn downtown into a high-tech hub.
“We are thrilled to continue operating in this space in a world-class location,” said Ryan Leavitt, a co-founder of Catapult, in a statement. “Our Class A high-rise office houses some of Chicago's most ambitious and creative tech start-ups. We look forward to continuing to be the place where some of the most advanced companies come to grow their endeavors.”
“Catapult's lease renewal is another sign of the burgeoning tech scene in Chicago as well as the success of Catapult's unique peer-selection business model,” said Christopher Cain, a partner at Foley. He helped found Catapult along with Foley attorney Galen Mason, Leavitt, and entrepreneurs Vishal Shah and Kris Chinosorn.
The Catapult community accepts companies that have a proven track record, but perhaps lack access to the funds that would allow them to scale-up. Current occupants include BidMed, BucketFeet, Buzz Referrals, Symbiosis Health and VLinks Media. Catapult recently announced that in the last eight months their companies had raised more than $8 million of investment capital. In addition to the space, Foley lawyers also provide community members with free legal services.
Other nonprofits, government agencies and corporations have also funded similar incubators like 1871in the Merchandise Mart, the future home of Google. “I think that bodes well for employment opportunities in the high-tech industry,” said Michael McKiernan, a managing director of Avison Young, “which has never really gotten a foothold in Chicago.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
