LOCAL IMPACT. GLOBAL REACH. 2019 ANNUAL REPORT ABOUT WORLD BUSINESS CHICAGO WHO WE ARE OUR MISSION OUR VISION World Business Chicago is Chicago’s public- Our mission is to drive inclusive economic Our vision is to ensure that all private economic development agency. growth and job creation, support business, and Chicagoans prosper. promote Chicago as a leading global city. HOW WE DO IT ACTIVATING LOCAL IMPACT AMPLIFYING GLOBAL REACH BUSINESS DEVELOPMENT GLOBAL STRATEGIC INITIATIVES Promoting Chicago’s talent, technology, transportation, infrastructure, housing Attracting foreign investment and facilitating joint ventures, partnerships, and cultural resources to companies across the nation and globe. and intergovernmental agreements. NEIGHBORHOOD AND STRATEGIC INITIATIVES CHICAGO SISTER CITIES INTERNATIONAL Promoting Chicago’s neighborhoods as strong sites for business locations, Celebrating cooperation and understanding through citizen diplomacy, and expansion. including 29 sister cities, 600+ volunteers, and global partnerships. CHICAGONEXT Advancing Chicago’s tech ecosystem by building a strong platform for inclusive growth in Chicago’s innovation economy. 2 2019 ANNUAL REPORT TABLE OF CONTENTS Letter from the Chair 4 Letter from the Vice Chair and the President & CEO 5 A Snapshot of 2019 6-7 ACTIVATING LOCAL IMPACT 8 BUSINESS DEVELOPMENT OVERVIEW 9 New and Expanding Companies 10 Why Companies Choose Chicago 13 Case Study: The Old Post Office 15 NEIGHBORHOOD AND STRATEGIC INITIATIVES OVERVIEW 16 NSI Program Highlights 17 CHICAGONEXT OVERVIEW 18 ThinkChicago 19 Blackstone Inclusive Entrepreneurship Challenge 19 AMPLIFYING GLOBAL REACH 20 GLOBAL STRATEGIC INITIATIVES OVERVIEW 21 International Travel & Partnerships 22 Global Reach 23 CHICAGO SISTER CITIES INTERNATIONAL OVERVIEW 24 Spotlight: 10th Sister City Anniversary – Bogotá, Colombia 25 Case Study: Global Youth Ambassadors Leadership Program 27 CHICAGO CONSULAR CORPS GALA 28 WBC Fellowship Program 29 Strategic Partnerships 30 Financials 31 Supporters 32 Acknowledgments 32 WORLD BUSINESS CHICAGO 3 LETTER FROM THE CHAIR From our early days as a frontier trading outpost to the thriving Selection Magazine and IBM Global Location Trends report global city we are today, resilience has long been a hallmark of named Chicago as the #1 U.S. metro for corporate relocations Chicago and our residents. and expansions and #1 metro for foreign direct investment in North America, respectively. For the third year in a row, Condé Chicago has survived and even thrived in crisis. The city was Nast Traveler ranked us as the “Best Big City” in the U.S.; and, we nearly wiped out by the Great Chicago Fire, plagued by the Spanish continued to rank in the Top 10 in the world for our growing tech flu, assaulted by the Great Loop Flood, visited by blizzards, polar sector, strong academic institutions, and vibrant entrepreneurial vortexes, deadly heat waves, and more. We learned from each of and venture ecosystem, which includes 1871, the #1 private these challenges throughout time and those lessons learned have business incubator in the world. strengthened and prepared us for today’s work and the difficult road ahead. Throughout this 2019 Annual Report, you will see why Chicago has consistently been the city where companies want to invest, Throughout our history, Chicagoans, of every stripe – young, old, grow, and expand. From our powerful technology and innovation of every race, color, and creed have risen up and asked, “How can ecosystem, to food manufacturing, transportation, distribution I help?” This is what defines us as Chicagoans. It is this spirit that and logistics, healthcare and life sciences, tourism and hospitality will fuel our city’s recovery in the months and years ahead. – to our diverse network of neighborhoods and our people – World Business Chicago, its board of directors, leadership, Chicago is second-to-none. partners, sponsors, and relationships throughout the world, are Sincerely, important elements of our 'all-hands-on-deck' strategy to not only maximize resources, but also increase efficiencies in a coordinated and collective effort to create real, widespread, and equitable economic recovery. While the task of returning to a growing economy in Chicago is daunting, I am heartened by the Lori E. Lightfoot many assets we have to build on and the opportunity to address Mayor, City of Chicago the disparities that have held us back. Chair, World Business Chicago In 2019, Chicago’s strength’s and status as a leading global city continued to be recognized. For the seventh year running, Site 4 2019 ANNUAL REPORT LETTER FROM THE VICE CHAIR AND THE PRESIDENT & CEO As a global pandemic endangers our health and economic As part of our work to support our neighborhood small business conditions threaten our livelihoods, our city, our nation, and our community, we launched ChiBizHub.com. This unique online world are currently under siege. It will take all of our efforts to portal links expert service providers to Chicago’s small combat and overcome this moment. businesses, entrepreneurs, and startups looking to start, scale, and accelerate their business. The portal is visited by thousands World Business Chicago’s mission to drive inclusive economic who seek real-time information and resources for available growth, job creation, and promote Chicago on the global stage is loans, grants, events, business planning, and counsel. critical to strengthen, diversify, and ultimately realize, economic recovery for our city. We are grateful to have your support and Chicago’s connectivity to the world is stronger than ever. It is now partnership. home to more than 1,900 foreign-based companies, representing over $140 billion in cumulative investments. Last year, World We want to take this opportunity to recognize Governor J.B. Business Chicago represented the city in several international trips Pritzker, Mayor Lori E. Lightfoot and their administrations for and welcomed visiting delegations, efforts that are important in their leadership and commitment to our city and state during sustaining strong economic and collaborative relationships that this difficult time. We also recognize and thank all those who drive local investment. Complementing our global efforts is the work have stepped up to help, especially our healthcare workers, of our Chicago Sister Cities International initiative, which continues first responders, and essential workers who are serving on the to be the largest and most active sister city program in the U.S. front lines. It is our privilege to work with an incredibly dedicated board of Enclosed, please find World Business Chicago’s 2019 Annual directors, sponsors, partners, staff, fellows and volunteers. Thank Report. As you will see, we continued to drive inclusive economic you. Your support makes it possible for World Business Chicago growth and job creation. Our annual Tech Day brought together to achieve its mission here and throughout the world. We look 15 local innovative companies to announce the development forward to working with you in the months and years to come. of at least 2,000 jobs. A number of businesses expanded into the neighborhoods including Blue Cross Blue Shield in Morgan Sincerely, Park (550 jobs), Farmer’s Fridge in Garfield Ridge (170 jobs) and Evanston Technology Partners in Bronzeville (130 jobs). We also saw The Old Post Office, a 2.5 million-square-foot building, open its doors to thousands of office workers from Walgreens, the Chicago Mellody Hobson Andrea L. Zopp Board Options Exchange, Ferrara Candy Company, and others. Vice Chair President & CEO WORLD BUSINESS CHICAGO 5 A QUICK LOOK BACK A Snapshot of World Business Chicago (WBC) 2019 Milestones January February March April May June Formal signing of CRRC Sifang America WBC launches Lori E. Lightfoot sworn in as Mellody Hobson, President & Co- agreement, making plant opening ChiBizHub.com, an online Chicago’s 56th Mayor CEO, Ariel Investments, Sydney, Australia portal for the city’s small named Vice Chair, WBC Chicago’s 29th Sister City business community Chicago once again named as the #1 Metro for WBC participated in London Tech WBC & Paris & Co. sign Corporate Relocation and Week, engaging with 100+ London Economic Cooperation Expansion for the seventh tech companies, speaking at events Agreement year running, based on and on panels qualified corporate facility investment projects during the previous calendar year 6 2019 ANNUAL REPORT July August September October November December Delegation to China to Delegation to Bogotá, IBM Global announces that ThinkChicago Chicago WBC hosts Third Annual Jose Luis Prado named continue implementation Colombia in honor of the Chicago is #1 (for seventh Ideas Week hosts 150 of the Tech Day, announcing Chicago Sister Cities of the eight-city Gateway consecutive year) in North nation’s top technology and creation of 2,000 new jobs International Chairman 10th anniversary of the Cities Agreement, visiting America for Foreign Direct engineering students Chicago-Bogota sister city five partner cities including Investment Beijing, Chengdu, Hangzhou, partnership Qingdao, and Shanghai Mayor Lightfoot attends her first ChicagoNEXT Inbound delegation of 10 UK Council meeting tech companies exploring ThinkChicago Lollapalooza Chicago hosts 200 of the nation’s top technology and engineering students China General Chamber of Commerce “Synergy” event celebrating growth in U.S.- China business relations WORLD BUSINESS CHICAGO 7 ACTIVATING LOCAL IMPACT 8 2019 ANNUAL