September 12, 2011 – Chicago Mayor Rahm Emanuel spoke to about 400 entrepreneurs and venture capitalists gathered at HOB for the second annual “demo day” organized by Chicago-based Excelerate Labs.

Ten technology-based entrepreneurs, chosen from hundreds of applicants, got to present their ideas. Each received $25,000 from Excelerate in exchange for six percent of the action.

Last year, Excelerate Labs raised $7 million for startups and was expecting about the same this year. According to Excelerate’s website, 65 jobs were created last year and nine companies funded are still in business.

The 2011 class includes Power2Switch a service to help consumers purchase cheaper electricity, and Cookitfor.us, which offers to connect hungry consumers with someone willing to cook a recipe for them.

Said Emanuel, “In the past, municipalities have been a roadblock to young, entrepreneurial companies. We will not be a roadblock. We’ll be a partner in making sure they have what they need from the municipal level.”

(Photo supplied by Excelerate Labs.)