IN THENEWS

---

Recently, the Illinois Venture Capital Association (IVCA) announced its new Chairperson for 2026-27 … Ira Weiss, Partner at Hyde Park Venture Partners and a Clinical Professor of Accounting and Entrepreneurship at the University of Chicago Booth School of Business (Chicago Booth).

Ira Weiss has been actively investing in private companies for the past 20 years and has made over 150 venture capital and angel investments. Weiss formerly served as the faculty liaison to Hyde Park Angels, and was formerly a partner at RK Ventures, a NY based pledge fund. At Chicago Booth, he teaches accounting, entrepreneurship and Venture Capital.

Professor Weiss currently serves on various boards as a director or observer, including Cove Markets, FourKites, LandscapeHub, Leap, NestEgg, PartySlate, and ShipBob. He began his career as an accountant at Coopers and Lybrand, and received his MBA from Chicago Booth and Ph.D. from the University of Chicago.

As a profile for his new Chairperson designation, Ira Weiss was interviewed by the IVCA.

IVCA: What motivated you to take on the role of IVCA Chair, and what impact do you hope to have on the Association during your term?

Ira Weiss: I have been involved in the IVCA for almost 15 years, and I have seen the positive impact that the IVCA has had on the PE and VC industry in Illinois, including on our own firm. The IVCA impact has ranged from policy – such as improving the environment for PE/VC in our state – to the practical, by channeling more capital into local companies, supporting job creation, and creating opportunities for the next generation of investors through our IVCA scholars program. 

I hope to make the organization even more data-driven, and ensure that all our members are getting value from the IVCA. I am grateful to others who worked on behalf of this organization in the past, and feel humbled to be asked to step into this role.   

IVCA: How do your experiences in Venture Capital, board governance, and your work as a professor at Chicago Booth shape your approach to leading the IVCA Board?

Weiss: I believe I will bring a data‑driven ‘test and learn’ mindset to the board that will be grounded in practice, but will both be informed by theory and what the next cohort of talent is thinking. 

I also believe that everyone around the table has something to add, so my approach will be to do a lot of listening, and ask a lot of questions.  

IVCA: As IVCA marks 25 years, which accomplishments or traditions stand out to you as most important to preserve and build upon?

Weiss: The IVCA has had a notable list of accomplishments, beginning with our IVCA Scholars program … and the related IVCA foundation … both supporting undergraduate students who want to enter the PE and VC industries. Two initiatives, our Political Action Committee and our involvement in launching the Illinois Growth and Innovation Fund and its predecessor, has been particularly important to Illinois emerging managers. And notably important, the highlighting for some of the best company successes in Illinois through our Awards programs. 

IVCA: The IVCA has brought more Midwestern firms into its network in recent years. How do these regional partnerships enhance the Midwest’s position as a hub for VC and PE activity?

Weiss: Bringing more Midwestern firms into our orbit turns the IVCA from a state-focused association into a regional platform that can aggregate capital, opportunities, and influence for the whole Midwest.

The denser network makes it easier to syndicate rounds, match sector specialists with local companies, and keep more high-potential businesses headquartered in the region. We want to reinforce the idea that the Midwest is a single, investable platform rather than a set of isolated states. This broader membership base gives IVCA more legitimacy when it advocates for pro‑growth policy.

IVCA: From your time teaching at Chicago Booth, what approaches or lessons have been most influential in shaping your leadership style?

Weiss: Teaching at Booth has pushed me toward a more inquiry‑driven, data‑anchored, and student‑centered style that I try to replicate in leadership settings. I like to start with questions, not answers, and be relentlessly clear about objectives.

IVCA: In your early-stage investment work, what indicators – or ‘X factors’ – signal that a startup has the potential to succeed?

Weiss: At the early-stages, it is all about the founders. Most start-ups go through the usual ups and downs, so you need founders who are extremely persistent. We tend to gravitate to start-ups that have strong founder-market fit.

IVCA: Using a coach metaphor, if you were giving a ‘halftime speech’ as IVCA Chair, what message would you share to energize our members and the broader VC/PE community for the next phase of ‘goals’ and/or growth?

Weiss: We’re not in the locker room because we’re behind. We’re here because the game has changed. For 25 years, this team has proved that private capital can build companies, careers, and communities across Illinois and the Midwest. But the second half is not going to be won by replaying the first half’s playbook. We’re competing as a region for talent, founders, and LP dollars.

So here’s my ask for the second half … Be one notch more visible about the value you create. Be one notch more intentional about collaboration – with peers, founders, LPs, and policymakers. Be one notch more committed to pulling the next generation of talent onto the court with you.

If we do that, five years from now people won’t just say, ‘The Midwest is catching up.’ They’ll say, ‘If you want to build and back real companies, you have to play on that Illinois field.’

The 2026 IVCA Spring Luncheon … Featuring the National Venture Capital Association (NVCA) … will take place at The Chicago Club (81 East Van Buren Street) on April 22nd starting at 11:00am. For details and to register, click here.