State partners with the Chicagoland Entrepreneurial Center and Illinois Technology Association to develop two new pilot programs to support innovation in Illinois
CHICAGO – Governor Rod R. Blagojevich today announced two new initiatives to foster entrepreneurship in the state. The first, the Entrepreneur in Residence Program, will engage serial technology entrepreneurs to stay in Illinois and build new businesses while commercializing promising technologies from the state's top researchers and institutions. The second, the Illinois Celerate Program, will take young technology entrepreneurs through a 12-week apprenticeship to develop a prototype of a new idea or technology venture. Illinois Department of Commerce and Economic Opportunity (DCEO) Director Jack Lavin made the announcement today on behalf of the Governor during an event at the Illinois Technology Association (ITA). Representatives from the Chicagoland Entrepreneurial Center and the ITA joined Director Lavin for the announcement. Additionally, small business who won the 2007 Innovate Illinois program were recognized for their innovative, high-growth potential.
“Innovation and entrepreneurship are essential to Illinois’ competitiveness in a global economy. Gov. Blagojevich recognizes the importance of programs like these to ensure Illinois remains in a viable position to attract venture capital investments in the state. The pilot programs announced today are just one part of those efforts and will capitalize on the tremendous amount of publicly and privately funded research and development activity that occurs in the state,” said Lavin.
The Entrepreneur in Residence Program (EIR), administered by the Chicagoland Entrepreneurial Center (CEC), affiliated with the Chicagoland Chamber of Commerce, will partner experienced entrepreneurs with young entrepreneurs to develop new business ideas or commercialize promising technologies from academic and industrial researchers. The program will enhance Illinois’ entrepreneurial community and capitalize on the tremendous amount of young and experienced talent, along with research and development activity that occurs in the state.
A total of $860,000 has been awarded by DCEO to support experienced and young entrepreneurs to creating new, high-impact companies poised for business growth. The CEC and independent selection committee will review qualified entrepreneurs to enroll into the EIR program. The EIR selection committee is comprised of Adarsh Arora, President & CEO, Lisle Technology Partners; John Banta, CEO & Managing Director, IllinoisVentures LLC; Neil Kane, President, Advanced Diamond Technologies; Matt McCall, Managing Director, DFJ Portage Venture Partners; Ellen Carnahan, Managing Director, Seyen Capital; Nancy Sullivan, Senior Director, KeraCure.
The CEC will work with these EIRs to identify promising technologies and engage young entrepreneurs to start new businesses. Up to $80,000 in funds will be available to EIR approved businesses to support prototype development, technology assessments, intellectual property protection and market assessments. Grant funding is intended to propel the company forward in a meaningful way toward first round professional financing.
“We must continue to accelerate the growth of technology businesses in our region by engaging Illinois talented serial entrepreneurs. Working with the extensive network of seasoned entrepreneurs in Illinois, we can assist in the successful commercialization of technologies from Illinois institutions. By providing Entrepreneurs in Residence with resources to enhance their success and ensure they have access to technologies necessary to bring new products and services to market we will support new business growth and job creation throughout the state and region,” said CEC President David Weinstein.
Through the IL-Celerate Program, the Illinois Technology Association will help to nurture young entrepreneurs who have a promising idea or technology. To achieve these goals, the IL-Celerate Program will initially sponsor five separate “seed stage” companies through a twelve-week process as they develop technology companies. At the end of the process, each of the companies will have a completed prototype-stage product or service that will serve as the base for which they will continue to grow. Participating companies will receive grant awards up to $15,000, with the state providing a total of $120,000 in funding.
Participants will also receive office space and associated services including furniture, Internet access, phone service, and conference facilities in the ITA’s TechNexus. The TechNexus is a 26,000 sq. ft technology community center developed to support the ongoing collaboration of the technology community in the state of Illinois. In addition, companies in the IL-Celerate program will participate in a number of networking activities with leading practitioners from areas of specific need to seed-stage companies, and will receive membership in the ITA.
“The technology industry plays an enormous role in the Illinois economy and we are glad to be working with the state to drive it to new heights,” said Fred Hoch, President, ITA. “The IL-Celerate programs offer an opportunity for ideas to flourish in Illinois and foster the development of homegrown talent for the future.”
The Entrepreneur in Residence and IL-Celerate Programs are a part of a larger strategy to promote entrepreneurship and innovation throughout the state. In March 2005, Gov. Blagojevich launched the Illinois Entrepreneurship Network (IEN) to help create jobs and high-growth businesses across Illinois. Throughout the state, small business owners looking to expand their companies can connect with business experts through local Entrepreneurship Centers and many other economic development centers supported by the Illinois Department of Commerce and Economic Opportunity (DCEO). The IEN Web site, www.ienconnect.com, features a free business needs assessment and a referral within 24 hours for personalized, face-to-face assistance. Entrepreneurs, who call toll-free to the IEN information center (1-800-252-2923), can also connect with service representatives who will assess their business concerns and direct them to the local resources that best meets their needs.
At today’s event, winners of the 2007 INNOVATE Illinois award were also recognized. INNOVATE Illinois, a six-month program administered by the Illinois Department of Commerce and Economic Opportunity, was created to recognize innovative, high-growth, small businesses throughout Illinois. The goal of INNOVATE Illinois is to provide revenue-generating businesses throughout Illinois with the assistance and resources to help them take their innovations further and grow their businesses. A complete list of winners is listed below.
Northern Region
Colorlab Custom Cosmetics
Colorlab Cosmetics creates hand-crafted, custom-blended and fresh-made cosmetics.
Contact: Mary Swaab – (815) 965-2001
K.W. Powell and Associate
K.W. Powell provides a web-based, manufacturing sales enabler product to manufacturers that sell through dealer/distributor networks.
Contact: Sparky (Kent) Powell – (815) 637-8989
Leading Edge Hydraulics
Leading Edge Hydraulics is a premier manufacturer of hydraulic tube assemblies and fittings to the off-highway & mobile hydraulics industry.
Contact: Russell Dennis Jr. – (815) 316-3502
Chicagoland Region
Bright Star Healthcare
BrightStar Franchising keeps parents and grandparents out of nursing homes and in their own homes by providing a full range of medical and non-medical services.
Contact: Shelly Sun – (847) 828-0126
ClaimForce
ClaimForce is a service chain technology company that enables insurance claim professionals to streamline the claims service process.
Contact: Stephen Applebaum – (847) 580-4262
GoPicnic
GoPicnic provides a unique and innovative foodservice option to a variety of industries, including airlines, hotels and elementary/high school fundraising
Contact: Julia Stamberger – (773) 426-7007
Neat-Oh!
Neat-Oh! International, which launched its first product ZipBin, is focused on rapidly developing, manufacturing, marketing and selling products that make it fun to be neat.
Contact: Gerry Linda – (847) 441-4290
Professional Swine Management
Professional Swine Management, LLC provides management on all phases of production, including breeding, gestation, farrowing, nursery, finishing and project development to swine producers
Contact: Ken Haas – (217) 357-2811
R Cubed Technologies
R Cubed Technologies is a full service technology company providing Information Technology products and services.
Contact: Ed Rockhold – (309) 342-8233 ex. 100
Vision Technology, Inc.
Vision Technology develops new types of cameras, usually with previously unavailable features.
Contact: Narendra Ahuja – (217) 369-3898
Southern Region
The Arthur Agency
The Arthur Agency is an interactive advertising agency, which combines all of the traditional advertising services with new media services, like web design, CD-Rom’s, DVD’s and 3-D animation.
Contact: Jon Greenstreet – (618) 534-6550
Boon Docks Equipment
The Boon-Docks company designs and manufactures farm implement solutions unique to the contractor, landscaper, small farmer and hobbyist.
Contact: Jerry Watkins – (618) 925-2117
So iLL, Inc.
So iLL, Inc. is a manufacturing company that produces a line of indoor and outdoor rock climbing hand and foot grips for artificial rock climbing walls.
Contact: Daniel Chancellor – (618) 420-9388
About the Chicagoland Entrepreneurial Center (CEC):
The Chicagoland Entrepreneurial Center is a nonprofit affiliate of the Chicagoland Chamber of Commerce that seeks to make a perceptible and lasting economic impact on the Chicagoland region by helping entrepreneurs and high-growth businesses build viable, sustainable, and profitable enterprises. The CEC works with entrepreneurs to create and sustain opportunities for business success, job growth, and profitability. To learn more visit www.chicagolandec.org.
About the Illinois Technology Association: With roots dating back to 1982, the Illinois Technology Association (ITA) represents the interests of a diverse membership of more than 400 companies in Illinois that create, deploy and utilize information technology as a core part of their organization. By connecting members with industry peers and participants, providing the latest strategic information, market research and critical market insight and by promoting key thought leaders to raise visibility and gain a greater market awareness and presence, ITA is focused on building and developing the Illinois technology community through collaboration. Additional information is available at http://www.illinoistech.org/
About Opportunity Returns
Gov. Blagojevich’s Opportunity Returns regional economic development strategy is the most aggressive, comprehensive approach to creating jobs in Illinois’ history. Since a one-size-fits-all approach to economic development just doesn’t work, the Governor has divided the state into 10 regions – each with a regional team that is empowered and expected to rapidly respond to opportunities and challenges. Opportunity Returns is about tangible, specific actions to make each region more accessible, more marketable, more entrepreneurial and more attractive to businesses. It is about upgrading the skills of the local workforce, increasing the access to capital, opening new markets, improving infrastructure, and creating and retaining jobs. Opportunity Returns is about successfully partnering with companies and communities, both large and small, to help all of Illinois reach its economic potential.