* Press release…

The Illinois Science and Technology Coalition (ISTC) today released new data showing record growth in entrepreneurial activity at the state’s universities as part of its Illinois Innovation Index, which reports on the key metrics of the state’s innovation economy.

The report found that during the past five academic years, students and faculty at Illinois universities created 804 startups through technology licensing, entrepreneurship programs, competitions and other university initiatives, according to the self-reported data.

Just imagine what those numbers could be with a higher education system that isn’t constantly worried about day to day survival during a long governmental impasse.

* From the report…

• Illinois universities produced more than 800 startups from 2012 to 2016, nearly 100 percent more than 2009–13, the first period measured by this survey.

• Approximately 76 percent of startups founded from 2012 to 2016 are still active or were acquired, and 81 percent of those, nearly 500 companies, remain in Illinois—the highest level recorded since the survey began.

• Capital raised by university startups also surged in 2016, with nearly $630 million in funding raised from 2012 to 2016 compared with $345 million from 2011 to 2015. Of the companies that were founded in Illinois and received funding, almost 8 in 10 are still in Illinois.

• The national I-Corps program, which continues to grow in Illinois, is catalyzing the formation of startups and connecting them to vital early- stage funding. I-Corps startups are more than seven times more likely to receive Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) funding than other startups.

• Illinois universities are leaders nationally in several tech transfer metrics such as disclosures and patents, but growth in these areas has lagged behind the national average in recent years.

• New data provided by PitchBook shows that alumni from Illinois universities started more than 1,100 companies and raised more than $9 billion in funding over the past five years. Alumni founders came from diverse fields, with no one field accounting for more than 10 percent of all founders.

* Back to the press release…

University of Illinois President Tim Killeen, who also serves as chairman of the ISTC Board of Directors, said the findings reinforce the critical role that universities play as engines of progress.

“Our universities are incubators of the breakthrough discovery and entrepreneurial spirit that combine to create the new businesses and jobs of tomorrow,” Killeen said. “I am proud of the ongoing gains reflected in this year’s Innovation Index and the collective commitment our universities share to build on that momentum to move Illinois forward.”

The increase in startup activity during the last five years can be attributed to significant university efforts to increase and better align the resources available to student and faculty entrepreneurs across campus. These resources include courses, programming, competitions, mentorship and seed funding delivered through centralized university entrepreneurship centers and technology parks.

One such resource that has grown recently is the National Science Foundation’s I-Corps program, which is facilitated through several Illinois universities. The program aims to help entrepreneurs commercialize their innovations by validating commercial opportunities, providing business training and fostering connections to private partnerships and additional funding.