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* 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.
• 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.
posted by Rich Miller
Wednesday, Mar 8, 17 @ 1:14 pm
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Too bad most of the university and community college small business development centers were forced to close due to budgetary constraints.
Comment by Because I Said So.... Wednesday, Mar 8, 17 @ 1:22 pm
Guessin’ BigBrain now turns to gutting anythin’ that might help this trend continue
Comment by Annonin' Wednesday, Mar 8, 17 @ 1:26 pm
How dare they start up businesses before Rauner gets his personal agenda passed.
Steppin’ on his entitlement.
Comment by wordslinger Wednesday, Mar 8, 17 @ 1:56 pm
Wait, you mean it is innovation, not term limits that creates growth?
Someone call Radogno! There shall be no budget until we get the innovatin’ that business leaders want!
Comment by illini97 Wednesday, Mar 8, 17 @ 2:04 pm
My brother teaches Entrepreneurship on the East Coast and is tasked with commercialization of University owned patents. This is a high risk, high reward area where structure and seed funding can make a huge difference.
Comment by Last Bull Moose Wednesday, Mar 8, 17 @ 2:55 pm
Second attempt to post -
The local SBDC at my Community College was forced to shut down over a year ago. I utilized and accessed their resources a decade ago and found them very helpful and accommodating. I know of others who have used and benefited from their expertise.
Yet our Billionaire Governor who wants to make Illinois businesses grow, thrive, hire and employ others is yet once again being shortsighted, myopic and delusional in thinking that passing his “agenda” will turn things around.
A niece is affiliated with one of the premier small business incubators in St.Louis and tells me that people are literally knocking down the doors to become a part of their program to have access to their expertise and resources. Illinois loses once again!
Comment by illini Wednesday, Mar 8, 17 @ 3:26 pm
Illini: Maybe your niece could invent a stronger door, or one that could be knocked on, with, say, a knob and hinges.
Comment by Anonymous Wednesday, Mar 8, 17 @ 4:02 pm
@Anonymous - the idea is not to keep people, entrepreneurs, future business leaders out. Yet these centers have their limitations as to how many start ups they can physically accommodate.
Comment by illini Wednesday, Mar 8, 17 @ 4:20 pm