The Governor Declares February 24th thru March 3rd Entrepreneurship Week in Illinois
CHICAGO – In his continued efforts to encourage entrepreneurship and small business development, Gov. Rod R. Blagojevich today announced the launch of INNOVATE Illinois 2007, the third annual small business challenge, to recognize and assist some of the most innovative small companies that are contributing to our expanding economy. The kick-off corresponds with the National Entrepreneurship Week, which the Governor declared in Illinois, beginning February 24th thru March 3rd, to celebrate the importance of entrepreneurs and small businesses to the Illinois economy. INNOVATE Illinois is funded by the Illinois Department of Commerce and Economic Opportunity (DCEO) through the Governor’s Opportunity Returns regional economic development program.
“Entrepreneurs and small businesses are the cornerstone of the Illinois economy and critical to creating more good jobs, so it’s especially fitting that we dedicate an entire week to highlighting all of the exciting activities taking place to continue developing this vital part of our economy. It’s my pleasure to kick-off INNOVATE Illinois 2007, which is a creative initiative to mentor our entrepreneurs and help small businesses grow statewide. Each year this program gets bigger and better and demonstrates the talent, ingenuity and entrepreneurial spirit that exists across the state, which is leading to new and successful companies and better jobs,” Gov. Blagojevich said.
Gov. Blagojevich created INNOVATE Illinois in partnership with the Illinois Entrepreneurship Network (IEN) to recognize innovative, high-growth, small businesses throughout the state and help them advance their efforts to expand their business and create more jobs. INNOVATE Illinois is being expanded and enhanced this year to reward more companies and increase the level of assistance and guidance. A total of twelve companies will be selected through a competitive process from each of the following Illinois regions: North, Chicago, Central and South (three from each region). The program will be managed in each region by a designated Entrepreneurship Center and all applicants must complete an application to be considered for this program.
INNOVATE Illinois is being administered in collaboration with the Chicagoland Entrepreneurial Center (CEC) at the Chicagoland Chamber of Commerce, which is serving as both the Chicago region and statewide host. Other regional hosts include the Rock River Valley E-Center at the EIGERlab in Rockford for the Northern region; the Turner Center for Entrepreneurship at Bradley University in Peoria for the Central region; and the Southern Illinois E-Center at Southern Illinois University Carbondale for the Southern region. Each of the selected finalist companies will be admitted into an accelerated six-month program that includes mentoring, growth plans, access to sales and capital opportunities, education, and peer-to-peer networking. In addition, each participant will receive a $10,000 grant to develop and execute a strategic project and a stipend to travel to three regions throughout the program.
Eligible firms must have introduced an innovative product, service or internal process that solves a market problem or internal inefficiency. Finalist companies will be selected based on the strength of their business and the potential economic impact of their innovation. For more information, please visit www.INNOVATEIllinois.org.
INNOVATE Illinois Timeline
Key Dates:
Event Date Event Information
Launch February 28, 2007 Applications available at www.INNOVATEIllinois.org
Preliminary Applications Due April 23, 2007 Applications must be submitted to application@innovateillinois.org
Regional Interview Notification May 14, 2007 Successful applicants will be notified if selected for the in-person interview, which will take place the week of May 21st
Announce Regional Winners June 11, 2007 After evaluation of application and interview, successful applicants will be notified by the regional Entrepreneurship Center if they have been selected
“To succeed in today’s fast-paced and competitive global economy, entrepreneurs and small businesses not only must have innovative ideas, strategic business plans, and solid financial backing, but also the support of the business community. INNOVATE Illinois is a unique opportunity for entrepreneurs to showcase their most innovative products, services or processes and to have access to a variety of tools to take them to the next level. The Chicagoland Entrepreneurial Center is excited to be part of Gov. Blagojevich’s important initiative that will help Illinois businesses achieve greater growth and development through innovation,” said David Weinstein, President of the Chicagoland Entrepreneurial Center.
“Entrepreneurs are Illinois’ greatest engine of economic growth, and, by recognizing and supporting their tremendous influence on the state’s economy, we will continue to help create better jobs for more people. Gov. Blagojevich and I are thrilled to kick-off an enhanced INNOVATE Illinois competition, which will provide a unique opportunity for small firms from across the state to develop into greater market successes,” said DCEO Director Jack Lavin.
Gov. Blagojevich combined all of the small business services under an integrated system, known as the Illinois Entrepreneurship Network (IEN), to strengthen the state’s capacity to develop small businesses into market successes and help entrepreneurship act as a more dynamic engine of growth. IEN partners, which offer varying levels of expertise and access to services, include: Entrepreneurship Centers, Small Business Development Centers, Procurement Technical Assistance Centers, International Trade Centers, NAFTA Opportunity Centers, Manufacturing Extension Centers and Illinois Technology Enterprise Centers. Gov. Blagojevich launched the IEN Web site, www.ienconnect.com, which features a free business needs assessment and a referral within 24 hours for personalized, face-to-face assistance. Entrepreneurs can also call toll-free 1-800-252-2923.
Over the past four years, through the IEN, the Governor has invested nearly $47 million that has helped small companies generate almost $2.56 billion in government contracts and international sales and secure more than $525 million in financing. The Network has provided counseling and training to more than 160,500 clients across the state. The 18 Entrepreneurship Centers statewide, which make up one vital component of the IEN, provide expertise and grant funding to assist entrepreneurs or small businesses with obtaining professional services for comprehensive business plan assistance, evaluation of a proposed start-up or expansion or other accelerated support purposes. The E-Centers have awarded more than $2.4 million in matching challenge grants to 446 companies, which has leveraged another $267 million in investments.
The Chicagoland Entrepreneurial Center (CEC) 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.