Over the course of four years, 120 NSF I-Corps program teams at the University of Illinois at Urbana-Champaign have raised more than $42 million in external funding. These numbers, released by the Technology Entrepreneurship Center, reveal that $11 million has come from SBIR grants, $28 million from venture capitalists or angel investors, and $3 million from other sources.
Through the EnterpriseWorks Incubator at Research Park, startups have access to the vibrant entrepreneurial ecosystem on campus. Current EnterpriseWorks startups such as Photonicare, Petronics, Innsight Technology have been provided with the general understanding of business models, the marketplace, and SBIR funding through participation in I-Corps. Leanne Labriola, President of Innsight Technologies, explains that, ““As the course progressed, we were able to conduct an extensive customer need analysis and explore a product market fit which provided important strategic insights for our product development. The ability to present clear business plans to potential investors has offered a clear advantage for our company and changed our trajectory.”
To learn more about the I-Corps program, click here.