Report: Startup Creation at Illinois’ Universities Reaches Record Heights
A report released on May 18 has shown new records for startup creation, capital raised, and job creation within Illinois’ universities.
The 2020 University Entrepreneurship Index report, put together by the Illinois Science & Technology Coalition (ISTC), was released during an online event on May 18, 2020. The event opened with a presentation from ISTC Director, Matthew Bragg, and continued with presentations from university partners including Laura Frerichs, Director of the Research Park at the University of Illinois at Urbana-Champaign.
Startup creation is at the heart of Research Park’s community-building efforts through the EnterpriseWorks incubator. Within the incubator, Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) technical assistance and counseling are available for entrepreneurs seeking to kick start their startups.
Key Findings:
- Over the past 5 years, students and faculty at Illinois’ universities have founded over 1,000 startups, raised $1.42 billion in funding and created around 3,300 jobs.
- Universities have stepped up efforts to improve representation in entrepreneurship and these efforts are paying off. Around one-third (33 percent) of startups have a female found or co-founder, roughly twice the national average.
- Foreign-born students and faculty are critical to Illinois’ startup pipeline. An estimated 39 percent of startups are founded or co-founded by foreign-born students or faculty.
- More than two-thirds (68.5 percent) of active startups founded over the past five years remain located in Illinois.
- Among startups founded over the past five years, 141 have participated in the NSF I-Corps program, while 78 have received SBIR or STTR funding.
Read the full report here.