Startup Ecosystem Booming in Illinois, Report Says

ILLINOIS – Thanks to university innovation hubs like the University of Illinois Research Park, Illinois’ startup ecosystem is blossoming, with more companies being created – and staying – in Illinois.  According to the recently published Illinois Science and Technology Coalition Innovation Index, Illinois university faculty and students have founded more than 600 startup companies in the last five years alone, 80 percent of which are still active or were acquired, and 73 percent of which are still based in the state. 

Writes ChicagoInno: “… the ISTC’s Innovation Index details a healthy entrepreneurial pipeline, with Illinois universities adding startups to the ecosystem that stay and grow in-state..”

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 in moving Illinois forward. 

“Our universities are the key to success in a knowledge-based, 21st century economy – incubators of the breakthrough innovation that creates the new businesses and jobs of tomorrow,” Killeen said. “Illinois is home to some of the world’s most accomplished research universities, and they share a commitment to pioneering scholarship that leads the way to a new era of progress and prosperity.

Image credit: ISTC 2016 Winter Report.