Governor commends the contributions of small business owners and entrepreneurs during Illinois Small Business Week
SPRINGFIELD – Continuing his efforts to spur innovation in the state, Gov. Rod R. Blagojevich today launched the fourth annual Innovate Illinois competition. Innovate Illinois is designed to recognize high-growth small businesses in Illinois that have launched or soon will launch an innovative product or service. In addition, the Governor commended Illinois small business owners today for their tremendous contributions to the Illinois economy and society in recognition of Illinois Small Business Week, which runs through Saturday, June 21, 2008.
In Illinois, there are over 1.1 million small businesses, employing 2.6 million people. Small business revenues from non-farm establishments totaled $42.5 billion in 2006, according to the U.S. Small Business Administration. In 2007, there were 6,476 start-up companies that employed over 36,000 employees.
“Illinois’ small businesses employ nearly half of the people in this state and provide a significant impact on the economy. It’s important that we continue to provide an environment where these businesses can thrive,” said Gov. Blagojevich. “The Innovate Illinois program is one way we’re helping to nurture our entrepreneurs and foster economic growth in Illinois.
Innovate Illinois is a highly selective entrepreneurial competition where local companies can compete for a total of $100,000, with the two top honorees each receiving $40,000 (early stage company and later stage company). The program is administered jointly by the Illinois Department of Commerce and Economic Opportunity (DCEO) and the Chicagoland Entrepreneurial Center, an affiliate of the Chicagoland Chamber of Commerce, which works to accelerate high-growth entrepreneurial companies.
Each entrepreneurial center (EC) throughout the state has the opportunity to submit two companies for the competition, one in each of the two tracks: early and later stage. After a company has been selected by an EC to participate in Innovate Illinois, they will travel to Chicago for a semi-finals competition. The semifinals consist of a fast pitch business presentation in front of a panel of judges. Each company will have five minutes to present their businesses and innovations before the judges. Twelve winners (six winners per track) will be announced and will advance to the competition finals in November.
The application deadline for Innovate Illinois is Friday, August 15. Applicants who move to the semifinals round will be notified in early September. For more information about the program, or to access an application, visit www.innovateillinois.org.
“Illinois’ small businesses are the backbone of our economy. The individuals who initiate these ventures help create jobs, keep our economy moving forward and spur innovation in the state. Programs like Innovate Illinois are one of the many ways we’re leveraging our resources to help entrepreneurs get the capital they need to be successful,” DCEO Director Jack Lavin said.
“Many Illinois businesses are developing new, innovative products and services that have the potential to quickly grow our economy and to keep it strong in decades to come,” said Chicagoland Entrepreneurial Center President David Weinstein. “Innovate Illinois will showcase some of the best products and services from thriving companies to accelerate their growth in the marketplace.”
Throughout the month of June, many Illinois Small Business Development Centers, members of the Department of Commerce and Economic Opportunity’s (DCEO) Illinois Entrepreneurship Network, will host events across the state on various topics that small businesses owners need to be successful. In addition, the U.S. Small Business Administration in conjunction with DCEO will host the Illinois Small Business Awards Reception on Thurs, June 19th at the McCormick Place Hyatt Regency in Chicago. Eight individuals from various industries will be recognized for their talent and their ability to meet the challenges that small business owners face.
Under Gov. Blagojevich’s leadership, the state continues to make significant investments in small businesses and entrepreneurs.
• Creating 19 Entrepreneurship Centers (EC), the states disjointed small business assistance resources are integrated into a seamless entrepreneurial support system. Through Illinois’ network of E-Centers, DCEO has granted nearly $3,102,602 in challenge grants that have helped over 562 small companies secure more than $283,873,561 in financing.
• Since 2003, all combined IEN network centers have served over 210,000 pre-venture and existing businesses, helped create and retain over 69,300 jobs, helped start 2,047 new businesses, provided access to $639.3 million in new business capital, and helped Illinois companies secure over $2.96 billion in government contracts and $798.5 million in new export sales. The Network has provided counseling and training to more than 198,019 clients across the state.
• Through the IEN and its 19 Entrepreneurship Centers (E-Centers), 40 Small Business Development Centers, 12 Procurement Technical Assistance Centers and 6 International Trade Centers, the Governor has invested nearly $47 million that has helped small companies generate almost $3.5 billion in government contracts and international sales and secured more than $682.2 million in financing.
Those who are interested in starting a business in Illinois, or who have an existing business, are encouraged to visit the Illinois business portal at http://business.illinois.gov/, which has a wealth of information for businesses in one easy to access location.