State of Illinois Launches $5 Million Grant Match Program to Spur Innovation in Cutting Edge Technologies

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State of Illinois Launches $5 Million Grant Match Program to Spur Innovation in Reducing Edge Applied sciences (Chicago, IL) — Governor Pritzker and the Illinois Division of Commerce and Financial Alternative (DCEO) at this time introduced $5 million in state-funded matching grants for companies who’ve acquired federal funding via the Small Enterprise Innovation Analysis (SBIR) or Small Enterprise Expertise Switch (STTR) packages.

“Illinois is understood for our progressive spirit and management in rising applied sciences,” mentioned Governor JB Pritzker. “This matching grant program will assist spur innovation by offering Illinois small companies with extra capital for vital analysis and improvement efforts.”

The state-funded SBIR/STTR Matching Grant Program is designed to additional enhance capital for SBIR/STTR recipients in Illinois – stimulating high-tech innovation and commercialization for Illinois small companies which might be conducting cutting-edge analysis. Illinois at the moment has greater than 100 SBIR/STTR federal recipients who could also be eligible for a state matching grant of as much as $50,000 per venture.

“This grant program builds upon Illinois’ repute as a haven for the brightest minds and innovators by investing in small companies on the cutting-edge of rising applied sciences,” mentioned DCEO Director Sylvia I. Garcia. “R&D funding is among the costliest prices for small companies; by offering matching grants, the state is accelerating innovation and technological advances made by Illinois entrepreneurs.”

Illinois corporations who’ve acquired SBIR or STTR characterize a broad array of corporations engaged on applied sciences reminiscent of synthetic intelligence (AI), 3D printing, battery know-how, nanoengineering, biotechnologies and far more.

“Matching SBIR/STTR grants spend money on small companies which might be working with cutting-edge analysis, powering the roles of the long run,” mentioned State Rep. Justin Slaughter (D-Chicago). “I’m proud that my laws to assist Illinois companies thrive is taking form, and I look ahead to its success.”

“My precedence is constructing robust communities, and that features creating good jobs and sustainable financial alternatives. As we crafted the laws for matching SBIR/STTR I couldn’t consider a program with a better return on our funding,” mentioned State Senator Elgie Sims (D-Chicago). “Innovation will not be straightforward, however the advantages which come from creating an atmosphere that celebrates the entrepreneurial spirit and the financial alternatives, jobs, networks, and concepts that come from constructing a tradition of exploration is incalculable.”

“Illinois is the house to a number of main analysis establishments that present a house base for a few of the greatest analysis and improvement on the planet,” mentioned State Rep. Carol Ammons (D-Urbana). “I look ahead to seeing the numerous companies that began as concepts within the analysis lab turn into profitable employers with assist from this grant alternative.”

“Innovation is in Illinois’ DNA. The SBIR/STTR Matching program captures that spirit and invests within the state’s future by offering startup life sciences corporations with the enhance they should flip their progressive concepts into life-saving merchandise,” mentioned John Conrad, President & CEO of iBIO, “We thank the management of Governor Pritzker, DCEO Director Sylvia Garcia, State Sen. Elgie Sims, State Rep. Justin Slaughter and State Rep. Carol Ammons for launching the SBIR/STTR Matching Program and investing in Illinois’ future.”

“The SBIR program is a perfect supply of seed funding to progressive analysis at know-how startup corporations, particularly these rising from the robust analysis universities and federal labs in Illinois. The FAST Heart on the College of Illinois Urbana-Champaign offers free help to entrepreneurs throughout Illinois to study funding alternatives and supply help for corporations to put in writing their proposals and type their operational plans to efficiently meet their standards of the awarding federal companies,” mentioned Laura Appenzeller, Govt Director of the College of Illinois Analysis Park.

DCEO is at the moment accepting purposes from companies who’ve acquired a Part I federal SBIR/STTR grant award. Candidates are eligible to obtain as much as $50,000 in matching grants, with the choice to re-apply and obtain as much as 5 awards for every federal Part I award acquired (one per fiscal yr). Awards shall be granted on a first-come-first-serve and rolling foundation. corporations can be taught extra right here.

With world-class nationwide labs, universities, and management within the life sciences business, quantum and different vital rising applied sciences, Illinois is a regional and nationwide innovation hub. The State of Illinois has prioritized supporting innovation in key industries, together with a $15 million funding in constructing state-of-the-art Manufacturing Coaching Academies, $15.4 million for eight moist labs to extend entry to trendy lab area, and $200 million for quantum computing analysis. The state has additionally prioritized varied packages to help small companies, such because the Angel Funding Program, which incentivizes traders to help start-ups, in addition to packages reminiscent of Benefit Illinois, which offers low-interest loans to small companies.

State of Illinois Launches $5 Million Grant Match Program to Spur Innovation in Reducing Edge Applied sciences

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