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February 12, 1999

On Monday, Chicago Mayor Richard Daley announced a series of initiatives to promote technology development for the city, including an information technology incubator, formation of a Mayor’s Council of Technology Advisors, and a Civic Network to support capacity needs for Internet commerce by Chicago businesses.

The cornerstone of the Mayor’s technology initiatives, however, is the formation of the Chicago Technology Growth Fund, a $3 million venture capital fund to provide seed-stage financing in conjunction with private investors for high-tech startup firms located within Chicago. The Illinois Coalition was named to manage the fund for the city.

The Mayor’s Council of Technology Advisors will work to position Chicago as a leader in information technology (IT) by promoting the growth and retention of IT businesses, helping to meeting the growing capital needs of entrepreneurs, developing a strategy to pool technology talent in the city, and promoting access and understanding of IT throughout the city. The Council will be chaired by the Illinois Coalition chairman, Steve Mitchell.