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Illinois Quadruples Number of Technology Enterprise Corporations

September 27, 2002
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On Thursday, Illinois Governor George Ryan announced nearly $3 million in state grants for eight Illinois Technology Enterprise Corporation (ITEC) centers, quadrupling the number of ITECs. Funded by the Illinois Department of Commerce and Community Affairs (DCCA), the centers assist technology-based start-up businesses and serve as incubators for the new ventures.

The grants announced for the centers will continue to fund operations at Northwestern University in Evanston and the University of Illinois in Champaign and support six new centers in Chicago, Naperville, Lemont, Peoria, Carbondale and Springfield.

Based at or partnering with universities, each ITEC is expected to stimulate development of advanced technology enterprises by transforming innovation into enterprises. To meet their missions and goals, each center will measure results in terms of stimulating the formation of technology-based businesses, nurturing and incubating these new ventures, and creating new jobs in the advanced technology segments of the economy technology occupations.

Open since May 2000, the state's first ITEC Center at Northwestern University already has provided services to more than 150 entrepreneurs and early-stage companies.

More information on the ITEC program, including a list of the new ITEC grantees, is available at: http://www.illinoisbiz.biz

Illinois