The Women’s Business Development Center (WBDC) announced they will launch a new program, InventIllinois, geared toward early-stage, high-science product development, such as advanced material sciences, biotechnology, cybersecurity, data analytics, health sciences, energy, and more for technology innovators in Illinois. The program is a new opportunity for researchers, innovators, and entrepreneurs – especially those in underserved populations, such as women, minorities and veterans. The WBDC will be collaborating with Invent2026, a nonprofit agency that offers support for applied research, technology transfer and entrepreneurship, to deliver the technological and commercialization expertise. This program will provide the researchers, innovators, and entrepreneurs greater access to bring their products from concept to pilot and, ultimately, to the marketplace through a comprehensive curriculum and support services for pursuing federal grants.
“InventIllinois will increase local entrepreneurs’ access to seed funds from the U.S. Small Business Innovation Research (SBIR) program, which offers $2.5 billion in federal grants annually for early-stage, high-science product development,” said Emilia DiMenco, President and Chief Executive Officer at the WBDC. The SBIR program is a highly competitive opportunity designed to increase the ability for researchers, innovators and entrepreneurs to compete for grants. Individuals applying for Phase I grants can receive up to $250,000 in funding – a marked advantage over other opportunities that generally require sharing equity for a smaller investment and lower likelihood of funding. InventIllinois will help bring innovative technology to the marketplace and bridge the gap in funding opportunities for these underrepresented groups by increasing access to funding, all while making Illinois an even more competitive tech hub. The WBDC is now accepting applications for the inaugural InventIllinois class, which will launch in January 2018. For more information or to apply visit www.wbdc.org/inventillinois/.
