Illinois announces $7M available through tech incubator program
On Friday, the Illinois Department of Commerce and Economic Opportunity announced $7 million in funding for the Tech Incubator Enhancement Grants Program, aimed at establishing support for startups and small businesses.
Part of the state’s economic growth plan for Fiscal Year 2024-2025, technology startups focused on key growth industries, including life sciences, quantum computing, artificial intelligence, microelectronics, clean energy production, manufacturing, agriculture and food processing technology, as well as transportation and supply chain logistics are encouraged to apply through a Notice of Funding Opportunity.
“Here in Illinois, we’re providing the critical support that startups need to grow and drive the future of technology,” said Gov. JB Pritzker in the announcement. “Thanks to the TIEG program grants, we’re strengthening our innovation system, modernizing incubators, and solidifying Illinois as a leader in cutting-edge industries.
Qualified entities include businesses and existing startup incubators that opened before March 1, 2020, and are still in business. The program also aims to establish new technology incubators in underserved parts of Illinois, where entrepreneurs may not have access to facilities, equipment, or other funding resources, according to the announcement.
Illinois joins several cities and states, including New Jersey, Denver, and New York City, that use tech incubators to improve government services by investing in emerging technology startups.
The Department of Commerce and Economic Opportunity, the agency charged with awarding grants ranging from $10,000 to $3 million, will accept applications until March 17.
