Chicago, IL. — IllinoisVENTURES today announced the first awardees for the Regional Proof of Concept Matching Fund Program, totaling $125,000 in grants to five projects at three Illinois universities. The fund, supported by the Illinois Department of Commerce and Economic Opportunity and the Illinois Science & Technology Coalition, provides a platform for highlighting and advancing the most promising innovations coming out of research institutions in Illinois.
The program was launched in October 2014 with a network of institutions that includes Argonne National Laboratory, Illinois Institute of Technology, Northern Illinois University, Northwestern University, Southern Illinois University, University of Chicago, University of Illinois at Chicago, and University of Illinois at Urbana-Champaign. Through a competitive grant process, this initiative amplifies the efforts of these research institutions to accelerate the commercialization of new technologies, providing 2:1 matching funding to help them achieve important commercial milestones.
“lllinois’ world-class research institutions are the greatest drivers of innovation and economic development in the state. The Illinois Science & Technology Coalition is proud to be a founding partner of the Regional Proof of Concept Matching Fund Program, which is helping to accelerate the commercialization of top technologies that have the potential to drive competitiveness in key industries across the state,” said ISTC President & CEO Mark Harris.