ABOUT INNOVATE ILLINOIS

Innovate Illinois is statewide entrepreneurial competition where high-growth businesses have the opportunity to be named the most innovative company in the state by the Illinois Department of Commerce and Economic Opportunity (DCEO). Four companies will win cash prizes; the two winners each receive $30,000 prizes, and the two runners-up each receive $10,000 prizes.

Participating businesses compete on the basis of a recent innovation in one of the competition’s two stages. Throughout the competition, semifinalist and finalist companies will network with Innovate Illinois alumni, potential investors, and state officials. Also, Innovate Illinois actively seeks out media opportunities for finalist companies.

The purpose of Innovate Illinois is to recognize the important impact innovation has on our economy and promote companies taking risks to create new jobs. Innovate Illinois provides entrepreneurs with exposure to other innovators and potential investors. Also, Innovate Illinois highlights the state’s efforts to promote entrepreneurship and innovation. DCEO is proud to support this initiative.

Companies interested in applying submit an application to their regional Illinois Entrepreneurship Network Center (Lookup the nearest Entrepreneurship Center here). Each Entrepreneurship Center holds a competition and names two companies as statewide semifinalists, one in each stage.

At the semifinals, companies present before a panel of judges for seven minutes. The six top scoring firms in each stage are announced as statewide finalists. At the finals, companies present before a new panel of judges for ten minutes. The companies in each stage with the highest score will each win Innovate Illinois and a $30,000 cash prize. The companies with the second highest score in each stage will each win a $10,000 runner-up prize.

Early Stage: A company with an idea for an innovative product, service, or process that has yet to be commercialized or implemented as of August 14, 2009, and once deployed would have a lasting impact on the State of Illinois

Later Stage: A company that recently commercialized and implemented an innovative product, service, or process that is having a lasting economic impact on the State of Illinois

Note: Innovate Illinois is a highly competitive statewide innovation competition and not a startup grant program or business plan competition. The competition’s stages refer to whether an innovation has been commercialized or implemented, and not the year in which the company applying was founded. Companies in the early stage can be decades old, while later stage companies can be newly established. Please pay careful attention to the stage definitions before applying. If you have any questions, contact your regional Entrepreneurship Center.

For the purposes of the Innovate Illinois program, innovation is defined as a novel product, service or internal process that solves a market problem or internal inefficiency. In addition, successful innovations must have the potential to foster economic growth through revenue generation and/or job creation.