ABOUT INNOVATE ILLINOIS

Innovate Illinois is a highly selective entrepreneurial competition where innovative companies have the opportunity to compete for a $40,000 cash prize from the Illinois Department of Commerce and Economic Opportunity (DCEO). The cash prize is designed to encourage and reward companies for implementing or planning innovative products, services, or processes that have or will have a lasting economic effect on Illinois.

Interested companies apply to the program to represent one of the State’s 18 Entrepreneurship Centers (EC). To find an EC, visit the Illinois Department of Commerce and Economic Opportunity’s website. Each EC will select two companies for the competition, one in each of the two tracks: early and later stage.

Early Stage: A company with an idea for an innovative product, service, or process that will have a lasting economic impact on the state of Illinois

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

Note: Companies applying for Innovate Illinois must have generated less than $5 million in revenue during their last fiscal year.

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.

All applicants must complete an application to be considered for this highly selective program. A total of 36 companies (2 from each EC) will be selected to proceed to a state-level semi-final competition. As a result of the semi-final competition, 12 companies (6 in each track) will proceed to a state-level final competition. As a result of the final competition, 1 winner and 1 runner-up will be selected from each track. Eventual winners of Innovate Illinois 2008 will be expected to participate in 2009’s program to help recruit companies for next year. Also, all winners will need to periodically provide information regarding company growth after completion of Innovate Illinois.