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Press Release - Friday, January 24, 2025
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Governor Pritzker Announces $7 Million Tech Incubator Enhancement Grants
Capital grant funding supports entrepreneurship and innovation in key growth industries
CHICAGO - Today, Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) announced $7 million in funding for the Tech Incubator Enhancement Grants Program (TIEG) to support entrepreneurship and innovation in key growth industries through startup incubators. This grant funding will strengthen Illinois' technology network by increasing the resilience of existing technology incubators. Grantees will be selected through a competitive Notice of Funding Opportunity (NOFO) process.
"Here in Illinois, we're providing the critical support that startups need to grow and drive the future of technology," said Governor JB Pritzker. "Thanks to the TIEG program grants, we're strengthening our innovation system, modernizing incubators, and solidifying Illinois as a leader in cutting-edge industries. I highly encourage all eligible entities to apply for this funding opportunity."
TIEG was designed to modernize and revitalize tech incubators across Illinois to meet the evolving needs of startups. This initiative aims to support the transformation of tech spaces, embracing a hybrid work model, and fostering an ecosystem of innovation, collaboration and resilience.
"Illinois' technology incubators are showing incredible growth and possibility. The TIEG grant funding opportunity will help sustain that momentum," said Lt. Governor Juliana Stratton. "There's never been a better time to do business in Illinois and I can't wait to witness the continued development of the technology landscape."
In addition to strengthening Illinois' existing incubator foundation, TIEG will also lean into key growth industries of the future as outlined in Illinois' 2024 Economic Growth Plan, including:
• Life sciences
• Quantum computing, AI, and microelectronics
• Clean energy production and manufacturing
• Advanced manufacturing
• Next generation agriculture, agriculture tech and food processing
• Transportation, distribution, and logistics
"Guided by the objectives outlined in Illinois' 2024 Economic Growth Plan, the new Tech Incubator Enhancement Grants Program will strengthen our state's technology incubator ecosystem" said DCEO Director Kristin Richards. "Illinois is renowned for its innovation, and this grant opportunity will provide incubators with the support necessary for continued growth."
This program will enable the State of Illinois to provide capital grants to support facilities and equipment to establish new incubators in parts of the state where entrepreneurs do not have access to these services. By supporting existing incubators' adaptation to a changing business environment, the State is increasing their resilience so they can continue to play a foundational role in Illinois.
"Illinois is preparing its workforce for the jobs of the future by focusing on key growth industries for economic development," said Senator Paul Faraci (D - 52). "Through the Tech Incubator Enhancement Grants, startup incubators throughout Illinois will have the chance to secure critical support to thrive across a variety of industries."
Qualified entities include existing startup incubators that opened before March 1, 2020, and are still in business, and new startup incubators that focus on a key growth industry, as defined by Illinois' 2024 Economic Growth Plan, and will serve an area lacking incubator resources.
"Many tech incubators across Illinois proved their resilience over recent years, and the TIEG grant funding opportunity will provide resources to continue on their forward trajectory," said Senator Mattie Hunter (D - 3). "I look forward to seeing the innovative successes that come as a result of the State of Illinois supporting our startup tech incubators."
Through a competitive Notice of Funding Opportunity (NOFO) qualified entities can apply for grants from $10,000 to $3 million. Applications will be accepted until March 17, 2025, at 5 p.m. To view and apply for the grant, please visit the DCEO website. Interested parties are encouraged to reach out to CEO.GrantHelp@illinois.gov for application assistance. To help applicants prepare to apply for funding, DCEO will be holding a technical assistance webinar from 2-3 p.m. on January 24.
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