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Report shows record start-up activity at Illinois universities


By Jesse Schwartz
Published: April 24th, 2019

A recent report from the Illinois Science & Technology Coalition (ISTC) shows that university start-up activity in the state has reached record levels.

According to the ISTC’s annual University Entrepreneurship Report, students and faculty at Illinois universities have founded 978 start-ups in the last five years, representing the largest volume of start-up activity over any five-year period since ISTC began its reporting 10 years ago.

Two-thirds of the start-ups founded in the past five years remain active, and more than one percent have been acquired, the report states. In addition, the start-ups collectively raised more than $1.2 billion. Of those that secured funding, roughly 75% remain in Illinois, though the report finds that start-ups that raise more money are less likely to remain in-state.

In addition, the report shows that 33% of university start-ups founded in the last five years had at least one female founder, which is almost twice the national average of 17%, while around 37% of companies had at least one immigrant founder.

“Spurred by an increase in resources and support, as well as better tracking of start-ups by universities, we’ve seen explosive growth in entrepreneurial activity over the past decade,” the latest report reads. “The critical role of immigrant entrepreneurs in new venture creation illustrates the need for a start-up visa in the US, which would allow immigrant founders to stay in the country to grow their ventures.”

To download the full report, click here.

Source: Chicago Inno

Posted under: Tech Transfer e-News

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