U of I startup incubator wins $800,000 in grants
The University of Illinois' startup incubator has received two grants worth more than $800,000 to support entrepreneurs and startup programs across the state, according to a press release.
The university's EnterpriseWorks received a $549,620 Economic Adjustment Assistance Grant from the U.S. Economic Development Administration. The five-year grant will be used to start the Illinois University Incubator Network (IUIN) and a related conference, mentoring network and resource-sharing system for all business incubators in the system.
Many other universities are already part of the IUIN, including Bradley University, Eastern Illinois University, Illinois Institute of Technology, Millikin University, Northern Illinois University and Olivet Nazarene University.
EnterpriseWorks also received a five-year University Center Grant from the USEDA for $270,000. It is the second time the incubator program has been awarded the grant, which will help entrepreneurs and small businesses south of Interstate 80. Teams of students will support the businesses by providing tech support, market research, assessment of competition and design and technical consultation.