Private investor group works with COD to fund startups
DuPage Impact LLC, a private investor group, is collaborating with the College of DuPage to fund startups.
DuPage Impact in Glen Ellyn and COD will collaborate to help find, train, develop, support and invest in startup and emerging for-profit companies that provide products and services with a social impact and encourage job creation in DuPage County.
DuPage Impact was formed to stimulate innovation throughout DuPage County and help foster an ecosystem of entrepreneurism. Founded in May 2017, it is an investor organization comprised of investors committed to strengthening the economic health and future of DuPage County with a focus on funding startup and early stage for profit social impact businesses.
"Social impact businesses are unique for their dual purpose of striving to make a profit while making a difference for the communities they serve," said Paul LeFort, co-founder of DuPage Impact.
DuPage Impact said it will implement best practices from the successful efforts of Impact Engine and 1871 in Chicago to grow new businesses in DuPage County. Impact Engine was a Chicago-based accelerator program of which LeFort was a founding investor and mentor. It started in 2012 before transitioning to a venture fund in 2015.
Tom Wendorf, co-founder of DuPage Impact grew up in an entrepreneurial family. "My father founded a gasket manufacturing business in a garage in 1941. The success and growth of that business paid for the journey and my family's truck farmer roots to college education and a comfortable middle-class life within a couple decades," he said.
He said his "subsequent success in business drives me to give back to the community that provided a place for my success."
DuPage Impact plans to provide initial funding for both startup ($25,000) as well as early stage (up to $100,000) to for-profit social impact entrepreneurs who seek to do good while also doing well financially.
Space, mentoring and support services will be provided under agreement with Innovation DuPage, the innovation centner hosted by College of DuPage in collaboration with other West suburban colleges.
For applications, go to the DuPage Impact website at dupageimpact.com.