Inaugural Illinois innovation index released
Today, four organizations partnered to recognize the inspiring participation of venture capital investors in growing Illinois business and unveil a new, monthly digital monitor to report innovation activities and performance.
Innovative, emerging startups, mainly within the Chicagoland area, have been attracting investors at record levels since the end of the recession in June, 2009. The dedication of venture capital investors to build up Illinois businesses progressively encourages economic vigor within the city and state, increasing productivity and supporting job growth.
According to data generously provided by the Illinois Venture Capital Association, in 2010, more than $1.4 billion was invested in Illinois businesses, and the first two quarters of 2011 have followed this pattern, with a total of nearly $856 million invested, year to date.
“Illinois has been an innovation hub for many decades, and the promising resurgence in venture capital investment ties to the state's hotbed of young companies, technology start-ups, the strong pipeline of higher education institutions, exceptional talent as well as state and local government support,” said Governor Pat Quinn. “This is good news for enterprise and policymakers that look to Illinois as a prime destination for investment.”
“The new Illinois Innovation Index is testament to the power of collaboration among many of the organizations charged with making the city and state the premier place to start or grow a business,” said Rita Athas, President of World Business Chicago. “The Index will be a significant benchmarking tool as we work to grow, attract and retain companies.”
The Illinois Innovation Index, a visually-dynamic monthly monitor, will provide vital information on investment activity across the state. The inaugural issue is scheduled to be delivered on Thursday, September 15, with subsequent monthly digital deliveries including entrepreneurial survey results and data on university tech transfer, productivity, and new business startups. The data, analysis, and insight from each edition will form the basis of a larger report on innovation. In addition, the underlying data and related tools that inform each issue will remain available for additional use and analysis and can be accessed via IllinoisInnovation.com.