Roosevelt University, Schaumburg launch business incubator for suburban entrepreneurs
A business incubator program born of a partnership between the village of Schaumburg and Roosevelt University is about to launch as a stronger and more permanent resource for entrepreneurs in the Northwest suburbs.
A 9:30 a.m. ribbon-cutting ceremony on Aug. 4 at the university’s Schaumburg campus, 1400 N. Roosevelt Blvd., will launch this version of the Roosevelt Incubator for Schaumburg Enterprises (RISE) program and lead into a full-day symposium featuring nationally recognized business leaders and innovators.
“It’s a huge deal,” RISE Director Brian Margulis said. “It’s been one in the making for about a year. This is something real important to Roosevelt.”
Schaumburg Economic Development Director Matt Frank said the idea of a business incubator was part of the village’s strategic plan to overcome economic setbacks caused by the COVID-19 pandemic. It became the desired use for a federal Community Development Block Grant and fell to Roosevelt University, the village’s favored partner, to implement it.
The program initially called for participants to be of low- to moderate-income to qualify.
Other grant and sponsorship opportunities brought to Roosevelt’s attention by Democratic state Rep. Michelle Mussman of Schaumburg and other legislators will now allow others to participate for a nominal fee, but at least 51% of participants must continue to be from the original income categories, Margulis said.
The program is available to anyone who lives within the service area of Roosevelt’s Schaumburg campus. It provides office space, a makerspace, photo and podcast studios, and interns to conduct research for fledgling companies that otherwise may be initially based at home.
Schaumburg is eager to be the permanent address of the businesses grown by the RISE program.
The Schaumburg Business Association also should be seen as an ideal place for new businesses to continue their networking with the community after emerging strengthened by the incubator, SBA President Andrea Biwer said.
The organization already has new members from RISE’s first cohort.
“It’s been beautiful to see this program, just in the past year,” Biwer said. “It’s a huge deal that they’re going to continue with this. I think they’re doing a great thing.”
RISE participant Mary Bouchard said she was able to benefit from an intern’s knowledge of social media marketing to grow her business, Bouchard Notary.
“Many business incubators are theoretical,” Margulis said. “This is real. We’re working with real businesses, real startups. This is a great experiential program. We’ve had four interns receive jobs. We’re getting them ready for careers.”
The free and public symposium Aug. 4 isn’t just celebrating the next phase of RISE, but also honoring the opening of the university’s Schaumburg campus 30 years ago.
Schaumburg Mayor Tom Dailly is leading the ceremony and presenting the program a $10,000 check from the village.
The opening keynote panel, “What it Really Takes to Grow a Business in Schaumburg,” features leaders from the village’s economic development department and the Illinois Small Business Development Center at Harper College.
Mussman will be the featured speaker during the lunch break, and will be followed in the afternoon by a bevy of expert presentations on practical entrepreneurial strategies.
The symposium runs until 5 p.m. and includes lunch, refreshments, networking breaks, exhibitor opportunities and a Networking Happy Hour sponsored by Dave & Buster’s.