Summary
Illinois universities employ a two-tier approach to foster entrepreneurship, combining educational programs with strong technology transfer office support. Recent data from the Illinois Innovation Index shows a three-fold increase in university-incubated start-ups over five years. Licensing activities by these universities have outpaced the US national average, with Chicago institutions contributing the majority of new ventures. Flagship programs at Northwestern University and the University of Chicago have facilitated successful start-ups, particularly in biomedicine and IT. Notable patents such as Prezista and Lyrica highlight the impact of university-led innovation in Illinois.
Universities in Illinois operate a two-tier approach to technology commercialisation: they generate interest through educational programmes on applied entrepreneurship, and then use their technology transfer offices (TTOs) to support development through patenting, licensing and commercialising inventions. These programmes have been significant for early-stage companies, providing access to academic networks, idea promotion, mentorship and assistance with securing funding.
Growth in Start-Up Activity
According to the latest Illinois Innovation Index report, the number of start-ups being incubated by Illinois universities has increased three-fold in the last five years. The Index, an initiative of the Illinois Science and Technology Coalition, the Chamber of Commerce and World Business Chicago, tracks technology-based entrepreneurial activity in Illinois on a quarterly basis.
Licensing by Illinois universities has grown at twice the national rate over the same period. Universities in the Chicago area produced 79% of university-generated start-ups since 2010, bringing the total number of active start-ups to over 450. Two institutions, the University of Chicago and Northwestern University, account for nearly two-thirds of those start-ups.
Key Programmes and Incubators
Northwestern University’s flagship applied entrepreneurship course, NUVention, and the University of Chicago’s incubation programme, the Chicago Innovation Exchange, which provides 17,000 sq. ft of space for students and residents, have both been instrumental. Companies that have emerged from these programmes include Braintree, Grub Hub and Innoblative.
Sector Concentration and Notable Patents
Approximately 75% of these start-ups operate in the biomedicine and information technology sectors. Among notable life-sciences patents filed by Illinois universities in recent years are those relating to Prezista, used in the treatment of HIV, and Lyrica, used to control seizures.
Disclaimer
This article is for general information and does not constitute legal advice. Readers should consult a qualified attorney before acting on any matter discussed here.