The Illinois Department of Commerce and Economic Opportunity is issuing this Notice of Funding Opportunity to set forth the requirements of the Department’s Tech Incubator Enhancement Grant Program.
Donor Name: Illinois Department of Commerce and Economic Opportunity
State: Illinois
County: All Counties
Type of Grant: Program
Deadline: 03/17/2025
Size of the Grant: More than $1 million
Grant Duration: 1 Year
Details:
The tech industry in Illinois has witnessed significant changes in the wake of the COVID-19 pandemic. Remote and hybrid work models have become prevalent, altering the requirements for tech incubators. Many incubators currently have outdated equipment and infrastructure. TIEG recognizes the need to adapt and elevate new and existing spaces to empower startups for success in the new tech landscape.
The Tech Incubator Enhancement Grants Program (TIEG) aims to modernize and revitalize tech incubators across Illinois to meet the evolving needs of startups in the post-pandemic era. This initiative seeks to support the transformation of tech spaces, embracing a hybrid work model, and fostering an ecosystem of innovation, collaboration, and resilience.
In addition to strengthening the incubator foundation that currently exists within the State, this program also aims to lean into key growth industries of the future. The State will provide capital grants to support facilities and equipment at incubators for startups in key growth industries to ensure that existing incubators can continue to provide top notch services and cutting-edge equipment, and to establish new incubators in parts of the state where entrepreneurs do not have access to these services.
Funding Information
- Estimated Total Program Funding: $7,000,000
- Award Range: $10,000 – $3,000,000.
Grant Period
Anticipated start date for awards is May 1st, 2025. The period of performance is expected to be May 1st, 2025 through April 30th, 2026.
Eligible Expenses
Eligible expenses for these funds include:
- architectural planning and engineering design;
- land and building acquisition;
- costs related to site selection, preparation and improvement;
- utility work;
- new construction of buildings and structures;
- reconstruction or improvement of existing buildings or structures; and
- original furnishings and durable equipment, including scientific instruments and apparatuses with a long useful life.
Eligibility Criteria
Eligible applicants will fall into one of the two categories outlined below:
- Existing startup incubators that opened before March 1st, 2020 and are currently still in business.
- Further defined as: Non-profit organizations, including accredited public colleges or universities, that meet the following criteria:
- Operate a dedicated physical facility designed to support and foster early-stage technology startups and entrepreneurs.
- Facilitate the growth and success of fledgling companies by offering a comprehensive suite of resources, guidance, and infrastructure during the crucial initial stages of their development.
- Provide shared office spaces or workspaces with essential facilities and infrastructure, fostering a collaborative environment for startups to operate and thrive.
- Grant access to experienced mentors and advisors who offer valuable guidance, industry insights, and advice to entrepreneurs.
- Assist startups in securing funding by establishing connections with investors, venture capitalists, or by providing access to seed funding, grants, and other financial resources.
- Cultivate a community where startups can interact, share ideas, and build valuable connections through networking events and workshops.
- Offer training programs, workshops, and educational resources to help entrepreneurs enhance their skills, develop business acumen, and address specific challenges related to technology and business development.
- Provide administrative and logistical support, aiding startups with tasks such as legal compliance, accounting, and other administrative functions.
- Focus on supporting startups in one of the following industries: life sciences, quantum computing, AI, microelectronics, clean energy production & manufacturing, advanced manufacturing, next generation agriculture, ag tech, and food processing, transportation, distribution, logistics, and information technology.
- Have operated the existing incubator prior to March 1st, 2020.
- Further defined as: Non-profit organizations, including accredited public colleges or universities, that meet the following criteria:
- New startup incubators that will serve a State of Illinois key growth industry and will serve an area where entrepreneurs do not have access to incubator resources.
- Further defined as: Non-profit organizations, including accredited public colleges or universities, that meet the following criteria:
- Plan to operate a dedicated physical facility designed to support and foster earlystage technology startups and entrepreneurs.
- Plan to facilitate the growth and success of fledgling companies by offering a comprehensive suite of resources, guidance, and infrastructure during the crucial initial stages of their development.
- Plan to provide shared office spaces or workspaces with essential facilities and infrastructure, fostering a collaborative environment for startups to operate and thrive.
- Plan to grant access to experienced mentors and advisors who offer valuable guidance, industry insights, and advice to entrepreneurs.
- Plan to assist startups in securing funding by establishing connections with investors, venture capitalists, or by providing access to seed funding, grants, and other financial resources.
- Plan to cultivate a community where startups can interact, share ideas, and build valuable connections through networking events and workshops.
- Plan to offer training programs, workshops, and educational resources to help entrepreneurs enhance their skills, develop business acumen, and address specific challenges related to technology and business development.
- Plan to provide administrative and logistical support, aiding startups with tasks such as legal compliance, accounting, and other administrative functions.
- Plan to focus on supporting startups in one of the following key growth industries: life sciences, quantum computing, AI, microelectronics, clean energy production & manufacturing, advanced manufacturing, next generation agriculture, ag tech, and food processing, transportation, distribution, and logistics.
- Plan to serve an area where entrepreneurs do not have access to incubator
- Began operating as an incubator on or after March 1st, 2020.
- Further defined as: Non-profit organizations, including accredited public colleges or universities, that meet the following criteria:
For more information, visit DCEO.
