Business plan competition will award a total of
$80,000 to four Illinois Businesses

“Innovate Illinois” is a statewide entrepreneurial and innovation competition where high-growth businesses compete on the merits of their innovations to be named the most innovative company in the state.  Last year over 130 companies applied.  Out of the hundreds expected to apply this year, 12 will be named statewide finalists, and four will win a total of $80,000 in cash prizes. 

The program is administered by the Illinois Department of Commerce and Economic Opportunity and Entrepreneurship Centers throughout the state, that work to accelerate high-growth entrepreneurial companies. In the last five years, 29 companies have won the Innovate Illinois competition receiving over $450,000 in cash and prizes.

Interested companies apply online and compete regionally at one of the 16 Entrepreneurship Centers throughout the state. The Turner Center for Entrepreneurship at Bradley University will be selecting two companies to advance to the statewide semifinals, one in each of the two tracks: early and later stage.  These companies will travel to the University of Illinois at Urbana-Champaign for a semifinals competition (and will be reimbursed for travel costs).  Those companies will have the benefit of networking with other innovators, being exposed to potential investors and receiving statewide media coverage.  

During the semifinals, each business will give a fast pitch business presentation before a panel of judges.  Each company will have seven minutes to present their businesses and innovations and answer questions from the judges.  Twelve winners from the semifinals (six winners per track) will advance to the competition finals in November.

The application deadline for Innovate Illinois is Wednesday, August 12.  Applicants who move to the semifinals round will be notified in September.  For more information about the program, or to access an application, visit www.innovateillinois.org.