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Building the Illinois Innovation Economy Summary of a Symposium (2013) / Chapter Skim
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Keynote Address
Pages 100-104

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From page 100...
... "Of course," he began, "I do it in the context of asking why innovation is such a strong focus here, and why we need to stay focused on innovation. The obvious answer is because our society, like our global economy, depends on innovation to drive industry's economic progress and also to provide solutions to other large challenges," including provision of healthcare, food security, drinking water, clean energy sources, and others.
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From page 101...
... INVO, the Innovation and New Venture Organization at Northwestern, is not only a tech transfer office but "really an organizational framework that recognizes and finds innovation and spins that innovation into new startups." There is also more venture money in the region, he said, beginning to provide essential funding for young firms. Baxter was part of a new $200 million fund started the year before, which joins the funds of Abbott and several others totaling more than $500 million available for equity investments.
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From page 102...
... This is what we need if students are to be prepared and enthusiastic about entering STEM educational paths." He offered examples from the iBIO educational program, which has provided more than 500 teachers with a degree of professional development, problem-based learning, and the ability to teach science. It has also initiated a science investigation database where students can look up career opportunities
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From page 103...
... For later-stage developments it is easier "and continues to be very achievable." He said that many companies have managed to attract funding in Illinois rather than the old custom of moving to the East Coast or West Coast to catch the attention of VC firms. He said that in the cases of very early-stage development, corporate venture funds have an important role.
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From page 104...
... He said that a typical start-up might need about $1 to $5 million initially, in which case the $200 million Baxter corporate fund would be able to engage in "quite a few equity investments on an annual basis, and that's just speaking for one company. I think the critical phase of enabling technology to go from an academic lab into a startup is a very modest investment, and yet it brings validation that can attract more funding.
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Key Terms

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  • east coast
  • venture money
  • west coast
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  • equity investments
  • stem education
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  • economic opportunity
  • innovation hubs

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  • financing responsibility
  • organizational framework
  • conduct hundreds
  • reserve asked

  • law firms
  • energy sources
  • educational program
  • corporate funding
  • teach science

  • chicago public
  • expect corporate
  • food security
  • comfortable investing
  • clinical trials

  • global economy
  • critical element
  • recent meeting
  • clinical studies
  • innovation council


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