Karis: Illinois universities have been CRANKING out startups the past several years. And thanks to the Illinois Science and Technology Coalition (ISTC), we now know exactly how many.
Jim: Illinois universities produced 285 startups in 2016, which is up 95% from the previous year. From 2012 to 2016, Illinois universities produced more than 800 startups, which is up nearly 100% compared to 2009–2013, according to the ISTC’s annual report.
Not only are universities launching startups, they’re creating ventures that stick around: Of the 804 Illinois university startups that were founded between 2012 and 2016, 78% remain active or have been acquired. And of those companies, 81%—roughly 500 companies—remain in Illinois. That number is the highest the ISTC has recorded since it began its annual survey in 2013.
Karis: Even though I’ve only been covering university startups for about two years in the Illinois area, I’m amazed at the startups that I’ve seen go from student project to university accelerator to venture competition to coworking space to viable startup (think Tovala, Cast21, NuCurrent, Hazel Technologies, Amber Agriculture and more).
Given we’ve seen some big moves by universities to support these on-campus ventures in recent years, from Northwestern opening the Garage, UIUC launching the iVenture Accelerator and UChicago creating a $25M fund for early stage startups, I wouldn’t be surprised if this continued. [More here]