ITEC seeks to fund commercial start-ups
Center will use recent award to provide several grants for early-stage technology companies

The Illinois Technology Enterprise Corporation (ITEC) - Evanston is inviting faculty members to apply to its pre-seed fund for technology startup companies.

Northwestern recently was awarded a $490,000, one-year grant by the Illinois Department of Commerce and Community Affairs (DCCA) to support continuation of the center. A component of the new grant is a pre-seed fund for technology startups. The center expects to make up to five awards of $25,000 each to early-stage companies. More information about the program can be found at www.itec-evanston.org or northwestern.edu/itec.

As mandated by DCCA, ITEC-Evanston has established an advisory board to serve as the decision-making body for the investments. The advisory board includes two Northwestern faculty members, Donald Haider, professor of management and strategy, Kellogg School of Management, and William White, professor of industrial engineering and management sciences, McCormick School of Engineering and Applied Science. Other board members are three Chicago-area venture capitalists, Chris Girgenti, William Blair New World Ventures; Bret Maxwell, MK Capital; and Judy Meyers, Portage Ventures, and one attorney, Scott Glickson, Gordon & Glickson.

Lydia Villa-Komaroff, vice president for research, said, “Over the last two years the ITEC team has made a valuable contribution to the University’s technology commercialization process. As a major research institution, we are committed to support faculty in their efforts to create companies when they deem it to be appropriate. The ITEC program is an integral part of this support structure.”

The center, which is managed by the University, was established to start and grow successful technology-driven companies in the region by providing entrepreneurs with economic and business assistance and by facilitating collaborations with Northwestern faculty, research scientists and students. The center has served more than 150 entrepreneurs and early-stage companies since its inception, according to Jeff Coney, the center’s director.

The center was established in April 2000, the first ITEC center in the state, with a $500,000, two-year grant from the state, $150,000 and office space from the University and $50,000 from the Northwestern University/Evanston Research Park.