- Associated Press - Tuesday, January 28, 2014

CHICAGO (AP) - Illinois will provide a $2.5 million grant to help open a center for medical technology startups in downtown Chicago, a project officials hope will see the same success as a similar hub for new digital businesses.

Gov. Pat Quinn is expected to announce funding for the project during his State of the State address Wednesday.

The center, which is expected to open later this year, will be a place for entrepreneurs and prospective investors in medical technology to seed new companies, said Dave Roeder, communications director for the Illinois Department of Commerce and Economic Opportunity.

The approximately 25,000-square-foot facility will offer office space for startups and classes and other events for entrepreneurs and industry professionals.

It is modeled after 1871, a Chicago hub for digital startups that Quinn and Mayor Rahm Emanuel have said created 800 jobs and attracted nearly $30 million in capital investments in its first year.

The project, which was first reported by Crain’s Chicago Business, will be a public-private partnership and be run by a not-for-profit organization, Roeder said.

It also will receive a $1 million loan from either the Department of Commerce and Economic Opportunity or the Illinois Finance Authority.

Roeder said Chicago is seen as an ideal site for such a center because of its access to research institutions and existing medical technology companies.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide