Grants

iBIO Entrepreneurship Center Innovation Challenge Grants

The iBIO Entrepreneurship Center serves as a conduit to the Illinois Department of Commerce and Economic Opportunity’s (DCEO) Illinois Innovation Challenge Program, offering Illinois-based start-up companies with a) technical assistance grants to assist with the SBIR/STTR grant writing process, and b) partial matching grants once federal funds for Phase I SBIR/STTR are granted.

For more information about the Illinois Innovation Challenge Grant Program, contact the iBIO Entrepreneurship Center at propel@ibio.org or call 312.422.1111 extension 5.

Click Here for to view more information on the Innovation Challenge Technical Assistance Grant

iBIO Entrepreneurship Center Matching Grants

The iBIO Entrepreneurship Center, with financial support from DCEO and as part of IEN, administers a grant award program targeted at biotechnology-focused companies in Illinois. The purpose of this program is to assist individual entrepreneurs or small businesses with high-growth potential in obtaining professional services for comprehensive business planning assistance, assist in the acquisition of capital, the evaluation of a proposed start-up or expansion, or other accelerated support purposes.

iBIO Entrepreneurship Center staff work with the applicants to determine the unique professional service needs of each life sciences-focused entrepreneur and small business. Matching grant award funding must be targeted to the successful achievement of a significant business milestone. Most awards are $5,000, although larger awards up to $15,000 can be approved on an individual, case-by-case basis. Recipients are required to provide a cash match of 100% of the award amount.

Click Here for to view more information on the Innovation Challenge Matching Grant

Matching Grant Guidelines, Process, Eligibility, Requirements

Application Award Guidelines
Award applications must be completed in accordance with the instructions established by the iBIO Entrepreneurship Center and will be reviewed and evaluated by iBIO Entrepreneurship Center staff. Evaluations of complete applications are reviewed and funding recommendations are submitted to the iBIO Entrepreneurship Center Awards Committee. Applicants may be notified of deficiencies and may be given the opportunity to submit revisions. Given the significant demand for this award program, the application process is selective and awards are based on project viability, growth potential, public purpose, need and merit-based factors. An applicant can apply for funding to cover services provided by no more than two professional service providers. iBIO Entrepreneurship Center staff will notify applicants of the evaluation determination within 30 days of receiving a completed application. In those circumstances where award applications do not meet these criteria for entrepreneurship awards, iBIO staff may recommend alternative assistance programs.

Application Award Process

An application is not considered complete until a PROPEL Program Application and iBIO Entrepreneurship Center Matching Grant Application, a copy of the company's Business Plan (or Executive Summary) and a copy of the selected service provider's proposal are received at the iBIO Entrepreneurship Center electronically.
Completed applications will go through an internal review at the iBIO Entrepreneurship Center to assess the company's growth potential, management, and operations. Applicants will then be notified if they will continue through the award process or be recommended to other applicable services. Applicants continuing through the process will then meet with a iBIO Entrepreneurship Center representative for further due diligence which entails either a site visit or in-person interview.
During the review process, we may request additional information to help support your application. To expedite the process, please be forthcoming in providing supporting information.
The iBIO Entrepreneurship Center Awards Committee will then review completed applications and will notify you of a decision.
You will be notified of a decision within 30 days of submitting a complete application.
If the iBIO Entrepreneurship Center Awards Committee grants you the award, then you must complete the following two steps before the funds are released: 1) you must sign an award agreement that will be sent to you by an iBIO Entrepreneurship Center representative, and 2) you must put 25% of the project cost down with the service provider to show that you have committed to the project. Once you put money down, you must provide an invoice from the service provider detailing the project, its costs and your down payment. You will then have 60 days to start the project. Once you have been granted an award, paid 25% of the project cost to the service provider, and submitted an invoice from the service provider, the award check will be released and sent directly to the service provider within a couple of weeks after your iBIO Entrepreneurship Center representative receives your invoice from your service provider. Note: these percentages can be altered slightly on a case-by-case basis upon approval from the iBIO Entrepreneurship Center.

Eligible Applicants
Eligible applicants include businesses that meet all of the following requirements:

A small or medium-sized for-profit, entrepreneurial business of 500 employees or less, with less than $10 million in annual revenue
Located in the State of Illinois
Currently or will be engaged in creating new services or products with high growth potential, with a recent or projected growth rate of at least 10% or 20% in employment and revenue annually over a three-year period

Funding Availability and Match Requirement
The funding available per individual grant award is $5,000, although larger award of up to $15,000 can be approved on an individual, case-by-case basis. Applicants will be required to provide a cash match of 100% of the award amount.

Award Application Assistance and Award Submission
Resources are available to assist you in completing this application. Contact the iBIO Entrepreneurship Center for application forms and information. Please submit completed award applications to propel@ibio.org.