SPRINGFIELD, Ill. (WAND) – University of Illinois Springfield has a new business venture. They are taking over Innovate Springfield, a downtown innovation and business incubator.
The university has acquired Innovate Springfield, in an effort to expand economic growth, entrepreneurship opportunities and social progress. The company started to bring growth to Springfield. On Aug. 1 the building was given to the university.
UIS will now be a hub called Illinois Innovation Network, that is intended to connect universities and foster entrepreneurship in various fields.
As the network’s first hub, Innovate Springfield will receive $1.5 million in funding over the next three years to expand programs supporting start-up businesses, entrepreneurs and innovation that promotes the public good.
“As the first statewide hub of the new Illinois Innovation Network, UIS faculty, students and local companies will work side-by-side and with experts across the state to develop solutions, promote entrepreneurship and empower inventors of the future,” Koch said. “It’s an ideal combination for all entities involved in this partnership,” Chancellor Susan Koch
UIS students and faculty will benefit from new learning and research opportunities that will be available through Innovate Springfield and IIN.
"Not only is this a step toward UIS having a more significant presence downtown – something local officials have discussed for years – it is the first of many incredible things to come for the capital city as a result of this project," State Senator Andy Manar said.
Manar was a big part of in the success of Innovate Springfield along with U of I leaders.
"This endeavor represents the same kind of resilience and can-do thinking that for 200 years has propelled Illinois to the top in agriculture, food sciences, computer technology, health care innovation and entrepreneurship," said Manar,
Innovate Springfield opened in 2014 and several members are working on starting up companies.
