Chicago West Side Entrepreneurship Center Launches INNOVATE Illinois in October 2004

Business Wire, Sept 15, 2004

CHICAGO -- Illinois Business Leaders Back Competition to Recognize Excellence in Business Innovation in Manufacturing, Service and Environmental Sectors

The Chicago West Side Entrepreneurship Center, a partnership between Chicago Community Ventures and the University of Illinois at Chicago, and funded by Governor Rod Blagojevich's Opportunity Returns economic development program through the Illinois Department of Commerce and Economic Opportunity (DCEO), is launching the INNOVATE Illinois Northeast 2004 Challenge to recognize some of the most innovative small companies in the 10-county northeast region of Illinois. This business innovation competition will kick off on October 5 at DePaul University, and will culminate at an event on March 1, 2005 where the 15 small business finalists will present their innovation and winners will receive awards.

This competition will highlight the outstanding products or services that are vitally important to the economic health of Illinois. Awards will be given to the most innovative high-growth companies in each industry - manufacturing, service and environmental - based on the strength of their business and the potential impact of their innovation. An additional award will be given to the top minority-owned business and women-owned business in those industries as well.

INNOVATE Illinois will kick-off with an 'Innovation Workout' day on October 5th. The day will highlight key topics related to technology, financing, innovation and strategy, and will feature some of the top business leaders and entrepreneurs in the region. Jack Lavin, Director of Illinois DCEO, and Lori Healey, Principal of Perkins & Will, are co-chairs of INNOVATE Illinois. Sponsors of INNOVATE Illinois include Illinois DCEO, Microsoft, ComEd, Nicor, Perkins & Will, IllinoisVENTURES, the Chicago I-TEC, Chicago Community Ventures, DePaul University, Kendall College, Orbitz, Intranets.com, the Chicagoland Entrepreneurial Center, K Andre Consulting and others.

"It is exciting to be involved with INNOVATE Illinois in recognizing some of our best small business talents," said DCEO Director Jack Lavin. "Our continued economic success will be dictated by the creative ideas generated by small businesses throughout Illinois. Governor Blagojevich and I are dedicated to doing all that we can to help these companies grow and prosper, and this competition is a great way of rewarding those cutting edge businesses fueling our economic recovery."

"Perkins & Will has long understood the important role that creativity and innovation can play in advancing organizational and business objectives," said Lori Healey, Principal, Perkins & Will. "INNOVATE Illinois is a fantastic opportunity for Illinois' small businesses to gain not only recognition but also support for their innovation."

"INNOVATE Illinois is a unique opportunity and event for small businesses in these industries to spotlight their most innovative products, services or processes," said Stephen Maduli-Williams, Executive Director of Chicago Community Ventures, provider of innovative growth capital and business solutions to emerging businesses in low- to moderate-income communities throughout the Chicago area. "Chicago Community Ventures is pleased to support this event as it results in cash funding for the next critical milestone of a great business innovation."

"Small business innovators are the drivers of economic growth. This year we selected diverse industries for this challenge that are the foundation of Illinois and deserve to be spotlighted," said Susan Alnaqib, Director of the Chicago West Side Entrepreneurship Center. "We have a fantastic group of sponsors who are behind INNOVATE Illinois who will champion this great program to recognize excellence in innovation in our region."

Key Dates:

Event                     Date           Time             Place
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Launch                October 5,    8 a.m. - 5 p.m. DePaul University,
                         2004                          Loop Campus
                                                          Visit
                                                     www.CWSEC.org to
                                                         register
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Information Webinars  October 12,       3 p.m.            Visit
                      13, 14, 2004                   www.CWSEC.org to
                                                         register
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Initial Applications  November 15,                        Visit
 Due                     2004                        www.CWSEC.org to
                                                         submit
                                                       application
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Announce Finalists    January 3,
                         2005
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Business Innovation   February 7,
 Plan Due                2005
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Presentation and
 Awards Ceremony     March 1, 2005  1 p.m. - 7 p.m.   Kendall College
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