Business Incubator Secures $50,000 Funding to Support Entrepreneur Development Program

The University of Illinois Research Park’s EnterpriseWorks incubator has been awarded $50,000 as a Stage One winner in the U.S. Small Business Administration’s 2024 Growth Accelerator Fund Competition (GAFC). This funding will help kickstart a new initiative called the Entrepreneurial Leadership Development Accelerator (ELDA), aimed at connecting scientific minds with emerging entrepreneurial leaders.

Director of Entrepreneurship Gerald Wilson highlighted the need for more entrepreneurs to bring the university’s new technologies to market. The SBA recognized EnterpriseWorks for its impactful approach to fostering a collaborative innovation ecosystem for small business research and development.

The ELDA program will focus on identifying and cultivating talent to support the formation and growth of new science-based startups. The Office of Technology Management will work with EnterpriseWorks to identify potential technologies in sustainability and biotechnology for new businesses.

During Stage One, EnterpriseWorks will collaborate with university partners to define participant profiles, recruitment strategies, curriculum, and mentorship processes. The goal is to establish a strong foundation for the ELDA program that can benefit stakeholders across Illinois.

If awarded Stage Two funding, EnterpriseWorks plans to launch the first cohort of the ELDA program in the fall of 2024. The program aims to recruit cohorts that are at least 50 percent women or other underrepresented groups, emphasizing diversity and inclusion in entrepreneurship.

Wilson expressed confidence in the incubator’s track record of leveraging funds to pilot new programs, indicating optimism for securing Stage Two funding. The ELDA program holds promise for bridging the gap between scientific innovation and entrepreneurial leadership, driving economic growth and innovation in the region.