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Illinois and Georgia Create New Funding Initiatives for Entrepreneurs
The Governor of Illinois, Rod R. Blagojevich, announced earlier this month his plans to provide training, tools and resources to Illinois entrepreneurs.
By J. Christian Phillips American Venture Magazine
In order to spark economic activity and create jobs in Illinois the Governor has announced the creation of six Entrepreneurship Centers located throughout the state. Locations will include Rock Valley College in Rockford, the University of Illinois at Urbana-Champaign, Western Illinois University in Macomb and at Southern Illinois University campuses in Carbondale and Edwardsville.
“There are countless entrepreneurs across the state with good ideas who just need a chance to show what they can do,” Governor Blagojevich said.
Along with the new entrepreneur centers will be the “Illinois Opportunity Fund”, which is meant to attract private investors, and venture capital to the state. This will be a fund of funds that looks to raise upwards of $200 million to be managed by experts in the private sector. A $200 million boost will hopefully ignite a flame in the state venture community that currently has only 14 private equity firms with an Illinois address.
A similar initiative was announced at Georgia’s first Entrepreneurship Summit held in Tifton, GA. Governor Sonny Perdue wants to make new business creation a key part of his economic development program.
Perdue looks to expand the initiatives that are already in place by making the Georgia Department of Industry, Trade and Tourism a “clearing house” for professional services and education, and recruiting more new businesses to the area. Georgia currently boasts 29 venture firms, but with new initiatives hopes to expand that number.
Perhaps the President will one day create national initiatives to help entrepreneurs succeed, but until then more states will be stepping up their attempts to foster new business and technology in order to spark a stronger economy.
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