Illinois Universities Are Producing More Startups Than Ever
Friday, May 11, 2018
More startups are being formed at Illinois universities than ever before, and those entrepreneurs are becoming more likely to remain in-state after they graduate.
That’s according to a new report from the Illinois Science and Technology Coalition, a non-profit that aims to measure and strengthen the state’s innovation economy. The ISTC found that over the last five years, students and faculty at Illinois universities founded 942 startups, which is the largest volume of startup activity the state has seen since data has been collected. That number is also more than double the amount of startups that were formed in the state during the previous five-years from 2009-2013.
But perhaps more importantly, the majority of those new businesses are opting to stay in Illinois. More than four out of five (81.3 percent) of local university-born startups that were founded in the last five years are still in Illinois today. That’s the highest percentage the ISTC has found since it began collecting this data.