Illinois Gov. Pat Quinn unveils major 1871 tech hub expansion
Daniel X. O'Neil | cc-licensed
Chicago tech incubator 1871 will expand by 50 percent with an infusion of funds from the State of Illinois.
No doubt about. Illinois Gov. Pat Quinn is going full tilt on the business development and job creation fronts as he fights to get re-elected in November.
Just one day after announcing that eBay(Nasdaq: EBAY) would expand its presence in Chicago and add hundreds of jobs over the next three years, Quinn today said that 1871, Chicago's high-profile tech incubator, will get a $2.5 million infusion from the State to grow the space's footprint in the Merchandise Mart by 25,000 square feet this summer — a 50 percent increase in its current size.
And for the second day in a row, Quinn emphasized that 1871's expansion would mean job creation in Illinois. Noted Quinn: "In just two short years, 1871, its member companies and alumni have created more than 1,000 jobs. 1871 has become a true entrepreneurial hub for our state, and its expansion means more career opportunities for the hardworking residents of Illinois."
The 1871 expansion also will allow the incubator to house larger startup companies that have outgrown their current space, but would like to continue to grow within the 1871 environment. State executives said 1871 would expand in the categories of food technology, real estate technology, education technology, financial technology, startup engineering and women-owned technology businesses. In addition, the expanded 1871 will house venture capital firms looking to invest in local companies.
The expansion is expected to be complete and open in mid-October, just in time for the gubernatorial election in early November.
Tech incubator 1871 was launched in partnership with the state of Illinois on May 2, 2012. The original 50,000-square-foot space was built out with a $2.3 million Illinois Department of Commerce and Economic Opportunity investment.
To date, 1871 has graduated nearly three dozen companies that have collectively created nearly 400 jobs and raised nearly $40 million in venture capital funding.
