Event

Chicago’s Booming Life Sciences Ecosystem and the Economic Impact of Illinois’ Medical Innovations

On August 22, Nancy Sullivan, Congressman Brad Schneider, and key leaders in the Chicago and U.S. innovation ecosystems discussed the economic impact of medical innovations in Illinois and the next steps in Chicago’s life science and development boom at the Explore Illinois Innovation Ecosystem event.

As a driver of Chicago’s life science community and one of the country’s leading university tech commercialization experts, Nancy weighed in on role of VC in Illinois’ innovation ecosystem, the pipeline of cutting-edge life science and tech companies from UIUC and UIC, and the important role IP plays in developing and commercializing technology.

Backed by 20 years of investment and engagement with the University of Illinois System Illinois Ventures is a proud leader in the state’s growing life science community. Today, our portfolio of companies like Psyonic, Cast21, Photonicare, and cystetic Medicines is tackling major life science and med tech innovations, while driving significant economic development. Illinois Ventures portfolio companies have raised $2B+ in additional funding, and have provided hundreds of high tech jobs here Illinois.

But the tech industry drives economic development far beyond the individual jobs created at a company. For each new high-tech job created in a metropolitan area, five additional professional and service-based local jobs are created outside of high-tech in the long run.1

This means that as Illinois Ventures’ portfolio companies hire programmers, researchers, and engineers, the city’s job market overall grows to support it. We’re excited to watch Chicago and Illinois’ ecosystems and economies grow and more tech startups make the state their home.

Hosted by the Chicagoland Chamber of Commerce and the U.S. Chamber of Commerce Global Innovation Policy Center, the Explore Illinois Innovation Ecosystem event focused on future of the Illinois’ life science community and its economic impact on Illinois, especially in the Chicagoland area, which is home to dedicated industry leaders including iBIO, Horizon, Astellas, and Abbott.

This event is the latest in a series of local events from the U.S. Chamber’s Discover & Deliver initiative—telling the story of our brightest scientific minds and most innovative companies in their work to deliver lifesaving solutions from the laboratory to the patient.

1 Moretti, Enrico. The New Geography Of Jobs. Boston : Houghton Mifflin Harcourt, 2012. Page 60