The Illinois Innovation Venture Fund
- Company typePrivate
- Founded-
- Headquarters—
- Headcount—
- GTM typeB2B
- OfferingServices
The Illinois Innovation Venture Fund firmographics
Firmographics- Name
- The Illinois Innovation Venture Fund
- Legal name
- Illinois Innovation Venture Fund (INVENT)
- Website
- https://dceo.illinois.gov
- Company type
- Private
- Operating status
- Operating
- Ownership category
- akta.pro rank
The Illinois Innovation Venture Fund industry classification
Industry- Product category
- Venture Capital
- NAICS
- Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239)
- akta.pro primary industry
- Early-Stage Venture Capital (Series A/B) (FSANAAAB)
- akta.pro secondary industry
- Accelerators & Incubators (Investor-Operated) (FSANAAAM)
Keywords
The Illinois Innovation Venture Fund business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Others
Revenue model
- Equity Investment Returns: INVENT makes direct equity investments in Illinois-based startups. The fund generates returns through equity stakes in portfolio companies, with the goal of attracting private capital and driving innovation-based job creation in Illinois.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
The Illinois Innovation Venture Fund product offering
Product offeringCore offering
The Illinois Innovation Venture Fund (INVENT) makes direct equity investments in Illinois-based startups to attract private capital and expand access to early-stage funding. As a state government program under DCEO's Office of Entrepreneurship, Innovation & Technology, INVENT deploys public equity capital to strengthen Illinois' venture ecosystem and drive innovation-based job creation. Investment terms are determined on a deal-by-deal basis through DCEO processes.
Product overview
The Illinois Innovation Venture Fund (INVENT) is a direct equity investment program that provides funding to Illinois-based startups to attract private capital and expand access to early-stage funding. INVENT operates as a standalone program under DCEO's Office of Entrepreneurship, Innovation & Technology (EIT), alongside other EIT initiatives including grant programs (SBIR/STTR Matching, Illinois Innovation Vouchers), loan programs (Advantage Illinois), and tax incentive programs (Angel Investment Credit, New Markets Development).
Differentiator
Problem solved
Functional benefit
Products and services
- Illinois Innovation Venture Fund (INVENT) Direct Equity Investment
Quantifiable outcome
- Nearly $90 million in total new investment generated from $15.4 million Wet Lab Capital Program investment
- +1 more outcomes
Companies that use The Illinois Innovation Venture Fund
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles2 records
The Illinois Innovation Venture Fund technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
The Illinois Innovation Venture Fund partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- Illinois Economic Development Corporation (IEDC)coreIEDC is the state's economic development organization and a key partner of DCEO in business attraction efforts. As a valuable resource for businesses seeking expansion or relocation in Illinois, IEDC connects companies with its network of partners and provides essential data, site selection assistance, and guidance to ensure successful business operations.
- Illinois Small Business Development Centers (SBDCs)coreIllinois SBDCs offer no-cost, confidential advising on business planning, financial analysis, access to capital, and growth strategy. SBDCs are located statewide to help entrepreneurs at every stage of business development and serve as a referral network for DCEO programs including INVENT.
- Illinois Innovation NetworkcoreThe Illinois Innovation Network provides an online directory of tech parks, accelerators, incubators, working spaces and more across Illinois, supporting the innovation ecosystem that INVENT targets for investment.
- International Trade Centers (ITCs)minorITCs provide market research, export guidance, and connections to trade representatives for businesses looking to enter or expand in global markets. Part of EIT's business support network.
- APEX AcceleratorsminorAPEX Accelerators help businesses navigate the process of selling products or services to federal, state, and local government agencies, increasing access to contracting opportunities. Part of EIT's business support network.
- Illinois universities and research institutionscoreThrough the Illinois Innovation Vouchers Program, DCEO helps small businesses collaborate with Illinois universities and research institutions to develop and test new products, technologies, or processes. Also required for STTR program collaboration.
- FAST Center at Illinois | Research ParkcoreThe FAST Center provides assistance with federal SBIR/STTR applications for Illinois small businesses, supporting the pipeline for INVENT and SBIR/STTR matching program recipients.
Scale indicators10 records
Recent moves6 records
Expansion highlights4 records
The Illinois Innovation Venture Fund competitors and assessment
Company assessmentOthers
- Illinois Economic Development Corporation (IEDC): IEDC is the State's lead economic development organization and a core partner of INVENT/DCEO. While not a direct investor, it sits in the same Illinois state economic development ecosystem and refers companies to INVENT, making it a closely connected ecosystem participant.
Direct peers
- Virginia Innovation Partnership Authority: VIPA is Virginia's state authority that makes equity and commercialization investments in Virginia-based startups. It operates a comparable state-funded early-stage investment model with similar mission-driven objectives to INVENT.
- Connecticut Innovations: Connecticut Innovations is a quasi-public state venture capital fund that makes direct equity investments in Connecticut-based startups. It is the most direct functional peer to INVENT, operating under a similar state-backed equity investment model with comparable economic development goals.
- Elevate Ventures (Indiana): Elevate Ventures is a state-backed venture capital fund that invests in Indiana-based high-growth startups. It operates a similar state-affiliated early-stage investment model with comparable economic development objectives.
- Ben Franklin Technology Partners: Ben Franklin Technology Partners is a state-backed technology investment fund that provides equity and grants to Pennsylvania-based startups. It closely mirrors INVENT's model of state-funded early-stage technology investment paired with broader economic development objectives.
- NY Ventures: NY Ventures is the venture capital arm of Empire State Development, New York's state economic development organization. It makes direct equity investments in New York-based startups, making it a direct functional peer to INVENT with similar state-backed VC mechanics.
- Ohio Third Frontier: Ohio Third Frontier is a state technology-based economic development program that provides funding to Ohio-based startups and technology companies. It is a direct functional peer to INVENT as a state-backed technology investment program with similar equity and grant mechanisms.
- Wisconsin Economic Development Corporation: WEDC is Wisconsin's state economic development organization that deploys capital programs including early-stage investment funds for Wisconsin startups. It parallels INVENT's integration of venture investment incentives within a broader state economic development portfolio.
- Massachusetts Technology Collaborative: MassTech Collaborative is a state-funded quasi-public agency that invests in and supports Massachusetts-based technology and innovation companies. It is a comparable state-backed technology investment entity with similar innovation and economic development mandates.
Regional players
- LaunchKC / Missouri Technology Corporation: Missouri Technology Corporation is a state-funded public-private partnership that provides funding and support for Missouri-based technology startups. It is a comparable state-affiliated innovation investment entity operating in an adjacent Midwest geography.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks5 records
Key highlights6 records
Customer concentration
The Illinois Innovation Venture Fund financial estimates
Financial estimateRevenue estimate
Valuation estimate
The Illinois Innovation Venture Fund leadership team
Management profileNumber of profiles
The Illinois Innovation Venture Fund funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
The Illinois Innovation Venture Fund M&A and investment
M&A and investmentM&A
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about The Illinois Innovation Venture Fund
What does The Illinois Innovation Venture Fund do?
The Illinois Innovation Venture Fund (INVENT) makes direct equity investments in Illinois-based startups to attract private capital and expand access to early-stage funding. As a state government program under DCEO's Office of Entrepreneurship, Innovation & Technology, INVENT deploys public equity capital to strengthen Illinois' venture ecosystem and drive innovation-based job creation. Investment terms are determined on a deal-by-deal basis through DCEO processes.
Is The Illinois Innovation Venture Fund a public or private company?
The Illinois Innovation Venture Fund is a private company. It is classified as state government owned and is currently operating.
When was The Illinois Innovation Venture Fund founded?
The Illinois Innovation Venture Fund was founded in -1.
How does The Illinois Innovation Venture Fund make money?
One revenue line is on record: equity Investment Returns.
Who are The Illinois Innovation Venture Fund's main competitors?
Illinois Economic Development Corporation (IEDC) is listed as an others. Direct peers are Virginia Innovation Partnership Authority, Connecticut Innovations, Elevate Ventures (Indiana), Ben Franklin Technology Partners, NY Ventures, Ohio Third Frontier, Wisconsin Economic Development Corporation and Massachusetts Technology Collaborative. LaunchKC / Missouri Technology Corporation is listed as a regional player.
Does The Illinois Innovation Venture Fund have an API?
No public API is recorded for The Illinois Innovation Venture Fund.
What industry is The Illinois Innovation Venture Fund in?
The Illinois Innovation Venture Fund's product category is Venture Capital. Its primary akta.pro industry code is FSANAAAB, Early-Stage Venture Capital (Series A/B), with a secondary code of FSANAAAM, Accelerators & Incubators (Investor-Operated). Its NAICS code is 5259.