State start-up investment hopes to create new jobs in Illinois (video)

Startups brainstormed idea s at 1871, Chicago startup incubator. (By Jasmine Cen/Medill)

By Jasmine Cen

The second round of the Illinois Growth and Innovation Fund will create an estimated 3,600 jobs in technology start-ups in the next three years, according to Illinois State Treasurer Michael Frerichs.

The state of Illinois is investing $220 million in the fund. Eligible candidates for investment funding must be businesses in the biological science or technology sector. The company also needs to be in Illinois and employ a large workforce from the state.

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In the first round of the fund in 2012, several recipients have shown sustainable growth. Successful businesses include SpotHero, Trunk Club, Sittercity and Diagnostic Photonics.

“We think Illinois can be the technology leader here in the Midwest,” Frerichs said, “That’s why we are making investments here.”

Photo on top: Startups brainstormed ideas at 1871, Chicago startup incubator. (By Jasmine Cen/Medill).