2022 university entrepreneurship Index

Universities Drive new venture creation

Introduction

The Illinois Science & Technology Coalition’s University Entrepreneurship Index report has tracked business creation and startup success on Illinois campuses for the last 12 years. This year’s publication also features startups created during the COVID-19 pandemic. As universities moved to remote learning in 2020 and 2021, there was a considerable yet understandable slowdown of startup creation. However, universities continued to provide the support necessary to create a thriving entrepreneurial climate in the state. Our survey covers entrepreneurial endeavors pursued by faculty, staff, professors, and students across our 11 partnering institutions of higher education in Illinois. This survey does not include sole proprietorships or small businesses formed by the alumni of these universities.

Presentation slides available here.

Key Findings

•  The five-year period between 2018-2022 shows the impact of the pandemic on a generation of startups at Illinois universities
• Of all the university-supported startups, 15.3% were in the biomedical sector
• Our collection found that university-supported startups created 2,281 new jobs over the last five academic years
• Of the jobs created by these small businesses, 73.65% remain active 75.7% of active jobs created by university-supported startups remain in Illinois
• 17% of jobs created by retail startups over the last five years have since gone inactive
• Direct university funding recipients are more likely to remain active and attract follow-on funding than the general population of founders
• On average, for every dollar a founder received in university awards or prizes, they could expect nearly $14 in additional VC funding
• I-Corp participants are more likely to remain in state and active
• There has been a record number of women-founded startups
• Startups featuring diverse founders were more likely to remain active and attract funding than other startups
• Annual Invention Disclosures and License Agreements rise in Illinois
• Illinois led the nation in licensing revenue over the last five years