The Entrepreneur in Residence (EIR) program, developed by the Chicagoland Entrepreneurial Center (CEC) and Illinois Department of Commerce and Economic Opportunity (DCEO), selects experienced entrepreneurs and provides the opportunity to focus on creating new, high-impact companies in Illinois by partnering with young entrepreneurs to develop new business ideas or commercialize promising technologies from academic and industrial researchers.
The CEC works with the Entrepreneurs in Residence (EIRs) to identify market opportunities and build new start-up technology companies by providing access to organizations working with young talented entrepreneurs, Illinois' academic and corporate research institutions and commercialization teams.
The CEC coordinates program activities, including the following:
Coordinate the recruitment and selection of EIR candidates
Provide logistic support to EIRs
Facilitate industry and university introductions
Assist the EIRs and their newly formed teams in developing pre-seed funding recommendations
Assists companies in accessing financial resources, including grant funding of up to $80,000 provided through the program that must be used towards achieving a significant and impactful business milestone
Provide additional CEC services
Coordinate project monitoring and reporting
EIR Candidate Profile
The EIR program is selective and targets high-level experienced technology entrepreneurs. Ideal EIRs have been involved in a number of startups, and have successfully guided their companies through an initial public offering or acquisition. They are regarded as "experts" in their particular field of knowledge. The EIR candidate must have an immediate interest in commercializing promising new technologies along with:
A history of raising top tier venture capital
One or more significant financially successful exits
Meaningful top management experience in a previous technology-related venture
Ability to work 8-10 hours per week with the EIR company
Business Opportunity Profile
Eligible businesses must be pre-revenue and have a viable, patented technology that will be commercialized and used to develop a business. The technology must have a strong market potential as well as a compelling competitive advantage. Ideally, the business will operate in a rapidly growing industry with a strong potential for successful high-growth including job creation and taxable revenue base.
Selection Process
The CEC coordinates the recruitment of highly qualified EIRs. The EIR candidate must fit the profile outlined above and submit an application to be considered for this program. A separate application must be submitted for the Business Opportunity. A Selection Committee reviews the applications and interviews EIR candidates. In addition, the Committee reviews and approves the projects submitted by the selected EIRs.
The Entrepreneur in Residence (EIR) program, developed by the Chicagoland Entrepreneurial Center (CEC) and Illinois Department of Commerce and Economic Opportunity (DCEO), selects experienced entrepreneurs and provides the opportunity to focus on creating new, high-impact companies in Illinois by partnering with young entrepreneurs to develop new business ideas or commercialize promising technologies from academic and industrial researchers.
