Illinois is expanding its investment in healthcare technology. Gov. Pat Quinn recently announced how the state will invest $4 million – coming in the form of grants and loans – in a new incubator called Matter.
It will be located next to 1871, the River North tech hub, on the 12th floor of the Merchandise Mart. Among those investing in both 1871 and Matter is J.B. Pritzker, who was described by the Chicago Sun Times as a “billionaire investor.”
Already, 1871 has led to more than 200 startups – in a little over a year. “1871 changed the game for digital startups and has become an international model for encouraging entrepreneurial growth,” Jeff Malehorn, World Business Chicago president and CEO, said in a statement.
There is much excitement over Matter, too. “Its collaborative workspace will allow interaction among entrepreneurs, academics and investors in order to create and grow new companies in health care information technology, medical devices, medical diagnostics and biopharmaceuticals,” a statement from the governor said.
“The goal is to get other companies in the same field to invest in the project,” David Roeder, a spokesman for the state Department of Commerce and Economic Opportunity, told the Sun Times.
The medical and biotech fields are expanding nationwide – and such an incubator could take advantage of global interest in the sector. The governor predicts Illinois will be a “national leader in life sciences and health innovation.”
Consider the following facts highlighted by the governor. Illinois has the third-largest healthcare community in the U.S., and Chicago has nation’s largest concentration of doctors. Also located in Illinois are healthcare organizations, biopharmaceutical, medical device, health IT, distribution and health insurance companies, research institutions, teaching hospitals, and many startups.
The tech initiative at 1871 has led to the creation of jobs and more are predicted with Matter, according to Quinn.
Edited by
Cassandra Tucker
