The Technology Innovation Center (TIC),
named by Forbes in 2010 as one of the “Top 10 Incubators Changing the World”,
is expanding to the Village of Skokie.
At the January 21, 2014 Village Board meeting, Skokie officials
unanimously approved a $175,000 grant to fund costs of establishing the TIC in
the Illinois Science + Technology Park (IS+TP), a successful life sciences
research and development park that is proximate to Downtown Skokie.
“Establishing the TIC at the Illinois Science + Technology Park is a natural progression of the park’s continued growth,” said Mayor George Van Dusen. “The Illinois Science + Technology Park, and Northwestern University, are the two most important technology innovation centers in the area. Having a TIC location in Skokie, affiliated with the tech park, will allow both institutions to collaborate with efficiency and allow both an enriched ability to participate entrepreneurial innovation.”
Funds for the Village support are sourced from the Downtown Science & Technology Tax Increment Financing District. Through the TIC, it is projected that two to five startup businesses will be created each year, employing an estimated 15 to 25 individuals. Furthermore, these businesses are expected to provide internship opportunities and, when launched from the incubator, will be encouraged to locate at the IS+TP or elsewhere in Skokie. Since 1986, when the non-profit TIC was initially established in Evanston, it has been responsible for start-up of more than 350 technology businesses, including the Skokie-headquartered Peapod, LLC. Since its inception, TIC-spawned enterprises have attracted over $400 million in equity investment. Skokie’s robust manufacturing base, complementary uses and available commercial, industrial and research space enhances the potential for TIC to attract venture companies focused on innovative manufacturing tools, including nano-processing, 3-D printing, other programmable light duty tooling, advanced industrial process simulations and more. TIC is expected to lease approximately 6,000 square feet of space at the IS+TP, with a provision of expansion to 20,000 square feet depending on the number of start-up firms attracted to the new TIC Skokie location.
For more information:
Leslie Murphy, Economic Development Specialist