CHICAGO – Four Illinois companies were selected as winners of the statewide Innovate Illinois competition following a day of final pitches by some of the state's brightest entrepreneurs. The top two companies, Lumec Control Products, Inc. and Neurowave Medical Devices LLC, received $30,000 each to help commercialize their products. The two runner-ups, Diagnostic Photonics, Inc. and Dr. Paul’s Piggy Paste, each received $10,000. The Innovate Illinois competition is sponsored by the Illinois Department of Commerce and Economic Opportunity (DCEO) and administered by the Chicago Entrepreneurial Center (CEC).
“Innovate Illinois gives promising entrepreneurs the resources they need to turn their innovative concepts and ideas into market successes, and is one way the state is assisting entrepreneurs in reaching the next level,” said DCEO Director Warren Ribley. “Through this competition, we're helping to drive innovation, strengthen the economy and create jobs.”
Across the state, 96 companies competed in the 2010 Innovate Illinois program. Thirty-eight companies then competed in three regional semi-finals hosted by DCEO's regional Entrepreneurship Centers in the Northern Area, Central Area and Southern Area throughout October. Twelve companies competed in the final round held Tuesday at the University of Chicago’s Gleacher Center.
“It is critical to our state’s growth to provide economic assistance to Illinois’ most innovative companies. By identifying, promoting and funding these scalable local ventures, Innovate Illinois has become a catalyst for job creation. Over the last six years, the program has provided $610,000 in cash and prizes to the winners,” said John Roberson, Executive Vice President, Chicagoland Entrepreneurial Center (CEC).
The Innovate Illinois program is fully funded by DCEO and administered by the CEC, in partnership with:
• Chicago Urban League Entrepreneurship Center
• iBIO Entrepreneurship Center
• Illini Entrepreneurship Center
• Illinois Hispanic Entrepreneurship Center
• North Central Entrepreneurship Center at Bradley University
• Renew Moline
• Rock River Valley Entrepreneurship Center
• Southwestern IL Entrepreneurship Center
• Illinois Small Business Development Center at the University of Illinois at Chicago
• Southern Illinois University Entrepreneurship Center
To learn more about the program, visit www.innovateillinois.org.
2010 Innovate Illinois Winners
Early Stage Winner
Name: Lumec Control Products, Inc.
Contact: Paul Luebbers, 309-683-9601
Company Description: The Dynamic Orifice Valve, a flow control device for commercial natural gas combustion processes.
Later Stage Winner
Company Name: Neurowave Medical Technologies LLC
Contact: Farhan Hussain, 312-334-2502
Company Description: Neuromodulation devices for the treatment of a range of acute and chronic conditions.
Early Stage Runner-Up
Company Name: Diagnostic Photonics, Inc.
Contact: Scott Carney, 217-265-5428
Company Description: State-of-the-art, high resolution imaging technology for real-time, in vivo use in the surgical suite.
Later Stage Runner-Up
Company Name: Dr. Paul’s Piggy Paste
Contact: Paul Kinsinger, MD, 309-444-3627
Company Description: Topical, over-the-counter product to improve the appearance of thick, unsightly toenails.