Prior Events at the Chicago Chapter:

Chapter Homepage

MITEF Cornerstone® Series

hosted by Gardner Carton & Douglas, LLP

Reinventing Illinois for the 21st Century

presented by:

The Massachusetts Institute of Technology (MIT) Enterprise Forum of Chicago

in association with:

Chicago Micro/Nanotechnology Community (CMNC)

Economic Development Council Technology Commercialization Task Force (TCTF)

Illinois Information Technology Association (ITA)

Licensing Executives Society (LES)

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WHEN: February 21, 2006, 5-8 pm - Registration & Networking at 5 pm; Program at 6:15 pm

WHERE: Gardner Carton & Douglas LLP, 191 N. Wacker Dr, Suite 3700, Chicago, IL

WHO:    Members of invited organizations only – this event is not open to the general public

REGISTRATION: $20 online at https://www.123signup.com/register?id=fkxvj

ADVISORY: Please do not register for this meeting if you only wish to sit on the sidelines and watch – this series is for motivated individuals interested in taking action to drive economic growth in Illinois

CONTACT:  Peter Balbus, President, MIT Enterprise Forum of Chicago

                     630.942.9602 / peter.balbus@mitefchicago.org    

MEDIA CONTACT:   Spencer Maus, 312.397.1960 / jsmaus@rcn.com

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Cornerstone® Series

Background

Illinois faces substantial economic challenges in the 21st century.  Since the beginning of 2001, Illinois has lost over 250,000 jobs.  By some estimates, each job lost costs Illinois $4,200 per person per job per year.  Illinois today ranks 46th out of 50 states in job creation.  The state has long been an economic powerhouse – a high income, diversified state led by the economic engine of Chicago.  Illinois now faces the prospect of falling back into the middle of the pack. 

Illinois has normally been one of the highest per capita income states, traditionally ranking among the top ten states with income well above the national average.  By 2004, Illinois’ per capita income had fallen to just 4% above the national average.  Perhaps even more shocking is that Illinois has also lost its place as the highest per capita income Midwest state to Minnesota.

These economic issues in Illinois extend well beyond the tech sector.  Strengthening the commercialization of technology in the region can help reverse the trend.  To do this successfully we will have to work together to develop our resources and exploit the opportunities we have.

The good news is that we have a growing number of opportunities in Chicago to jumpstart the reinvention process, including BIO2006 in April and the recently announced Illinois Homeland Security Market Development initiative.

The Central Challenge

Illinois must fundamentally reinvent itself to reverse years of economic decline, reinvigorate its core industries, and create the business infrastructure required for the state to regain its position as an economic powerhouse for the 21st century.

The Solution

We believe that business innovation, applied across all of our industry sectors, is the key to reinvention.  So too, are aggressive technology commercialization programs and combined public and private sector initiatives to jumpstart the economic development engine.  California, for example recently announced The California Nanotechnology Initiative (CNI), which calls for an investment of $4.6 billion over 10 years by a combination of private equity and public bond financing just for nanotech alone.  This is on top of $3 billion earmarked for stem cell research in a referendum passed in November 2004.

The Cornerstone® Series is being launched to achieve 3 objectives:

1. Facilitate its constituents to agree and clearly articulate what the challenge is for Illinois, so that we can speak to the issue in one unified voice
2. Establish a detailed roadmap for aggressively addressing the challenge, taking advantage of the public and private sector programs currently available
3. Create an organizational framework for managing the process, enlisting active participation, and sustaining forward momentum

Agenda for Feb 21st Cornerstone® Series meeting

1. Cocktail reception and networking (5:00-6:15 pm)
2. MITEF Below The Radar Innovation Recognition Program finalist awards presentation
3. BIO2006: The Opportunities and Potential Legacy for This Community – Ray Briscuso, former Executive Director of BIO
4. Economic Development Roadmap for the Region to Obtain the Benefits of Technology: a report from the Technology Commercialization Task Force of the Economic Development Council – Christopher A. Bloom, Chairman of the Task Force Steering Committee
5. DCEO’s Homeland Security technology commercialization initiative as one potential source of direction and initial funding
6. Facilitated working sessions to define specific next steps and action items to be accomplished before our next Cornerstone® meeting in May

Recommended Preparation

1.      Please review the background information on the Technology Commercialization Task Force, including the full report and underlying resources at: http://www.edcchicago.org/tech

2.      Please read the January 13, 2006 “Fed Letter” from the Chicago Federal Reserve Bank: http://midwest.chicagofedblogs.org/archives/2006/01/bullish_on_the.html

3.      Also, please read the November 2005 “Fed Letter”: http://www.chicagofed.org/publications/fedletter/cflnovember2005_220a.pdf