$50 million to come from Illinois capital funds; Northwestern University Trustee Kimberly Querrey donating $25 million
Northwestern University announced today it will create a multimillion-dollar technology accelerator in downtown Evanston to support startup companies led by Northwestern faculty in health, life sciences and related fields, amplifying scientific discovery and innovation by supplying the laboratory space, networking opportunities and management training necessary to address the world’s biggest problems.
The collaborative space will provide a home for Northwestern’s highly entrepreneurial faculty to contribute to innovation through commercialization of sophisticated scientific discoveries and will bring economic growth and opportunities to the Evanston and Chicago communities.
To foster technology-based economic development, the Illinois General Assembly appropriated $50 million for this project as part of the state’s 2022 capital budget. Kimberly K. Querrey (’22, ’23 P), chair of the Innovation and Entrepreneurship Committee of Northwestern’s Board of Trustees, was so committed to making the accelerator a reality that she has personally made a $25 million gift to Northwestern to advance innovation and entrepreneurship. The accelerator, at 1801 Maple Ave. in downtown Evanston, will be named in her honor.
Northwestern plans to renovate existing laboratory and office space at 1801 Maple Ave. The completed project will include labs and collaborative workspace for startup companies as well as offices for program staff and startup advisers. The space will foster a transformative and inclusive entrepreneurial community. The accelerator will also establish a dynamic environment that draws from and supports Chicago and Evanston entrepreneurial partners through opportunities such as in-residence programming.
IUIN news article adapted from Northwestern Now. Read more …