Illinois Innovation Venture Fund - Expression of Interest

Companies seeking an equity investment through the Illinois Innovation Venture Fund (INVENT) of the Illinois Department of Commerce and Economic Opportunity (DCEO) must meet general eligibility criteria before continuing with the diligence process.


Note that this form must be completed in one sitting and cannot be saved along the way. It will take about 30-45 minutes to complete.


Tip: Select an option, right click the screen to save a PDF of the form. Scroll through and review the questions before beginning. Be prepared to write brief summaries on the company including its product/service, business financials, market opportunity, competition, the team and its impact in Illinois. You may elect to receive a copy of your submission by checking the box at the end of the form.


Completing this form does not guarantee eligibility or an investment. This program is administered via a competitive process and an investment will take into consideration multiple factors.


Thank you for your interest. Information will be kept confidential within our investment team.

Before you begin...tell us which statement applies

Resources and Technical Assistance

The DCEO offers resources to small businesses.


First Stop Business Information Center

Small Business Development Centers

Business Expansion and Relocation

Minority, Veteran and Woman-Owned Businesses

Incentives and Tax Credits

Resources


Are you wondering if your company should pursue venture capital funding? Here are industry-related questions as a helpful guide: Should my company seek venture capital funding?


Do not proceed with this form.

Loan Programs

Below are various loan programs available.


Advantage Illinois

  • Loan Guarantee Program
  • Participation Loan Program

Illinois Finance Authority Illinois Climate Bank

Small Business Administration


Do not proceed with this form.

General INVENT Eligibility Criteria

Please review the following statements and check the box if the statement describes your company. Checking the box means Yes.

Verify your standing with the Secretary of State. Please upload a copy or provide a screenshot in the file box at the end of the form.

10% of the SSBCI funds can be allocated to an out-of-state business that will move its headquarters to Illinois within two years of receiving funding and has at least 51% of its employees based in Illinois.

INVENT will only invest in a company structured as a C corporation or a company willing to convert to a C-corp by the time of investment.

Confirm that you are not principally engaged in impermissible, speculative activities that profit from price fluctuations, insurance, banking, lending, lobbying, political consulting, pyramid sales, or gambling

Confirm that you are not engaged in activity that is illegal under federal, state, or local law or that can reasonably be determined to support or facilitate any activity that is illegal under federal, state, or local law

INVENT supports entrepreneurs who have been denied equitable access to capital by ensuring that it is accessible to businesses owned and controlled by Socially and Economically Disadvantaged Individuals (SEDI) and Capital Disadvantaged Businesses (CDB) representing Disproportionately Impacted Areas (DIAs) or Historically Underrepresented Groups (HUGs). Please certify if applicable.

Socially and Economically Disadvantaged Individuals (SEDI) Business

(1) business enterprises that certify that they are owned and controlled (>51%) by individuals who have had their access to credit on reasonable terms diminished as compared to others in comparable economic circumstances, due to their:

  • membership of a group that has been subjected to racial or ethnic prejudice or cultural bias within American society;
  • gender;
  • veteran status;
  • limited English proficiency;
  • disability;
  • long-term residence in an environment isolated from the mainstream of American society;
  • membership of a federally or state-recognized Indian Tribe;
  • long-term residence in a rural community;
  • residence in a U.S. territory;
  • residence in a community undergoing economic transitions (including communities impacted by the shift towards a net-zero economy or deindustrialization); or
  • membership of an underserved community.


(2) business enterprises that certify that they are owned and controlled (>51%) by individuals whose residences are in CDFI Investment Areas, as defined in 12 C.F.R. § 1805.201(b)(3)(ii).


(3) business enterprises that certify that they will operate a location in a CDFI Investment Area, as defined in 12 C.F.R. § 1805.201(b)(3)(ii).


(4) business enterprises that are located in CDFI Investment Areas, as defined in 12 C.F.R. § 1805.201(b)(3)(ii).

Optional - select one or more of the categories that apply.

Capital Disadvantaged Business - Disproportionately Impacted Area

A business certifies that its access to capital has been diminished due to operating in, or its owner or a majority of its owners’ reside in, an area such as:

  • Communities surrounding predominantly- or minority-serving institutions (MSIs)​;
  • Communities undergoing economic transitions;
  • Low- and moderate-income areas​;
  • Predominantly minority communities​; or
  • Rural communities.

Optional certification - select one or more that apply to your residence or business.

Capital Disadvantaged Business - Historically Underrepresented Group

A business certifies that its access to capital has been diminished due to its owner or a majority of its owners’ status such as:

  • First-generation college student​;
  • Immigrant​;
  • Limited English proficiency or English as a second language​;
  • Long-term rural community resident​;
  • Member of a Federally or state-recognized Indian Tribe​;
  • No college degree​;
  • Parent or caregiver;
  • Person over the age of 40​;
  • Person with a disability;
  • Racial, ethnic, sexual, or gender minorities​;
  • Woman​; or
  • Veteran.

Optional certification - select one or more that is applicable.

Company Background

Phone

where the company is incorporated (e.g. Illinois, Delaware)

Principal place of business (address on W9)

Check here if company has 9 or fewer employees. 10 or more employees does not constitute a Very Small Business.

Indicate number of full time employees (FTE) and part time employees (PTE) and their location. Example: 10 FTE IL, 2 PTE IL, 5 PTE Remote/not IL


Company officers should be counted as employees regardless of compensation. Independent contractors should not be counted.

If applicable, please select if your company fits within the following Critical Technology areas.

Refer to the U.S. Census Bureau for the NAICS code.

Climate-aligned investments may reduce greenhouse gas emissions or promote adaptation to climate change or energy transitions. This could be either in the business’s activities (including its production processes and use of energy, inputs, supply chain services, and/or actions to increase resiliency) or by supplying products and services that contribute to lower emissions. Climate-aligned investments can include investment supporting weatherization; energy-efficient prefabrication or manufacturing; supply chain use, processes or production resulting in lower emissions; energy site transitions; sustainable and/or climate-smart agriculture and forestry; renewable energy development or implementation (including wind, solar, hydroelectric, biomass, geothermal, and other low-carbon technologies); electric vehicle innovation or use; and other investments that aim to build climate resilience, support adaptation to extreme weather and climate events, and/or mitigate climate change.

Will the investment support a small business in a community facing local job losses or business revenue declines due to physical or transition impacts from climate change, including shifts in energy production? Examples of such local job loss or revenue declines include declines due to changes in the economics of producing certain agriculture or foods, other natural resource goods, chemical inputs, manufactured products, or service sector outputs due to acute or chronic climate impacts, costs, regulations, or shifts in demand. Examples of shifts in energy production include any transition away from fossil fuel extraction, refining, or fossil-based energy generation in the oil, gas, and/or coal sector.

Company Overview

Select any that is applicable.

What does your company make or provide? What problem are you solving? How does your product or solution work? Why does it matter?

Tell us about the development of the business - last 2 years of revenue and expenses, Current AR, Current AP, Monthly Burn Rate, Cash on Hand, and Monthly Recurring Revenue (MRR) and Annual (ARR).

Who are your target customers/users? Who do you plan to sell your solution to? Have you validated your solution with them?

Tell us about the Total Addressable Market, Serviceable Available Market and Serviceable Obtainable Market.

Which companies or products are competing for your market share? What is unique about your solution? What would your target market use if your solution did not exist?

Tell us about your founder, management team, board of advisors/directors.

What impact will your company have across the State of Illinois?

Funding Details

Have you pitched to investors before?

Your response will have no impact on the determination.

Have you created a pitch deck before?

Your response will have no impact on the determination.

Select programs or grants your company has received through the State of Illinois.

Indicate numbers only (e.g., 250000, 1000000) for non dilutive capital received

Indicate numbers only (e.g., 250000, 1000000) for the capital raised, not including current fundraising effort

Indicate when you plan to fundraise (e.g. Q1 2024, Q4 2024)

Select any of the below that describes the type of support you have.

Describe support your company has received (e.g. accelerators, incubators, college/university tech centers).

Fundraising Stage*

Please share the amount of capital you are looking to raise in this funding round. Indicate numbers only (e.g., 250000, 1000000)

Financing Type*

Do you have a lead investor yet?

put NA if not yet identified

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Is there anything else you would like to share that may not have been captured above?

Indicate how you learned about this program (e.g., name of individual, name of event, general website search, etc).

Tax Compliance Verification*

I authorize the Illinois Department of Commerce and Economic Opportunity to request tax information from the Illinois Department of Revenue for purposes of verifying tax compliance.

Check here if we have permission to share basic company details (your name, company name, company website, brief company description, sector category) with other potential investors.

Upload files related to your company:

  • Illinois Secretary of State Certificate of Good Standing (screenshot acceptable)
  • Pitch Deck
  • Cap table or list of owners in Excel format (required)
  • 24 Month Financial Statements (balance sheets, cash flow statements, income sheets)
  • Term Sheet (if applicable)
  • Board of Directors (if applicable)
Drag and drop files here or

SSBCI Certifications

Under the State Small Business Credit Initiative (SSBCI), investees must certify that their principals have not been convicted of a sex offense against a minor. For the purpose of this certification, "principal" means: if a sole proprietorship - the proprietor; if a partnership - each partner; if a corporation, limited liability company, association - each director, each of the five most highly compensated executives, officers, or employees of the entity and each direct or indirect holder of 20% or more of the ownership stock or stock equivalent of the entity.

I certify that no Principal of the Entity listed in this submission has been convicted of a sex offense against a minor.

(Select the box below if you have not been convicted of a sex offense against a minor. Do not select the box if you have been convicted of a sex offense against a minor.)

Feel free to comment on the form or areas where we can improve the process.

Optional Demographic Information

The following information is collected to help ensure that communities’ small business credit needs are being fulfilled and allow SSBCI to analyze the populations that SSBCI funding is benefiting. Companies are encouraged to answer the optional questions below. If you decline to provide the information, there is no impact on the submission.

For the purpose of this form, a minority individual means a natural person who identifies as American Indian or Alaska Native; Asian American; Black or African American; Native Hawaiian or Other Pacific Islander; Hispanic or Latino/a; or one or more than one of these groups.


The company is a minority-owned or controlled business if the business meets one or more of the following:


(1) if privately owned, 51 percent or more is owned by minority individuals;

(2) if publicly owned, 51 percent or more of the stock is owned by minority individuals;

(3) in the case of a mutual institution, a majority of the board of directors, account holders, and the community which the institution services is predominantly comprised of minority individuals; or

(4) one or more minority individuals have the power to exercise a controlling influence over the business.

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The company is a women-owned or controlled business if the business meets one or more of the following:


(1) if privately owned, 51 percent or more is owned by females;

(2) if publicly owned, 51 percent or more of the stock is owned by females;

(3) in the case of a mutual institution, a majority of the board of directors, account holders, and the community which the institution services is predominantly comprised of females; or

(4) one or more individuals who are females have the power to exercise a controlling influence over the business

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The company is a veteran-owned or controlled business if the business meets one or more of the following:


(1) if privately owned, 51 percent or more is owned by veterans;

(2) if publicly owned, 51 percent or more of the stock is owned by veterans;

(3) in the case of a mutual institution, a majority of the board of directors, account holders, and the community which the institution services is predominantly comprised of veterans; or

(4) one or more individuals who are veterans have the power to exercise a controlling influence over the business.

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A principal owner of the business owns 25% or more of the equity of the business. Indicate which of the following ancestry, ethnicity or race categories reflect the principal owner(s) of the company.


Select all of the categories that apply for all principal owners.

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A principal owner of the business owns 25% or more of the equity of the business. Indicate which of the following reflect the principal owner(s) of the company.


Select all of the categories that apply for all principal owners.

Select
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A principal owner of the business owns 25% or more of the equity of the business. Indicate which of the following reflect the principal owner(s) of the company.


Select all of the categories that apply for all principal owners.

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