"The Innovation committee found that there is insufficient public and private capital in Illinois that is made available to support new ventures and company formation. Illinois relies on a big-company strategy for growth instead of fostering an entrepreneurial culture, even though experience shows that new, innovative
companies serve as the most efficient engines for economic growth. Illinois-based non-governmental organizations (NGOs) that promote entrepreneurial innovation, business expansion and global marketing often compete with each other instead of collaborating to support common goals. The State of Illinois and its NGO partners fail to celebrate entrepreneurial success, thereby missing an opportunity to brand and
promote Illinois as a welcoming, supportive home for growth company formation and expansion.
To overcome these obstacles, the Innovation committee makes the following recommendations:
- Select and focus on target growth industries
- Increase access to capital, especially the supply of seed and early stage venture capital for young companies with high-growth potential
- Following the lead of California, Ohio and other states, deploy public pension fund investments to promote the Illinois economy
- Promote new public policies that recognize the relative growth potential of entrepreneurial companies
- Create public-private partnerships to develop a new culture of innovation."
Real Time Leadership Solutions' action items based on the Illinois Economic Recovery Commission Recommendations:
- Join or create an Illinois based (or national) non-governmental organization that promotes entrepreneurial innovation, business expansion or global marketing.
- Create a new company that is involved in the development or delivery of innovative products, services or solutions.
- Encourage your network to interact with or invest in innovative companies that exist in your community or a nearby empowerment zone, as a service provider, consumer or through alliances and partnerships.
- Engage strategically with the thought, civic entrepreneurship and business leaders in your community by developing investment and business promotion programs/events, MOUs, strategic alliances and public-private partnerships.
- Promote new public policies that recognize the relative growth potential of entrepreneurial companies.
- Plug more users/innovators into programs that seek to create social value and innovation from within the public sector.
- Increase your impact by leveraging social media, media partners and stakeholder groups.