WiTS (West-Central Illinois Technology Source) is a non-profit group formed to support the commercialization of new and early stage high-tech businesses in the West-Central Illinois region. WiTS will create an entrepreneurial rich climate that will accelerate the creation and expansion of high-tech, high-growth businesses that will allow West-Central Illinois to become a center for technological innovation.
A strong partnership among Industry, Academia, private investors, economic development groups and Government will be the foundation of WiTS. The governing body of WiTS will consist of experts in the fields of technology, business, marketing, law and finance. These directors will be instrumental by aiding in the development of high-tech start-ups and early stage companies.
WiTS will clear the paths to commercialization of technologies for entrepreneurs, early-stage and existing businesses. By making academic and Government research technologies available through Technology Transfer Programs, educational institutions, existing businesses and start-ups will benefit financially.
A key aspect of WiTS will be to create Technology Incubators and Professional Buildings. The incubator facilities will offer a business benefit by providing low-cost office space to reduce operating costs during the start-up phase of business. This will also include access to business, technical, and professional services, including: technology; legal; accounting; marketing; and financial counseling. The professional buildings will offer pre-wired office space to high-tech firms.
Another facet of WiTS will be the formation of Technology Symposiums which will create awareness of new and innovative technologies that are being developed in the area.
The Technology Innovation Network will create an environment in which businesses will develop personal relationships with dozens of other qualified business professionals. By establishing these formal relationships with other businesses and institutions, businesses will have the opportunity to substantially increase there productivity.
Technology Infrastructure Development Programs will aid in the implementation of broadband and telecommunications infrastructures throughout West-Central Illinois.
Research & Development Initiatives will facilitate the creation of partnerships between high-tech companies and local and regional research laboratories. These partnerships will allow high-tech businesses to engage in state of the art research and development at a minimal cost.
The Start-Up Funding Program will be accomplished by creating local revolving loan funds geared toward high-tech industry. Currently our revolving loan funds are aimed at low-to-moderate income job creation.
Another major program provided by WiTS will be the Technology Workforce Creation & Retention Program. This program will allocate funds for students attending member academic institutions. In order to receive discounted tuition students must agree to retain residency in West-Central Illinois for a given period of time. This program will also assist in the development of better science, technology, and math curriculums in primary and secondary schools.
Member economic development groups, academic institutions, co-sponsors and WiTS’s resource network are the entities that will collaborate to help researchers, inventors and entrepreneurs build the infrastructure and capital needed to develop innovative technologies and allow West-Central Illinois to become a center for technological innovation.
