Overview
PROPEL,
a joint partnership of iBIO and the iBIO Institute, is a series of programs aimed at increasing the number of life sciences start-ups in Illinois and boosting the success rates of existing companies. Initial funding for PROPEL came from the generous donations by Abbott, Astellas Pharma US, Baxter International Inc., and Takeda Pharmaceuticals North America. PROPEL and the
iBIO Entrepreneurship Center help guide the development of formation-stage
and early-stage life sciences companies by providing entrepreneurs with
access to specialized resources and expertise. Industry, academia,
service professionals, entrepreneurs, and government agencies connect to
create and support a vibrant entrepreneurial community in Illinois and
throughout the Midwest through PROPEL programs, including:
- The iBIO Entrepreneurship Center
- Coaching
- Business Plan Presentation Panels
- Professional Services
- Workshops, Seminars and Educational Programs
- CEO Roundtables and Networking
- Technical Assistance
- Matching Grants and Innovation Challenge Grants
The biotechnology industry in Illinois includes world-class research, management talent, an educated and trained workforce, state-of-the-art facilities, easy access to markets and scientific collaboration, and advanced services infrastructure. iBIO and the iBIO Institute created PROPEL in 2007 to develop these attributes into a self-aware, highly interactive community.
PROPEL is modeled on the best practices of several other programs around the United States including the San Diego CONNECT® Springboard program, which has been shown to dramatically improve start-up company success.
Past and current PROPEL participants include:
- Formation stage and early stage companies
- Industry segments within drugs, medical devices, diagnostics,
therapeutics, consumable medical supplies, other healthcare-related products,
biochemicals, and agricultural-biotech products and processes.