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Illinois Innovation Venture Fund (INVENT) is sponsored by Illinois Department of Commerce and Economic Opportunity (DCEO). INVENT is an equity capital program designed to expand access to capital for small businesses, with a focus on Capital Disadvantaged Business (CDB) owners, socially and economically disadvantaged individuals (SEDI), and industries aligned with Illinois's broader economic development strategy, including quantum information science and technology (QIST).
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SCAM ALERT: DCEO has been made aware of organizations receiving fraudulent “notice of award” letters claiming to be from the Illinois Department of Commerce and Economic Opportunity. These are not legitimate notices from DCEO. If your organization receives a notice, please report it to the Federal Trade Commission and/or the FBI’s Internet Crime Complaint Center .
The Illinois Innovation Venture Fund (INVENT) is a $114 million direct equity capital program funded through the U.S. Department of the Treasury State Small Business Credit Initiative (SSBCI) and administered by the Illinois Department of Commerce and Economic Opportunity (DCEO). DCEO is committed to ensuring opportunities for founders and communities that have faced barriers to accessing capital.
The funds are expected to provide small businesses with the resources they need to sustainably grow and thrive, and to improve access to capital for traditionally underserved entrepreneurs.
INVENT is dedicated to ensuring that it supports investments in very small businesses (fewer than 10 employees); Capital Disadvantaged Business (CDB) owners and businesses owned and controlled by socially and economically disadvantaged individuals (SEDI); and businesses in industries aligned with the state's key sectors in our economic development plan. Visit SEDI and CDB and Key Sectors for additional information.
Illinois has a rich network of resources and leading research institutions committed to innovation. Through INVENT, we will help entrepreneurs leverage resources available to build successful businesses that will create jobs, grow our state’s economy, and serve as a catalyst for innovation that will make an impact in our communities and society at large. If your company is not ready for an equity investment, visit Resources .
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Based on current listing details, eligibility includes: Illinois-based startups, focusing on sectors aligned with Illinois' economic development plan (including QIST) and underserved communities and founders. Applicants should confirm final requirements in the official notice before submission.
Current published award information indicates Funding amounts vary based on project scope and sponsor guidance. Always verify allowable costs, matching requirements, and funding caps directly in the sponsor documentation.
The current target date is rolling deadlines or periodic funding windows. Build your timeline backwards from this date to cover registrations, approvals, attachments, and final submission checks.
Federal grant success rates typically range from 10-30%, varying by agency and program. Build a strong proposal with clear objectives, measurable outcomes, and a well-justified budget to improve your chances.
Requirements vary by sponsor, but typically include a project narrative, budget justification, organizational capability statement, and key personnel CVs. Check the official notice for the complete list of required attachments.
Yes — AI tools like Granted can help research funders, draft proposal sections, and check compliance. However, always review and customize AI-generated content to reflect your organization's unique strengths and the specific requirements of the solicitation.
Review timelines vary by funder. Federal agencies typically take 3-6 months from submission to award notification. Foundation grants may be faster, often 1-3 months. Check the program's timeline in the official solicitation for specific dates.
Many federal programs offer multi-year funding or allow competitive renewals. Check the official solicitation for continuation and renewal policies. Non-competing continuation applications are common for multi-year awards.
Past winners and funding trends for this program