July 29, 2010

Unprecedented Entrepreneurial Contracts Signed for EIGERlab

Unprecedented Entrepreneurial Contracts Signed for EIGERlab by Rockford Area Economic Development Council's New Sister Organization, Rockford Area Ventures and Rock Valley College;

EIGERlab Announces New Developments

FOR IMMEDIATE RELEASE

July 29, 2010, ROCKFORD, ILLINOIS - The new 501(c)3 sister organization of the Rockford Area Economic Development Council, Rockford Area Strategic Initiatives (RASI), signed two contracts today with Rockford Area Ventures (RAV) and Rock Valley College (RVC) respectively that signal an unprecedented collaboration to systematically build successful entrepreneurship opportunities in the Rockford Region.

The contract between RASI and RAV transfers the assets of RAV to RASI, such as equipment and programs. A new 501(c)3 organization was required for the transaction as the RAEDC is a 501(c)6. The contract between RASI and RVC is for the college to manage programming and operate the entrepreneurship center, including incubation, rapid prototyping and TECHWORKS Training Center. This had been done previously by RAV.

The contract signing is the formal conclusion of the Memorandum of Understanding announced at the Dec. 21, 2009 news conference when EIGERlab, the entrepreneurship center for advanced technology, became part of the RAEDC. RAV, the parent organization of EIGERlab, had approached the RAEDC for a strategic alliance. The RAEDC now provides the strategic direction and marketing for EIGERlab.

RAV Board Chair Don Thayer said, "We want to acknowledge the vision of Jon Lundin, whose idea was EIGERlab and entrepreneurship. This is the third leg, the building of new businesses from scratch plus business attraction and business expansion. Today's signing puts entrepreneurship where it belongs, as part of the RAEDC and programmed by RVC."

RVC President Dr. Jack Becherer stated, "The most exciting thing about today is the power of partnership. I see it throughout our community, with RAV creating businesses through EIGERlab, the momentum of RAEDC, and the capabilities of RVC with our training. Three or four years ago we were competing for the same types of services, with both EIGERlab's TechWorks and RVC providing training. Now this new partnership allows us to work as a team to provide training."

RAEDC Board Chair Bill Roop thanked the RAV board for bringing this opportunity to the table. "We applaud them for having the vision to create EIGERlab and to ask us to be a part of EIGERlab's future," he added. He also thanked Pam Fox, partner at Hinshaw & Culbertson for assisting with the process of establishing 501(c)3 charitable status.

EIGERlab Announcements
In addition, RAEDC's Vice President for Development Mark Podemski made four new announcements about EIGERlab.

• The center has space for only nine more startup companies in its new incubator program. Businesses that want accelerated services in an entrepreneurial environment so they can grow more quickly should contact Dan Cataldi at 815.921.2054 or d.cataldi@rockvalleycollege.edu or visit www.eigerlab.org. There are 18 startup companies at the center now that range from micromachining to manufacturing of ice cream machines. Participants who rent office space at EIGERlab will receive specialized business services for under $200 a month, such as business plan assistance, access to mentors and investors, as well as conference space, internet service and more. The center will accept a maximum of 25 companies and new participants are admitted when companies graduate or leave for non-performance.
   
• EIGERlab programs are now certified by the National Business Incubator Association. NBIA advances business incubation and entrepreneurship to help early-stage companies succeed. Visit www.nbia.org.
   
• Second-stage companies can participate in the new accelerated program. Two to four companies will be accepted each year. They will receive more intensive services.
   
• EIGERlab's unique rapid-prototyping capabilities are now being marketed regionally. It has the largest and most sophisticated inventory of such equipment in the area and boasts a short speed-to-market capability. They can build prototypes in days, versus the customary months or years.

New 501(c)3 Rockford Area Strategic Initiatives
RASI was created as the charitable arm of the RAEDC in order to transfer the assets of RAV. In addition, the 501(c)3 status will allow the RAEDC to use its existing funds to further leverage its assets and gain more funds for economic development from private foundations and other sources. Donations made to RASI will be tax-exempt for donors.

ABOUT THE RAEDC
The primary role of the Rockford Area Economic Development Council is to enhance wealth creation in the Rockford Region by marketing the area and helping employers retain and create quality jobs. The RAEDC works closely with many partners to serve as a one-stop resource for clients, to improve the competitiveness of the region, and to engage the community in the work of economic development.

ABOUT ROCK VALLEY COLLEGE
Rock Valley College is a two-year community college in Rockford that serves 7,500 students in six counties. It also holds continuing education classes at more than 50 sites throughout its district and operates employment and training programs at another facility.

ABOUT EIGERlab
Created in 2004, EIGERlab is a research and development center that champions and studies advanced technologies. It also provides startup assistance for entrepreneurs and incubator space in the facility, 605 Fulton Avenue, Rockford. In 2009 TECHWORKS training center was added to the family of services at EIGERlab. In December 2009 EIGERlab became part of the RAEDC.

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FOR MORE INFORMATION
Janyce Fadden, RAEDC President
815.969.4264
jfadden@rockfordil.com
www.rockfordil.com

Dr. Jack Becherer, RVC President
815.921.4001
j.becherer@rockvalleycollege.edu
www.rockvalleycollege.edu

Don Thayer, RAV Board Chair
Illinois Growth Enterprises, Inc.
815.962.8333
dthayer@illinoisgrowth.com
www.eigerlab.org