ISTP, 4901 Searle Parkway, Skokie, Il 60077

Chicago Life Science Opportunities

Long a hotbed of life sciences titans like Abbott Laboratories, Baxter International and Takeda Pharmaceuticals that have established the northern suburbs as a biotechnology hub, the Chicago area has recently seen a rush of startups as schools including Northwestern and U of C have pushed to commercialize faculty research in ways championed by universities like Stanford and MIT.
The biomedical and biotech sectors accounted for 44 percent of the $877 million in funding raised by all 942 startups spun out from Illinois universities between 2013 and 2017, according to data from the Illinois Science & Technology Coalition, a nonprofit advocacy group.
But the number of local facilities available for clinical tests and that also offer the equipment startups need hasn’t grown as quickly. One reason lab space isn’t pervasive is that it is expensive and risky to build. Structures like these need special ventilation, electrical and safety systems to accommodate chemical reactions, and extra security to protect highly valuable intellectual property.
The fully occupied ISTP in Skokie, on the site of the former research complex for pharmaceutical giant G.D. Searle, today houses several life sciences companies that originated at Northwestern. Read more in this article from Crain’s

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Increased Vitality to Downtown Skokie

The Village of Skokie welcomes a variety of new mixed-use residential and commercial investments in Downtown Skokie and surrounding areas. The $65 million, 8000 North development, broke ground in May. A mixed use development project by Neri and Nea Maya Developments at 8122 & 8110 Lincoln Ave has been approved. Varda & Company, LLC is investing over $4 million in 7 new townhomes at 8326 Elmwood Place. The Northfield Group, Ltd is constructing a $12 million mixed use project at 8017-8025 Skokie Blvd. For information on these developments and more, click here to access the Fall 2018 copy of SkokieBiz.

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Top Companies Choose Chicago

U.S. News recently reported on why Chicago has become a top city for startups and entrepreneurs. Community supporters who help to drive entrepreneurial activity are a unique collaboration between startup accelerators and incubators that work in concert to nurture and showcase the region’s best and brightest emerging companies.

These accelerators drive innovation across the spectrum of sectors, such as mHUB, which is an innovation center for advanced manufacturing. Serving entrepreneurs in the healthcare sector is MATTER, where innovators are working together to drive major developments in the healthcare industry. Chicago also boasts the world’s #1 business incubator, 1871, and TechNexus, which both support technology startups of different stages. To read more, click here. 

The City of Broad Shoulders is becoming a City of Innovation as it attracts or creates more tech companies and jobs. Chicago had 14,014 tech businesses in 2017, 46 more than in 2016. The city also had 341,600 tech workers across all industries in 2017.  To read more about job creation, click here.  

Founders who start companies in Chicago can enjoy both the benefits of a big city and the warmth of a Midwestern town. The Windy City’s startup scene is boosted by a strong talent pipeline from local MBA and engineering programs. Female founders are drawn to Chicago: a solid third of the city’s startups are run by women. To read more on this topic, click here. 

“There’s a strong work ethic in the Midwest that you will not find anywhere else,” Chicago Mayor Rahm Emanuel noted. “It cannot be replicated or bottled, and it’s a dedication that they don’t have on either coast.”

Google opened a small sales office 18 years ago and has since expanded to 1,000 workers, says Karen Sauder, vice president of sales and site lead for Google Chicago. “The city’s culture, diversity and strong emphasis on community made it a perfect fit for Google and we look forward to our continued growth for years to come,”

“I saw this explosion at the intersection of technology, innovation, and established companies in Chicago,” says Penny Pritzker, billionaire entrepreneur.

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Chicago Poised for Growth

Chicago is one of the nation’s leaders for employment in the life sciences industry according to a recent report from CBRE. While many U.S. industries are navigating fundamental disruption, the life-sciences industry – which includes pharmaceuticals, biotechnology and medical-device manufacturing – is on a long-term expansion track. Chicago is primed to benefit from this industry’s growth, as the market has seen strong gains in employment and National Institutes of Health (NIH) funding in recent years.

Noted Scott Brandwein, executive vice president with CBRE in Chicago; “Chicago is well-positioned for future growth in life sciences thanks to its large cluster of pharmaceutical and biotech companies and world-renowned research institutions such as Northwestern, Chicago, Rosalind Franklin, the University of Illinois at Chicago, Fermi and Argonne Labs.”

Chicago has received an employment boost in recent years, especially in its traditional industries of pharmaceuticals and medical manufacturing, which have experienced a sharp uptick since 2013. Jobs in this sector total increased nearly 18,000, exceeding the previous high of approximately 17,500 in 2006. In total, Chicago is the fifth largest market in the nation for employment in this sector. To read the entire CBRE report, click here.

 

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Illinois Science + Technology Park