Illinois governor Pat Quinn recently announced that a new not-for-profit startup BioHub center called MATTER for next generation healthcare technology companies will drive entrepreneurship in the rapidly expanding medical and biotechnology field.
MATTER to be located in Chicago’s Merchandise Mart, will enable interaction among entrepreneurs, academics, and investors to work together to create and grow new companies in healthcare IT, medical devices, medical diagnostics, and biopharmaceuticals.
The state’s funding package for MATTER being administered through the Illinois Department of Commerce and Economic Opportunity (DCEO), consists of a $2.5 million state investment and a loan of $1.5 million to provide seed funding support for projects plus the MATTER governing board is raising additional funds from corporate sources.
The state of Illinois has the third largest healthcare community in the U.S and reports that the Chicago area has the nation’s largest concentration of doctors. The state is home to national healthcare organizations, global biopharmaceutical, medical device, health IT, distribution and health insurance companies, leading research institutions, teaching hospitals, and a dynamic startup community.
For example, a success story resulted when Andrew Cittadine, Founder and CEO of Diagnostic Photonics moved to Chicago from Silicon Valley. At that time, he struggled to plug into the large and diverse medtech community in the area. He eventually found a community of other entrepreneurs and resources to give him advice on how to build his company.
His company is now developing advanced imaging technology to help physicians do real-time tissue microstructure evaluations. The company’s imaging equipment is able to make rapid, free hand scanning available so physicians can quickly locate and identify areas of interest to make more informed decisions.