Roosevelt University and the village of Schaumburg Tuesday launched a new business incubator program to assist suburban entrepreneurs at the now 30-year-old campus just north of Woodfield Mall.
The occasion was marked by a ribbon-cutting ceremony for the Roosevelt Incubator for Schaumburg Enterprises (RISE) program, followed by a full-day symposium of nationally recognized business leaders and innovators.
The program is available to anyone who lives within the service area of Roosevelt’s Schaumburg campus. It provides office space, a makerspace, photo and podcast studios, and interns to conduct research for new companies.
Schaumburg Economic Development Director Matt Frank said the idea of a business incubator was part of the village’s strategic plan to overcome economic setbacks caused by the COVID-19 pandemic. It became the desired use for a federal Community Development Block Grant and fell to Roosevelt University, the village’s favored partner, to implement it.
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The program initially called for participants to be of low- to moderate-income to qualify. But other grant and sponsorship opportunities will allow others to participate for a nominal fee, with at least 51% of participants continuing to come from the original income categories, RISE Director Brian Margulis said.
Schaumburg Mayor Tom Dailly led the ribbon-cutting ceremony and presented the program with a $10,000 check from the village.
The opening keynote panel, “What it Really Takes to Grow a Business in Schaumburg,” featured leaders from the village’s economic development department and the Illinois Small Business Development Center at Harper College.