Illinois Technology Development Alliance Launches Illinois Coalition Reorganized into Two Separate, Focused Entities

Chicago, IL – January 18, 2005 – The Illinois Technology Development Alliance launched today, after the Illinois Coalition formally approved its division into two focused organizations. The Illinois Technology Development Alliance (ITDA), a public/private nonprofit organization created from the Coalition's former technology development group, will focus on working with technology enterprises in accessing capital and establishing growth. The Coalition's initiative to enhance Illinois' research infrastructure will remain as the Illinois Coalition and will lobby to land large-scale federal research and development investment in the state.

"Creating two separate organizations will produce a more focused, effective effort in commercialization and advocacy," said Illinois Coalition chairman Sam Skinner. "The two entities are poised for strong growth, boosting efforts to enhance the economic vitality of the state."

The Illinois Technology Development Alliance's mission is to stimulate new enterprise growth and private investment in Illinois by assisting high growth technology companies in realizing the commercial potential of their innovations. ITDA will help these companies access seed and venture capital, recruit management talent, develop business plans and provide other services essential for success. ITDA will be led by Tom Thornton, president of the former Illinois Coalition. ITDA will also leverage the strength and experience of the Coalition's former technology development team, which will join the new organization.

"As a new separate organization, ITDA can take our group's past accomplishments in fostering the formation and growth of technology companies and expand upon them," said Tom Thornton, president of ITDA. "This defined, focused organization allows us to be more effective in creating opportunities for new innovations that improve the way we work and live."

ITDA will be governed by a ten-member Board of Directors. ITDA's activities are funded through contracts with the U.S. Small Business Administration and the U.S. Department of Defense's Office of Naval Research, as well as private contributions.