With the application the company may also submit in separate attachments the following
documentation. Applications will be accepted in PDF MS WORD format ONLY.
1. Company Information
1.2 Name of company contact
1.3 Brief description of what the company does
2. Market Information
2.1 Description of market need to be met, together with
any supporting data.
2.2 Description of customer to be served
2.3 Customer validation to date for proposed product
2.4 Noteworthy trends in target market
2.5 Size and growth rate of target market
2.6 Major competitors in target market
2.7 Anticipated or current partners in production or
delivery of proposed product
2.8 Go-to-market strategy (if not in the market yet)
3. Product Information
3.1 Description of product
3.2 Intellectual property/patent portfolio
3.3 Cost/benefit analysis compared to competitor's validation
of the technology
3.4 Status of product development and projected timeline
4.1 Relevant experience and detailed biographies of
management team **
4.2 Summary bios of the Board of Directors and Advisory
Board(s) (if any) **
4.3 Key vacancies and plans to fill them, including
timing of additions
4.4 Job creation projections for the next 3 years
Financial statement for the last two (2) years (if any) **
Forecasted revenue and profit for at least 3 years (month-month for first year)
Financing required to fund the forecast, how much being sought in this round and
fundraising activities completed to date
Submission of an application and the materials requested therein by any individual or entity (collectively, an "Applicant") to the "Invest Illinois Venture Fund Program," managed by the Department of Commerce and Economic Opportunity ("DCEO") including all books, papers, digitized electronic materials and databases, regardless of physical form, made, produced, executed or received by DCEO in connection therewith (collectively, the "Materials") will constitute a request by an Applicant that DCEO review the Materials and determine if DCEO will invest in the Applicant.
. In the event that the Applicant provides all of the requested Materials, and if in the sole discretion of DCEO, including its agents and advisors, the Applicant constitutes a suitable investment for DCEO, then DCEO may offer to invest in the Applicant on terms and conditions that DCEO, in its sole discretion, shall set forth in writing (the "Offer"). DCEO shall have no obligation to offer to invest or to negotiate the terms and conditions of any Offer, and any attempt by the Applicant to negotiate the terms of any Offer shall constitute a rejection of the Offer by the Applicant.
All Materials (defined above) submitted to DCEO will become and remain the property of the State of Illinois. DCEO has no obligation to keep the Materials confidential. DCEO has no obligation to notify the Applicant (defined above) of any third-party requests for copies of or information regarding the Materials. Materials that the Applicant reasonably believes are trade secrets or are proprietary, privileged or confidential in nature, and where disclosure of the same would cause competitive harm, may be so marked by the Applicant before submitting the Materials to DCEO. DCEO will use reasonable efforts not to disclose the Materials so marked to third parties who are not involved in facilitating DCEO's investments. DCEO makes no representation or warranty that it will be successful in either keeping any of the Materials so identified confidential or otherwise prevent their disclosure to third-parties. DCEO is obligated to respond to all Freedom of Information Act requests. DCEO disclaims liability for any and all direct and/or indirect damages that may be incurred directly or indirectly by the Applicant as a result of the disclosure of the Materials.
None of the Materials (defined above) submitted to DCEO by or for the Applicant (defined above) will be destroyed, removed or otherwise disposed of except as permitted by the laws of the State of Illinois, including the State Records Act (5 ILCS 160/1, et seq.). No Materials, and no copies thereof, will be provided to, or returned to, any Applicant except as provided by Illinois law.