PEORIA, Ill. – Business leaders took part in a forum Thursday morning in Peoria to discuss ways to try and develop more entrepreneurs in the region.
The forum was part of a tour by leaders at the University of Illinois to try and learn more about what is working and not working economically in different parts of the state.
University of Illinois President Tim Killeen watched the forum, which included local entrepreneurs and Bradley University business leaders. He came away with a lot of positives, which include affordability of living in Peoria and community support.
“What we saw today, I think, were inspiring examples of that, right here in Peoria, where people are obviously working very hard, talented, great ideas, and feeding into the innovation ecosystem,” Killeen said.
Killeen says the region can do better in a couple areas, which include developing more mentorship programs and working to secure more venture capital for those who want to start businesses.
Distillery Labs Executive Director Doug Cruitt moderated the forum, and says the lack of venture capital for Peoria-area start-ups was one thing that stood out in the discussion.
“We heard a stat where 97.7% of venture capital is going up to Chicago,” Cruitt said. “And it’s understandable, great town, great technologies, great companies, great workforce. But we have a lot to offer down here too as a region.”
Cruitt says the process to start a business could also be made simpler to help people navigate the process. Other suggestions from the forum’s panelists included trying to serve high poverty areas better, and trying to shake a small town stigma.
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