The University of Chicago has established an innovation center, called the Chicago Innovation Exchange (CIE), that will be a hub for multidisciplinary collaborations and support for business start-up activities.
Frequently Asked Questions
What is the Chicago Innovation Exchange?
The Chicago Innovation Exchange (CIE) is the University of Chicago’s new hub for multidisciplinary collaborations and support for business start-up activities by University faculty, students and area entrepreneurs.
The CIE will bring together the University’s distinctive strengths in research and resources from a network of world-class entrepreneurship programs to drive innovation in a range of areas, applying scientific discoveries to generate scalable solutions to difficult societal problems.
What will be located at the Chicago Innovation Exchange?
The first phase of the CIE will provide workspace, gathering places, and meeting rooms that can accommodate a wide-range of users and visitors. The combined facility will include:
- Flexible coworking space for up to 150 students, faculty, and community members with passions for entrepreneurship and innovation
- Dedicated office space for the CIE management team, Argonne National Laboratory, and the Institute for Molecular Engineering
- Meeting spaces supporting formal and informal collaboration for groups
- Adjustable immersive-technology classroom
- A variety of informal lounge and café
What parts of the University of Chicago will be involved in the Chicago Innovation Exchange?
The CIE will reach campus-wide to draw participation from different parts and affiliates of the University, including:
- Argonne National Laboratory
- University of Chicago Booth School of Business
- Michael P. Polsky Center for Entrepreneurship and Innovation
- The College
- Office of Civic Engagement
- Computation Institute
- Fermi National Accelerator Laboratory
- Institute for Molecular Engineering
- Institute for Translational Medicine
- Marine Biological Laboratory
- Physical Sciences Division
- Biological Sciences Division
- University of Chicago Medicine
- UChicagoTech, the University of Chicago Center for Technology Development & Ventures
- Urban Education Institute
- University of Chicago Law School
- Institute of Politics
How will the Chicago Innovation Exchange be different from other innovation hubs in the Chicago area?
Among several differentiating factors, four in particular stand out:
- The scope, depth and diversity of the disciplines and resources bring brought together at the CIE: energy, life sciences, engineering, social science, medicine, business development, and others. We anticipate a wide range of ventures emerging from CIE addressing a variety of economic and social challenges.
- The involvement of three major research laboratories—including national labs Argonne and Fermilab, and the Marine Biological Laboratory. UChicago expects these affiliations to open up vast potential for discovery and innovation in energy, the environment, and security. Additionally, the CIE is an important element in the commercialization strategy for the Joint Center for Energy Storage Research, the US Department of Energy’s $120 million energy innovation hub announced in November 2012.
- The participation of Booth School of Business and the Polsky Center for Entrepreneurship and Innovation is at the core of the CIE. Polsky is an engine of new venture creation: its New Venture Challenge alone has created more than 90 currently active businesses since its inception in 1996.
- Creation of the UChicago Innovation Fund, a $20 million venture philanthropic fund dedicated to proof-of-concept work to help new ventures attract outside commercialization funding.
How big will the physical facilities for the CIE be?
The CIE will occupy 17,000 square feet on the second floor of the Harper Theater complex; 6,000 square feet on the second floor of an adjacent office building; and 13,500 square feet of shared conference center space on the 11th floor of the Harper Court office tower currently under construction.
What will future phases of the Chicago Innovation Exchange entail?
A timetable for future phases has not been established. However, as currently envisioned, the first phase of the CIE will open in October 2014. Phase II involves the design, construction and management of a 30,000-40,000-square-foot prototyping, wet lab, and computer fabrication core facility adjacent to the main CIE building. This facility will be available for use by all CIE members and partners.
How many jobs will this project create?
In the short term, renovation of space in the two properties at 53rd and Harper is expected to create about 50 jobs through construction and operations. Over the longer term, the number of jobs created will depend on the kinds of businesses developed out of the CIE.
While we cannot predict a precise number of jobs, the CIE has tremendous potential to expand our economy, create jobs, and develop new ways of doing business or managing social challenges. So the overall economic impact is potentially quite vast.
How will the $20 million innovation fund work, and who will have access to the fund?
For more information about the University of Chicago Innovation Fund, visit the CIE’s website: https://cie.uchicago.edu/innovation-fund
For more information, contact: