LETTER FROM THE CEC LEADERSHIP

Dear Chicagoland Entrepreneurial Center Friends and Supporters,

2007 was a year of tremendous growth and accomplishment for the CEC – we worked with more entrepreneurs than ever, helped create and retain more jobs than ever, and expanded our offerings to meet the ever-changing needs of the region’s entrepreneurs. Our clients also reached significant milestones in 2007 and, like the CEC, will continue to focus on what matters in 2008.

We addressed a major need for early-stage investing by launching the Illinois Innovation Accelerator Fund (i2A), a $10 million seed-stage venture capital fund that the CEC is administering. The i2A investors include the area’s leading entrepreneurial families, institutions, and members of the investment community. As of December 2007, i2A has made three investments in early-stage companies. I2A’s formation was the result of many partners’ support, including the Illinois Department of Commerce and Economic Opportunity (DCEO) and CEC Board member J.B. Pritzker. J.B., one of the catalysts for i2A, was honored at our inaugural Momentum Awards Dinner in early 2008 with the Entrepreneurial Champion Award in recognition of his tireless support for entrepreneurship.

We also developed more targeted and sophisticated programming to support the entrepreneurial community. In 2007, the CEC and DCEO launched the Entrepreneur in Residence (EIR) program. The EIR program helps aspiring entrepreneurs commercialize promising technologies and develop new companies by matching them with seasoned entrepreneurs and resources that can help ensure their success.

In 2007, we also saw an increase in demand for two new entrepreneurial sectors: greentech businesses and the creative arts industries. Along with the fashion entrepreneurs we served through the Stitches Fashion Program and the young entrepreneurs we mentored in Future Founders, we believe these new sectors will comprise a significant portion of our client base and engage new communities of entrepreneurs.

The CEC experienced internal successes, as well: our annual operating budget increased to $2.4 million. We also increased the number of corporate sponsors to 21 and were able to increase our operations, services and staff.

We would like to thank all our partners and sponsors. Their work would mean nothing, however, without the risk takers and dreamers who every day start new businesses that invigorate our city, our economy, and our lives. To them we owe special thanks.