The Cluster Acceleration Program (CAP) aims to increase access to critical resources and relationships for entrepreneurs in key Illinois industry clusters, namely alternative energy, consumer products and services, and information technology for the new media, financial services and healthcare markets. The program was seeded by a two-year grant from the US Department of Commerce, Economic Development Administration (EDA) with funds awarded under the American Recovery and Reinvestment Act of 2009. CAP will serve businesses headquartered in five regions: Chicagoland, Rockford, Quad Cities, Peoria and Carbondale.
By 2012, the CEC estimates that CAP participants will secure $60.8 million in revenue, $28.7 million in financing and create and retain 2,254 jobs.
Three tiers of activities will support the CAP program’s mission of identifying, preparing and connecting high-growth entrepreneurs.
Industry Cluster Forums: At the broadest level of community outreach, CAP will sponsor industry conferences that will engage 1,000 entrepreneurs and business professionals.
"CAP 200" Circle of Entrepreneurial Ventures: The program will assist 200 entrepreneurs who are doing business in target clusters with educational events, coaching on near-term sales and financing opportunities, as well as network introductions, with an emphasis on peer mentoring and resource sharing. Eligible ventures must be headquartered in Illinois and complete an Application for CEC Client Services to be considered.
"CAP 20" Circle of High-Growth Entrepreneurial Ventures: The program will provide strategic planning and mentoring assistance to 20 of the most promising ventures in target industries. "CAP 20" clients gain enhanced access to CEC’s Board and venture development networks, with the aim of achieving better prioritization and management of venture development goals, a widened network of influence, and increased confidence in leadership decisions.
Each CAP 20 client receives:
A matched CEC staff advisor, who guides on company growth plans while also harnessing supplemental resources to support plan execution.
Ongoing support with refining 12- and 24-month growth plans.
Three volunteer mentor matches: one seasoned entrepreneur, one industry expert, and one business development expert.
Brand exposure opportunities.
The opportunity to access up to $8,000 in grant dollars for a strategic growth project.
Eligible ventures must:
Operate in one of the target industry clusters: alternative energy, consumer products and services, and information technology for the new media, financial services and healthcare markets.
Have the potential to reach $10 million in annual revenues over the next five years.
Have a sustainable value proposition and proven urgency for its product or service.
Have a strong competitive advantage, including intellectual property protection.
Have a strong management team with relevant industry experience.
Have a minimum of two full-time employee equivalents (FTEs).
Selection Process
There are two classes of companies selected to receive premier CAP services. The first class was selected in January 2010 and includes eight companies. The second class will be selected in January 2011 and will include 12 companies.
Candidate assessments will include a written application and up to two interviews with CEC staff and/or industry advisors. Application forms will be forwarded upon request and available by October 1, 2010.
CAP Mentor Profile
Ideal CAP mentors are regarded as either seasoned entrepreneurs or "experts" in alternative energy, consumer products and services, and information technology for the new media, financial services and healthcare markets. A history of top management and business development experience, raising venture capital, and financially successful business exits is also especially desired.
Each mentor must be able to commit up to two hours per month to their matched client for one year. Client meetings will be scheduled based both on mutual calendar availability and on the nature of the advisory objectives to be addressed. With few exceptions, mentors and clients may elect to meet either by phone or at a location of their choice.
"CAP 200" Circle of Entrepreneurial Ventures: The program will assist 200 entrepreneurs who are doing business in target clusters with educational events, coaching on near-term sales and financing opportunities, as well as network introductions, with an emphasis on peer mentoring and resource sharing. Eligible ventures must be headquartered in Illinois and complete an 
