Chicagoland Entrepreneurial Center - Cluster Acceleration Program

Cluster Acceleration Program

The Cluster Acceleration Program (CAP) aims to identify the most innovative entrepreneurs across the State of Illinois in our five target industries: clean tech, consumer products, financial services tech, healthcare tech, and new media. The average CEC client has revenues of $433,000, five employees, and has been in business for just over two years. In 2010, client companies grew their revenues by 60% compared to the year before, and their employee count grew by 55%.

CAP was developed using the latest research in new venture development. It focuses on high-growth entrepreneurial endeavors. According to the Kauffman Foundation, such ventures only make up about 5% of new startups, but account for 80% of new jobs created in the U.S. CAP focuses on a very small subset of entrepreneurial activity that has the potential to create the greatest number of new jobs.

Benefits of the Cluster Acceleration Program

Access to CEC business advisors and mentors for coaching on sales and financing strategies
Network introductions, with an emphasis on peer mentoring and resource sharing
Participation in the CAP Index--a performance indicator that demonstrates, in aggregate, the collective sales, financing and employment contributions of member companies to the Illinois' economy. The CAP Index empowers companies to anonymously benchmark their company performance against other companies in their industry
Invitations to exclusive CAP educational and networking events, as well as relevant industry-focused conferences
Use of the CAP logo to signal membership among this circle of entrepreneurs
Opportunities for media, public relations and business development exposure

Eligible CAP ventures must:

Fit in the CEC's targeted industries
Have the potential to reach $10 million in annual revenues over the next five years
Have a strong competitive advantage and unique value proposition
Have some outside validation through $25,000 of sales or investment in the company
Have management teams with relevant industry expertise
Be located in Illinois

Selection Process

Companies interested in applying for CAP start by completing the CEC's application for client services. Candidates are reviewed based on the existence of early validation coming from beyond the company's founder, the innovative nature of the company, and the ability for the CEC to provide relevant resources.

Once a company completes an application for client services, a CEC business advisor will follow up within 10 business days. The business advisor will either accept the applicant into CAP or provide alternative resources that are better suited to assist that company at their current stage.

CAP 20

The CEC identifies 20 promising ventures for its CAP 20 program through a competitive bid process. The CAP 20 companies have advanced past the startup phase and are focused on early-growth. Typically, CAP 20 companies generate over $250,000 in revenue and are poised for rapid growth. The CEC provides strategic planning and mentoring assistance to these 20 promising ventures. The CAP 20 clients gain enhanced access to CEC's Board and venture development networks, with the goal of achieving better prioritization and management of venture development milestones, 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 in refining growth plans
Volunteer mentor matches: a seasoned entrepreneur, an industry expert, and a business development expert
Brand exposure opportunities