GetFundedUSA › Grants › R&D / Tech › INVENT (Illinois Innovation Venture Fund)
INVENT (Illinois Innovation Venture Fund)
R&D / Tech · Illinois Department of Commerce & Economic Opportunity (DCEO) · IL
INVENT is an Illinois state equity investment program run by the DCEO that provides early-stage capital to small, capital-disadvantaged, and SEDI-owned businesses in key Illinois sectors, in exchange for an ownership stake rather than repayment.
INVENT (Illinois Innovation Venture Fund) is a state-run equity capital program administered by the Illinois Department of Commerce & Economic Opportunity (DCEO), funded through the federal State Small Business Credit Initiative (SSBCI). Unlike a traditional grant or loan, INVENT provides direct equity investment in early-stage Illinois companies — meaning the state takes an ownership stake in exchange for capital, rather than requiring repayment.
The program is designed to reach founders who have historically struggled to access traditional venture capital, including very small businesses with fewer than 10 employees, capital-disadvantaged businesses, and SEDI-owned (socially and economically disadvantaged individual) businesses. It also prioritizes companies operating in Illinois's key economic sectors, supporting sustainable growth and job creation across the state.
For a small-business owner in Illinois working in research, technology, or an innovation-driven sector, INVENT represents a potential source of growth capital that doesn't carry the debt burden of a loan. Because it's an equity investment, businesses should understand that accepting funds means giving up some ownership or control in exchange for capital — a different tradeoff than a grant or loan.
Award amounts vary and are not fixed, and the program does not publish a flat award ceiling or floor. Application rounds open periodically, so interested businesses should check DCEO's official INVENT page for current round status, eligibility specifics, and investment terms. As of 2026, applicants are encouraged to confirm current award amounts, open application windows, and eligibility criteria directly at the official state site before applying, since program details can change between funding rounds.
Who qualifies
How to apply
Questions people ask
Is this a grant or a loan?
Neither — it's a direct equity investment, meaning the state takes an ownership stake in your company in exchange for capital.
Do I have to repay the money?
No repayment is required, but you give up some equity/ownership in your business.
Who runs this program?
The Illinois Department of Commerce & Economic Opportunity (DCEO), using federal SSBCI funding.
Who is eligible?
Very small Illinois businesses (under 10 employees), capital-disadvantaged and SEDI-owned businesses, and companies in key Illinois economic sectors.
How much funding can I get?
Amounts vary by investment; no fixed floor or ceiling is published — confirm at the official source.
Is there a deadline?
The listing says to check current rounds; there's no fixed deadline given.
Where do I apply?
At the official DCEO INVENT page: https://dceo.illinois.gov/illinoisinvent.html.
Is this available outside Illinois?
No, this program is limited to Illinois-based businesses.
Is the funding taxable?
Not specified in the available facts — confirm at the official source.
What sectors does this focus on?
Illinois's key economic sectors, with an emphasis on sustainable growth and job creation.
What makes this different from typical grants?
It's structured as equity investment rather than a non-repayable grant or a loan, so the state gains partial ownership.
Can very small startups apply?
Yes, businesses with under 10 employees are specifically named as eligible.
Opportunity number: not published. Source: curated + verified (official state source, 2026). GetFundedUSA is independent and not affiliated with Illinois Department of Commerce & Economic Opportunity (DCEO); always confirm current deadlines, amounts and eligibility on the sponsor's own page before applying.