The Illinois General Assembly authorizes the Treasurer's Office to manage Technology Development Accounts. These accounts allow the Treasurer’s Office to use a portion of the State’s Investment Portfolio to provide capital to technology funds in Illinois that finance technology businesses seeking to locate, expand, or remain in Illinois.
The goal is two-fold: earn investment returns for the state and support technology and related jobs here in Illinois.
• Technology Development Account I
• Illinois Growth and Innovation Fund
Technology Development Account I
The first Technology Development Account (TDA I), launched in 2005, has experienced remarkable success. Not only has TDA I has accrued $38.8 million in realized gains (as of June 30, 2017), but it has created an estimated 6,294 jobs (2,861 direct and 3,433 indirect). It also supported scores of growing technology companies in Illinois that you may have heard of such as SpotHero, Trunk Club and Sittercity.
Illinois Growth and Innovation Fund
In 2016, the Treasurer's Office announced the second technology account, the Illinois Growth and Innovation Fund (ILGIF). Beginning in 2016 and continuing over the following three years, ILGIF will invest $222 million from the State’s Investment Portfolio in venture capital firms with a track record of investing in Illinois technology companies. The investment is expected to create 18,800 jobs (8,500 direct and 10,300 indirect) in Illinois and attract more than $400 million in additional private-sector money, which will further spur interest in the Midwest tech scene that Illinois anchors. ILGIF continues to support growing technology focused companies such as Uptake, ShipBob and ShopRunner.
In addition to the aggregate benefits of the program, the Treasurer's technology investments have played a pivotal role in many individual company success stories. These stories acutely demonstrate how this program fosters economic and job growth while earning enhanced investment returns for the State.