Description: Started in 2007, PROPEL helps guide the development of formation-stage and early-stage life sciences companies by providing entrepreneurs with access to specialized resources and expertise to prepare them for early-stage funding. PROPEL has awarded >$1.2 million in grants and awards since 2007. This has had a strong leverage effect: for each $1 awarded, PROPEL portfolio companies raised $214 in new funding. Industry initially led the development of PROPEL through generous support from Abbott and AbbVie, Astellas Pharma US, Inc., Baxter International Inc. and Takeda Pharmaceuticals North America. Today, PROPEL has strong support from the broad life sciences community encompassing the three pillars of financial support: corporate/industry; private foundations; and public/government. In the last several years, funding sources include: iBIO, corporate partners (listed above), grants from the Searle Funds of The Chicago Community Trust, US Small Business Administration, the City of Chicago and Illinois DCEO.
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