Ed Kaplan Innovation Center Opens At Illinois Institute of Technology

renewable energy

The Illinois Institute of Technology recently opened the Ed Kaplan Family Institute for Innovation and Tech Entrepreneurship, a 70,000 square foot innovation center. The center uses innovative materials to control energy usage and bring sunlight into the building. For instance, ETFE foil weighs only one percent as much as glass and helps reduce solar heat. Furthermore, the flat roof is ideal for solar panels, which will hopefully be added in the future.

The architect, John Ronan, referred to the Institute as “an idea factory, a place of creative collision… where new ideas are explored and tested on their way to becoming meaningful innovations.”

The $37 million center will be used by engineering students to collaborate with businesses on R&D projects. This collaboration between industry and universities is critical to achieving greater innovation and commercialization. Projects will range from electric vehicles to the Internet of Things, with a specific focus on clean energy technology. Inside, there are classrooms, exhibition spaces and areas for prototyping and fabrication.

Project leader, Howard Tullman, said that one of the problems they aim to solve is the ‘last-mile problem,’ by finding a zero-carbon footprint transportation solution for short trips, such as autonomous electric vehicles.

There are already 100 graduate students using the building. The center will aim to teach students innovative techniques and will provide management skills to encourage entrepreneurship. This will also help graduates increase their pay at higher executive levels.

Illinois has been focusing heavily on clean energy for the past few years. The 2016 Future Energy Jobs Act and Illinois Power Agency’s plan to increase its reliance on renewables have sparked a wave of action by local businesses and institutions.

The building will be fully functional by January.

Solar for All Initiative Encourages Energy Companies To Innovate

solar for all

Under the Future Energy Jobs Act (FEJA), Illinois developed the Solar for All initiative. The program was developed to address existing barriers faced by disadvantaged communities when accessing renewable energy. It will offer affordable solar technology to those who cannot afford solar panels or are renting. The initiative aims to transform how societies develop, benefit and interact with clean energy by providing incentives to solar companies to develop technology that will lead to savings on solar energy bills.

With a budget of $30 million per annum, Solar for All also includes FEJA job training and basic statewide education as well as ensuring that funding goes to environmental justice communities.

Funding has been sourced from the Renewable Energy Resources Fund along with two of the state’s utility budgets for renewable resources.

Under the initiative, there are four subprograms for different customer and project types. These are: low-income distributed generation, low-income community solar, non-profits and public facilities and pilot projects. Developers apply for incentives in one of the subprograms and are paid once the work is complete, with the customer receiving the panels without being required to pay for installation.

The projects will provide benefits for both the community and environment, with the creation of new jobs and subscription plans offered to residents. Projects also require collaboration with community organizations.

This innovative program illustrates the active steps being taken by Illinois to encourage research and development and transition to clean energy.

R&D Activity In Illinois Stagnant Since 2011

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A report by the Illinois Science & Technology Coalition has stated that R&D spending in Illinois is five time slower than the national growth rate. This has been particularly evident in the machinery manufacturing and chemical industries, which are leading industries for the state.

Since the Global Financial Crisis, Illinois has found it hard to keep up with the growth of other states due to the state’s budget impasse. Smaller public universities have had to cut back on R&D activities. Computer and electronic R&D has also decreased by 1.9 percent per annum, while national annual growth has reached 4.4 percent.

While the state ranks 8th nationally, spending $16.5 billion in 2015, R&D activity has stagnated between 2011 and 2015, increasing by only 0.8 percent. R&D intensity average is behind the national average, with Illinois ranking 22nd at 2.1 percent GDP spend on R&D, as opposed to 2.7 percent nationally. Federal spend on R&D is also much lower than other states. Furthermore, business R&D activity grew at only 1.4 percent per annum, in comparison with the nationwide rate of 4.9 percent.

Nevertheless, between 2012 and 2016, large universities spent up to 8.6 percent on business-funded R&D per year. This is 34% higher than the national average of 6.4 percent. Medical sciences, chemistry and computer science were strong areas for research.  Finance and transportation equipment R&D have also grown strongly in recent years.

Why does this matter? R&D is essential to innovation, which in turn creates jobs and increases people’s quality of life through enhancements in technology. R&D helps companies to maintain their competitiveness, particularly in a global economy. Moving forward, the Illinois Science & Technology Coalition has recommended stable state funding for public universities as well as the creation of research and business collaboration opportunities. More support for early-stage R&D focussed businesses and larger wet labs would also encourage R&D activity.

The report also recommended making the Illinois R&D tax credit permanent. Over the past 15 years, the credit has lapsed four times. This creates uncertainty for businesses as they are unsure whether they will be able to benefit from this tax offset when planning their long-term R&D activities.

Implementation of the report’s suggestions would promote significant research growth, establish partnerships between industry and universities and allow Illinois’ economy to  flourish.

A Doctor for Finances: Chicago-based Holberg Financial develops capital wellness platform

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A Chicago startup suggests that offering financial health and wellness can reduce stress and increase overall satisfaction in the workplace. Holberg Financial has created a platform that mixes behavioral economics and psychology with access to a living person that can help people, namely Millennial employees, with finances.

“I grew up in a financially unstable household, and I remember that there were times when we had enough money to go on vacations, but there were also times when we didn’t have enough money to put food on the table. I had to borrow $40 from a neighbor just to apply for college,” said CEO and Founder of Holberg Financial, Joe Holberg.

Upon signing up, a user’s financial information is gathered all in one place where they can receive assessments on how they are doing. A financial survey is then conducted, thus generating a score between 0-100. According to an article in 1871 Blog, Holberg Financial has helped to increase user financial health by 6.3 points, on average. The platform is different from others out there because, instead of providing only a financial overview, it offers users goal development with emphasis on a plan of action. “It helps people recognize that personal finance is a fixed pie and allows users to come up with prioritized goals that they can set, track, and eventually realize.”

The Holberg Financial platform provides companies with the option to offer financial health as a benefit to employees, although companies must pay for the platform, it is free and unbiased for the employees who use the service.

“Companies that have used our platform often come back to us and say that it’s really helped them retain employees and increase productivity. And then, when we look at averages, we see that employees are able to build their net worth by over $3,000 in less than a year and significantly reduce their debt profile as well.”

May questionable credit be a thing of the past.

For more information on the Holberg Financial platform, please click here.

Are you developing a platform that benefits employees? Did you know that you can receive up to 14% back on your research expenses with the R&D Tax Credit? To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is a Specialist R&D tax advisory firm, offering tax credibility assessments, claim preparation, and advisory services. We manage all facets of the R&D tax credit program in Illinois, from claim prep & audit compliance to claim disputes. 

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPA’s.  For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Introducing the Tinder of Dining: Chicago-based Sugr matches you with food places you’ll love

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If you live in a metropolitan area, picking the next best place to have lunch or dinner can be rather difficult. Do you want spicy or sweet? Are you looking to eat earlier in the day or later? Do you prefer to have a reservation when you walk in? Chicago-based startup Sugr wants to make dining experiences a little less indecisive and more tailored to your preferences.

“The incredible access to information that we have today sometimes makes the simplest decisions take way too long,” said Ruben Flores-Martinez, CEO and founder of Sugr. The discovery service uses machine learning to give users tailored results. The app also takes into consideration where people within your network are eating. “It’s basically a very simple neural network. The more you use it, the better it gets at predicting what you’ll like.”

Sugr has an array of neat features. Once a venue has been selected, you will have the option to hail an Uber. You can invite friends and family to the venue you’re planning to visit, should you wish to be in company. An option is also available to pay via Apple Pay, subject to if the venue has enrolled in this payment method. The app also doesn’t publish written reviews, a design feature that was intentional. “The power of online reviews leads to a lot of negativity. Instead, we want to validate preferences based on what your peers are doing. What my wife thinks is a lot more important than what a random stranger on the internet thinks. So we weigh recommendations based on what people in your networks are doing,” Flores-Martinez added. “We wanted to create a very smart product that could easily understand your personality, the things you like and connect with, and help you make those decisions better and faster.”

The service is pro-small business, as Sugr does not include major chains in its recommendations. However, its founder said “we want to create incentives that are sponsored by major brands, but are redeemable at local businesses.”

Working on an app that encompasses AI solutions and makes life a bit easier? Did you know that you can receive up to 14% back on your research expenses with the R&D Tax Credit? To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is a Specialist R&D tax advisory firm, offering tax credibility assessments, claim preparation, and advisory services. We manage all facets of the R&D tax credit program in Illinois, from claim prep & audit compliance to claim disputes. 

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPA’s.  For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Digital R&D facility in Chicago will create over 100 new tech opportunities

Digital R&D facility in Chicago will create over 100 new tech opportunities

An exciting time lies ahead for research and development in Chicago! Siemens have officially announced their plans for a digital R&D hub due to open in October 2017.

The facility will generate over 100 new tech jobs in the city which will bring the Siemens Chicago employee count up to 3,300. New jobs will be created in the fields of software development, software architecture, product testing, project leadership, application engineering, configuration management, team leadership and technical writing. It is anticipated that the center will open in October 2017 and will have $20 million per year invested into it.

It is no doubt that establishing this R&D center in Chicago is a significant opportunity for Siemens to leverage the extremely talented tech community in the city.

The center will build applications for Siemens Control Products and Systems (CPS) technology. The CPS Software House will take the lead on global R&D efforts for the company’s design CC platform, which makes it easier to manage the functions of large buildings. In addition the facility will also work to add more cloud functionality to the System One smart home application.

The logical next step and a critical component in the Siemens digitalization strategy is establishing the CPS Software House, which continues driving towards a future that includes autonomous buildings. The goal for Siemens as a company is to build new capabilities, bring them to customers sooner and work with customers to quickly obtain feedback.

The technology industry is growing at an aggressive rate and like Siemens, many are investing millions in R&D to stay ahead of the technology curve.  An R&D Tax Credit can support businesses in any industry to further develop their research.  If you would like to find out more about R&D tax and whether your company may qualify for an R&D Tax Credit, contact a Swanson Reed R&D specialist today.

Manufacturing jobs being created through innovation

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Projects are underway in Illinois initiated by innovators and entrepreneurs, that could help President Trump reach his goals to bring back employment and the manufacturing industries in the Rust Belt.

University of Illinois Senior Andrew Knight wants to use his degree in agricultural engineering to start his own manufacturing company. By working at the Champaign-Urbana Community Fabrication Laboratory, he is moving closer to that goal. “Having access to this place is great,” he said. “I can focus on design and development.”

The Maker Movement is underway in Illinois, led by Andrew Knight and like minds, who have an appreciation for reaching out to the world and manipulating it to better suit our needs.

The Maker Movement has gone from simple Do-It-Yourself projects to people creating small-batch manufacturing hubs that can turn into job-creating businesses. This process has been significantly boosted by innovations in 3D printing combined with local communities willing to help create something that will solve a need.

Dr. Quincy K. Brown is the program director of STEM education research at the American Association for the Advancement of Science. She said President Trump could benefit from these innovators in an attempt to foster innovation and new manufacturing growth, similar to what President Obama did with the creation of the National Week of Making and holding a Maker Faire at the White House. “Being able to shout it far and wide that this is a priority. This is something that the president thinks is important that the country really needs. That’s powerful.”

Brown said the nation’s governors can use their platform to better communicate the benefits of a career path in the manufacturing industry. She says Gov. Rauner and others need to help dispel the old myth of a manufacturing career as toiling away in repetitive and dirty conditions. “The governor would be able to say it in terms that the parent would understand so that when their kids come to them saying they want to do this, they’ll say, ‘You know what? That’s really cool,’” she said.

Illinois is in much need of new manufacturing work within the state. While neighboring states are hiring new talent, Illinois shed 11,000 manufacturing jobs last year, according to the Illinois Department of Employment Security.