The Chicagoland Entrepreneurial Center (CEC) recently announced that MagDrive, LLC is the newest recipient of an Entrepreneur in Residence (EIR) grant. The EIR program is supported by the Illinois Department of Commerce and Economic Opportunity (DCEO) and administered by the CEC. The program partners experienced entrepreneurs with young companies to commercialize promising technologies from the state’s top universities and research institutions. The program enhances Illinois’ entrepreneurial community and supports both experienced and young entrepreneurs in creating new, high-impact companies poised for business growth.

MagDrive develops intelligent electric generator/motor technologies that increase the output from renewable applications in wind, hydro and tidal energies; as well as electric propulsion in hybrid and plug-in hybrid vehicles. MagDrive’s breakthroughs for enhanced electrical performance include patented technologies and smart grid readyTM solutions. The CEC worked with the Jules Knapp Entrepreneurship Center at the Illinois Institute of Technology (IIT) where MagDrive is a client, and in partnership with Illinois Technology Development Alliance (ITDA), to identify the appropriate mentor to guide the commercialization of MagDrive’s technology. Herb White has been selected to work with MagDrive as their advisor for the next 12 months. The CEC also helped the company formulate meaningful business milestones and the program’s independent selection committee awarded the company $80,000 grant to propel them toward success.

Herb White is a serial entrepreneur who gives back to the entrepreneurial community as an advisor government and universities on the commercialization of technology. “MagDrive has created the vision for improving the efficiency of a wide variety of electrical power systems and is well positioned deliver the practical application of the vision. MagDrive’s detailed understanding of existing shortfalls in current technology to address the opportunities in electrical power systems has been the starting point for their developments. The company’s combination of electrical fundamentals and the use of proprietary control concepts have made possible their advances in electric power efficiencies. And the confidence and energy of the MagDrive founders are key factors that are necessary in a successful new enterprise,” Herb White said.

“We are thrilled to support a promising new company like MagDrive whose technology improves the use of alternative energy. By working with Illinois’ top academic and entrepreneurial institutions, we can identify innovative technologies with commercial potential and find mentors to support the companies’ growth. The CEC’s focus is to help companies secure new customers, obtain capital and create mentoring opportunities, and the EIR program allows us to do all three for our clients,” said CEC President David Weinstein.

“This opportunity to support MagDrive is proof of the success of the collaboration between community resources such as DCEO and the CEC, with IIT as a platform for taking great ideas to market. There are many more ideas that, with the support of great talent and financial resources, will make us a leader in innovation, entrepreneurship and business success,” said Nik Rokop, Managing Director of IIT – Knapp Center.