PEORIA MAGAZINE September 2023

B y many accounts, small busi nesses are the backbone of the nation’s economy. Yet despite that distinction, many entre preneurs run into obstacles when seek ing capital and other kinds of support for their start-up businesses. Throw in an unforeseen pandemic or other disaster and it can mean the downfall of even a once-bustling, growing business. So, how can small businesses survive? Construction company owner Bridget Booker found help at the Peoria NEXT Innovation Center. “I had to learn the ins and outs of everything from A to Z within the con struction business, but also a different facet of it being union added another layer to it,” said Booker.

distinction of being the only Black female ironwork and general construction contractor in the state of Illinois. Booker said the staff at the Innovation Center worked with her to create a business model. Being a tenant inside the building gave her access to more than just business classes. She also received the counsel of professionals with the expertise necessary to help her succeed. Peoria NEXT Director Michael Stubbs said it’s all part of the mission. ‘MADE IN AMERICA’ GETTING A NEW START IN PEORIA Since 2007 Peoria NEXT and Bradley University have collaborated to provide a network of academic knowledge and pro fessional support for startup businesses. COLLECTIVELY, PEORIA NEXT COMPANIES HAVE RAISED MORE THAN $460 MILLION IN STARTUP CAPITAL Bradley provides financial support for Peoria NEXT, which currently houses 26 tenants inside its Innovation Center, up 86% from two years ago. Seven of those businesses are minority owned. The Innovation Center, which acts as something of a business incubator, leases space at below-market rates and gives tenants access to research labs, internet backup, conference rooms and other amenities at no additional cost. Meanwhile, work is now underway to find “larger pilot lab space for com panies to graduate into,” said Stubbs. Collectively, Peoria NEXT companies have raised more than $460 million in startup capital. They’ve done so with the help of $40 million in state and federal grants. The businesses have created more than 1,200 jobs. Some have gotten national recognition for the products they’ve developed. Recently, Peoria NEXT added anoth er agency to its network, the Illinois Manufacturing Excellence Center (IMEC). Under this new partnership,

Michael Stubbs, director of Peoria Next Innovation Center

IMEC will cover the first three months of a one-year lease for four manufac turing tenants, saving them thousands of dollars. IMEC will also co-sponsor five in-person workshops and training opportunities at Peoria NEXT, all de signed to help organizations become more effective and efficient. IMEC President Dave Boulay said the partnership will help early-stage businesses gain their footing in an evolving marketplace where workforce changes, automation and supply chain issues are dramatically impacting the shape of manufacturing. “So much of the way supply chains are changing” represents “a desire to have things made in America,” said Bou lay. “That’s going to start with places like Peoria NEXT (and) those innova tive companies that are building the products of our future.” A NEED TO DIVERSIFY THE LOCAL ECONOMY Peoria Mayor Rita Ali said the partner ship enhances the goal of making Peoria a center of innovation. Her comments align with the vision city leaders had more than 20 years ago when they began talking about developing a business incubator. Up until 2017, Peoria had been the home headquarters to Caterpillar Inc.,

A 42-year-old single mother of four, Booker is a rare commodity in the male dominated construction industry. “I chose ironwork because it was one of the hardest trades,” she said. “I invest ed in this trade and got my card. I love ironwork, I love welding, the structural steel …” In December 2016, she started Reign Construction inside the Peoria Next Innovation Center. Booker is one of eight female members of the Local 112 Ironworkers Union and carries the Bridget Booker is president and CEO of Reign Construction, with an office at Peoria Next Innovation Center

SEPTEMBER 2023 PEORIA MAGAZINE 19