Oct. 19, 2010: Today Illinois Governor Pat Quinn announced a $3.5 million business investment package to create 250 new jobs at Chicago-based Groupon, Inc.
“Groupon helps consumers throughout the world save money, while dramatically boosting local businesses,” said Governor Quinn. “This investment package will help this fast-growing and cutting-edge company expand in Illinois, creating even more good jobs and great deals. More and more high-tech companies are making Illinois home, driving our economic recovery and putting people back to work.”
The state’s $3.5 million business investment package will allow Groupon to hire 250 new employees at its headquarters in Chicago. Without this state support, the company would have utilized its offices in other states for its continued growth. Groupon is one of the fastest growing companies in Illinois, increasing from seven employees in 2008 to more than 900 at its Chicago headquarters today. It has more than 2,500 employees worldwide.
“Groupon is happy to be able to continue attracting world-class talent in Chicago,” said Rob Solomon, President and Chief Operating Officer at Groupon. “We thank Governor Quinn and the state of Illinois for putting together an incentive package that allows us to further expand our workforce.”
The Illinois Department of Commerce and Economic Opportunity (DCEO) is administering the $3.5 million business investment package. The package includes Economic Development for a Growing Economy (EDGE) corporate tax income credits over the next 10 years based on job creation, and Employer Training Investment Program (ETIP) job training funds that will help enhance the skills of its workforce.
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I'm still a little confused as to why the state of IL needed to pay Groupon? Seems like they're doing ok on their own.
Scott- I am torn on this too. I definitely agree that Groupon likely doesn't need the money- they have been valued at $1.5 Billion.
BUT- This does demonstrate that the Illinois Government is paying attention to the tech sector and when talking government, the fact they know we all exist is a good step. So, I applaud the fact they did this and can hope that it is a first step to supporting the Tech/Startup Community here in Illinois.
I'd like to see the next step be even bigger/better and geared towards startups myself
This is total BS. The state can't pay for social services, is deep in the hole and is threatening to raise taxes. So they give money to a booming startup that has no trouble raising private equity? And they don't get any equity stake in return. What incompetence and stupidity and waste.