The Garage named best university incubator by Time magazine

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The Garage named best university incubator by Time magazine

In 11 years, it has developed more than 1,500 startups that have collectively raised more than $1.6 billion and created more than 2,600 jobs

• Link to: Northwestern Now Story

EVANSTON, Ill. - The Garage, Northwestern's student startup incubator, has been named the No. 1 university incubator and No. 5 overall by Time magazine on its inaugural America's Best Incubators & Accelerators list.

The national recognition is a milestone for Northwestern entrepreneurship and Chicago's growing startup community. Historically, Silicon Valley- and New York-based incubators have dominated similar rankings, thanks to their proximity to venture capital and tech culture. But The Garage's ranking highlights the strength of the programming and founders coming out of Northwestern and the Midwest.

"I'm incredibly proud of what this recognition represents for The Garage and Northwestern, said Mike Raab, executive director of The Garage. "Although the Northwestern community already knows this is a special place on campus - attracting ambitious prospective Northwestern students, providing an unparalleled experience while they're here and keeping our alumni involved after they graduate - the Time ranking tells the world our approach to student entrepreneurship is the gold standard."

Launched in 2015, The Garage is relatively young compared with many organizations represented in the ranking. In just 11 years, it has grown into a nationally recognized hub for student entrepreneurship, engaging more than 2,000 students each academic year and approximately 40 residency teams each quarter. Since its founding, The Garage has incubated more than 1,500 startups that have collectively raised more than $1.6 billion and created more than 2,600 jobs, including 17 startups that have been acquired.

"Entrepreneurship is one of the hallmarks for Northwestern's student experience, combining interdisciplinary pursuit of excellence with risk-taking and enterprise-creation," Northwestern President Mung Chiang said.

"The Garage has been a cornerstone, enabling thousands of our students since its founding a little over a decade ago," Chiang said. "This competitive ranking among the nation's best incubators is a reflection of the strategic and persistent hard work by our colleagues at The Garage and another indicator of the promising years yet to come for all Northwestern entrepreneurs."

What distinguishes The Garage is its focus on the individual - not just the startup. Its programs are open to Northwestern students across all schools, majors and levels of study, so they can explore entrepreneurship from any point in their college journey.

The Garage takes no equity or ownership in student ventures, giving founders access to space, mentorship and community while allowing them to retain full ownership of what they build. Regardless of the outcome of any individual startup, The Garage focuses on offering students experiences that allow them to grow as leaders and innovators, benefiting them in whichever career they pursue.

Time's ranking draws on alumni evaluations, measurable outcomes from each accelerator's top-performing startups and expert recommendation scores based on input from investors and experienced entrepreneurs nationwide. More than 2,000 alumni participated in the evaluation, with 80 incubators and accelerators recognized in the inaugural ranking.