When the FirstIgnite CEO and co-founder explains to prospective clients how his AI-powered platform condenses 30 hours of work into just three minutes, the reactions usually split into two camps.
“Some say, ‘That’s amazing. Let’s implement today,’” Chase Bonhag said. “Some find what we do terrifying. They say, ‘I thought this was my job.’”
The reactions aren’t really about the tech. They’re about what the tech might reveal. For years, university research offices have relied on time-consuming processes — manual outreach, spreadsheets, cold calls — to commercialize academic breakthroughs. FirstIgnite automates the entire process, identifying industry partners and launching targeted marketing campaigns that move ideas from lab to market in record time.
Disruption, especially in higher education, aims to shake things up in all the best ways.
Case in point: FirstIgnite, still young in startup terms after launching in 2019, not only finding traction but scaling — thanks in no small part to a growing alumni investor network out of the University of Illinois System that’s betting big on its own.
It’s called Illini Angels, and if you’re not from Illinois, you might not have heard of it yet. But inside the halls of Urbana-Champaign, Chicago and Springfield, the name is starting to echo louder.
Backed by belief
Founded in 2023 through Illinois Ventures — the U of I System’s venture capital arm — Illini Angels is more than a funding source. It’s a strong signal that the world-class innovation Illinois has always been known for enjoys an even greater trajectory when smart money has local roots.
Nationally, experts say universities have produced tens of thousands of companies in the last 10 years and that the number of startups from universities has more than doubled in the last 20 years. Volume remains key, with less than 10 percent of tech startups overall finding success.
But when alumni rally around ambitious founders from all three of the system’s universities, they can rewrite the odds.
“We help our founders succeed in our entrepreneurship ecosystem on the way to taking entrepreneurship in Illinois to the top,” said Paul Magelli, Illini Angels’ director and a serial entrepreneur in his own right.
In just two years, the program has deployed $1.7 million across 13 startups, with 65 out of 80 alumni members actively investing. More than 100 founders — including faculty, students and alumni — have received pitch feedback, business development guidance, or key introductions through the group.
“Our Angel network provides first-class mentoring and extraordinary introductions to connect founders with their customer segment,” Magelli said.
Bonhag, a University of Illinois Urbana-Champaign graduate, calls that access game-changing. Last year FirstIgnite grew its revenue by an amazing 388% — a serious win in a market where early-stage companies are just trying to stay alive. Bonhag said 7% of FirstIgnite’s 2024 revenue came from introductions engineered by Illini Angels.
“In entrepreneurship, it’s hard to find people who will be fully honest with you,” he said. “Paul tells us what we need to hear. He warns us about what might be coming at different stages and helps us see how to navigate uncertain times.
“He truly wants those he works with to be successful as Illini entrepreneurs.”
Mighty Midwest founder pipeline
Bonhag isn’t building alone. Cody Pawlowski, FirstIgnite’s CTO and co-founder, and David Melie, head of partnerships, are both fellow UIUC grads — part of a broader wave of Illinois alumni choosing to build their companies close to where they got their start.
That decision might seem counterintuitive to anyone operating in traditional tech ecosystems. But in the wake of rising Bay Area costs, talent dispersion, and the post-COVID reimagining of “where startups should live,” Illinois is becoming a place where taking risk finds support — where innovation isn’t isolated but integrated into the cultural and educational fabric.
It’s a spark that’s burning brighter with faculty, too.
“Twenty years ago, it was unusual to have faculty who came in thinking they’d like to get involved in entrepreneurial activity,” University of Illinois Chicago Chancellor Marie Lynn Miranda said during a recent panel discussion hosted by the U of I System and Crain’s Chicago Business.
“Now it’s unusual to hire a scientist or engineer who doesn’t want to get involved.”
And the support is real. Illinois Ventures has been in the venture capital game for 25 years. Illini Angels is its boldest extension yet — uniting capital, mentorship and alumni connection across disciplines and industries.
Persistence pays off
Magelli, for his part, isn’t just writing checks. He’s offering a perspective most founders don’t get until it’s too late.
“In one word: focus. Chase is very earnest about what his customers and markets tell him,” Magelli said. “FirstIgnite continually assesses how it can extend its services to meet what customers need.
“Chase is relentless, which we love to see.”
That obsession with listening is exactly what makes FirstIgnite so disruptive — and so sticky. While the tech is powerful, it’s the startup’s approach to implementation that wins trust.
Bonhag doesn’t just want his clients to adopt AI; he wants them to feel inspired by it.
“I can tell you that for adopting AI, you don’t want to be last,” he said. “I explain that some of our clients have tripled their output in one year.
I tell prospective clients that it’s our goal to make them revenue-generating machines.”
What happens next
As Illini Angels continues to grow, so does the opportunity to reshape what entrepreneurship looks like in the Midwest. It’s not just about funding companies — it’s about building ecosystems, mentoring the next generation and proving that world-class innovation doesn’t have to leave home to make an impact.
Innovation in Illinois has always been here, but it doesn’t always stay here. We’re changing that.
Attention alumni, faculty, staff, and students connected with UIUC, UIC and the University of Illinois Springfield:
Real Impact stories spotlight the real difference people, programs and partnerships — across the system — make on the state’s economic, social and cultural well-being. For more, meet transfer success Diana Barajas.
