Time magazine named The Garage at Northwestern University the top university incubator in the country. This recognition appears in the publication’s inaugural list of the best incubators and accelerators in the United States.
Since its launch in 2015, The Garage has worked with more than 1,500 startups. These companies have generated over $1.6 billion in funding and created 2,600 jobs. The facility supports 40 resident teams every quarter and engages 2,000 students annually. Unlike many other programs, The Garage takes no equity from the student ventures it supports, allowing founders to keep full ownership of their companies.
Mike Raab, the executive director of The Garage, noted that the ranking proves the university’s model for entrepreneurship is a standard for others to follow. The program is open to students from every school and major on campus, regardless of their level of study. This approach allows students to test business ideas at any point during their college career.
President Mung Chiang highlighted that the ranking reflects the persistent work of the staff and the university's commitment to creating a space for risk-taking. Time magazine determined the rankings by evaluating alumni feedback, the success of top-performing startups, and recommendations from experienced investors across the country.