TLDR:
Wisconsin has launched a $100 million fund to support start-up companies and entrepreneurs. The fund, the largest of its kind in state history, is initially funded with $50 million from federal funds and $50 million from private investors. Selected venture capital firms will match public money with private investment to support businesses in various sectors including technology, health care, agriculture, and manufacturing.
Summary:
In a recent announcement, Governor Tony Evers and Wisconsin’s economic development agency introduced a new $100 million fund to assist start-up companies and entrepreneurs in the state. The fund, named the Wisconsin Investment Fund, is set to support businesses in sectors such as technology, health care, agriculture, manufacturing, and more. Here are the key details of the initiative:
- The Wisconsin Investment Fund is the largest of its kind in state history, initially funded with $50 million from federal funds and $50 million from private investors.
- Venture capital firms selected to administer the fund are required to match each dollar of public money with at least one dollar of private investment.
- The fund aims to support entrepreneurs who want to start, grow, and stay in Wisconsin, fostering a conducive environment for business development in the state.
- The first awardees of the fund include notable firms like HealthX Ventures, Venture Investors Health Fund, Serra Ventures, NVNG Investment Advisors, and Idea Fund of La Crosse.
- The federal money for the fund comes from the U.S. Treasury’s State Small Business Credit Initiative, highlighting a collaborative effort to boost economic growth and innovation.
The announcement was made at Forward BIOLABS in Madison, a nonprofit organization that aids in the launch of start-ups. With a keen focus on supporting local businesses and entrepreneurs, the Wisconsin Investment Fund is poised to make a significant impact in the state’s economic landscape, creating opportunities for growth and expansion across various industries.
