Gov. Tony Evers and Wisconsin’s economic development agency introduced a new $100 million fund to assist start-up companies and entrepreneurs, the largest of its kind in state history. The Wisconsin Investment Fund will have an initial contribution of $50 million from federal funds and $50 million from private investors. The goal of the fund is to support entrepreneurs who want to establish, grow, and stay in Wisconsin. The state plans to work with venture capital firms that will match public money with private investment, allowing for the fund to grow as businesses expand.
The fund will be administered by Venture capital firms selected by the state, who must match each dollar of public money with at least one dollar of private investment. As the funded businesses grow, the value of the fund will also increase, providing new opportunities for more businesses to expand. The federal funds come from the U.S. Treasury’s State Small Business Credit Initiative, and the fund will specifically target companies in technology, health care, agriculture, manufacturing, and other sectors. The first awardees of the fund include HealthX Ventures, Venture Investors Health Fund, Serra Ventures, NVNG Investment Advisors, and Idea Fund of La Crosse.
The state has negotiated with a sixth fund manager for the remaining $5 million allocation of the fund. The Wisconsin Investment Fund aims to boost innovation and economic growth within the state, providing resources and funding to help start-ups thrive. By combining public and private investment, the fund will create a sustainable source of capital that will continue to support Wisconsin entrepreneurs for years to come. The fund will also help keep businesses in the state, contributing to job creation and economic development.
The announcement of the Wisconsin Investment Fund was made at Forward BIOLABS in Madison, a non-profit organization that supports the launch of new start-ups. The fund is part of the state’s efforts to encourage entrepreneurship and innovation, and to provide resources to new businesses looking to establish themselves in Wisconsin. The state’s economic development agency, the Wisconsin Economic Development Corporation, will oversee the fund and work with selected venture capital firms to ensure that investments are made strategically to support growth and success.
The fund is expected to invest in a wide range of industries, including technology, health care, agriculture, and manufacturing. By targeting these sectors, the fund aims to support companies that have the potential for high growth and significant economic impact. Through the Wisconsin Investment Fund, the state hopes to attract and retain talented entrepreneurs and innovative businesses, helping to build a strong and diverse economy. The announcement of the fund represents a significant investment in the future of Wisconsin, and a commitment to fostering innovation and entrepreneurship within the state.
Overall, the Wisconsin Investment Fund represents a significant opportunity for start-up companies and entrepreneurs in the state to access the funding and resources they need to succeed. By combining public and private investment, the fund will create a sustainable source of capital that will support businesses and drive economic growth. The fund is a major step forward in the state’s efforts to promote innovation and entrepreneurship, and to build a strong and vibrant economy. With the launch of the fund, Wisconsin is positioning itself as a hub for new businesses and innovation, providing a supportive environment for entrepreneurs to thrive and succeed.
