A new report from WEDC shows companies supported by the agency’s entrepreneurship programs generated over $385 million in capital in 2016 — a 17 percent increase over 2015’s $328 million.
That $385 million figure breaks down to $300 million in new funding and $85 million in revenue.
All in all, the 314 businesses getting direct assistance from the Wisconsin Economic Development Corporation’s entrepreneurship programs paid workers $111 million in total wages, with 717 part-time jobs and 2,133 full-time jobs — up 22 percent from 2015.
WEDC’s Qualified New Business Venture Program offers a tax credit to some investors in certified companies for up to 25 percent of their investments. Participating companies in this program raised a record $281 million in grants and investment, with $71.7 million of that qualifying for the tax credits. Those investors got $17.9 million back in QNBV credits.
Grants accounted for $27.8 million of money raised, while the rest — $182.3 million — came from other private investment that didn’t qualify for the tax credits.
Since the QNBV program started in 2005, qualified companies have brought in about $465 million in qualified investment, and have raised about $1.7 billion in total funding.
The report also notes that the average annual salary for an employee of a QNBV company is $72,475, compared to the general state average of $45,240.
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