In 2018, WEDC’s Qualified New Business Venture (QNBV) Program helped 71 startups throughout the state draw more than $64 million in qualified investment, incentivized by $16 million in tax credits. A total of 238 companies are currently certified to receive investment through the program, which helps startups access funding by providing tax credits for investors. The total amount of funding received by QNBV companies, including qualified investment and all other sources, reached a record total of $334.6 million in 2018.
For the first time, this year’s report breaks out health information technology as a growing specialty field, separate from health technology and information technology. Companies in this category constituted 10% of all companies certified through the program in 2018.