The Wisconsin Investment Fund, a $50 million dollar investment pool funded by the federal State Small Business Credit Initiative, is designed to support innovative small businesses and boost the state economy. Once partner venture capital funds are selected, the WIF will work with fund managers to identify companies for investment and provide one-to-one matching investment, according to WEDC.
After reviewing applicants for the fund, committee members presented initial recommendations to the Audit and Budget Committee of the Wisconsin Economic Development Corporation Board. They now plan to conduct contract negotiations for six managers, and will present each contract to the committee once again for approval as they finalize them.
Of the six funds, 30 percent or more will represent underserved urban and rural investments. They also cover a diverse mix of industry expertise, including medical technology.
Anne Smith, committee chairperson of the WIF, said companies should get between $100,000 and $3 million in investments. She also expressed her enthusiasm, saying, “We are excited to get the next step and see these dollars actually get to work.”
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