Springboard Supports Wisconsin Innovative State Funding Initiatives
Women Entrepreneurs Urge Wisconsin to Take The Lead
MADISON, Wis., Oct. 12, 2011 /PRNewswire-USNewswire/ -- Venture Catalyst Springboard Enterprises endorses the proposal to create a state-leveraged venture capital fund that would accelerate Wisconsin companies' growth and contribute to the state economy. The report, released by the Wisconsin Growth Capital Coalition, puts Wisconsin as a leader in the nation in supporting the commercialization and growth of home-grown innovation.
Springboard's chairman, Wisconsin native Kay Koplovitz, led members of Springboard's board, advisors and alumnae in a call to action. They endorsed government serving as a catalyst to increase and attract funds from outside the state. Specifically:
- The creation of a master fund-of-funds to leverage private investment in Wisconsin companies.
- The creation of a Wisconsin Angel Acceleration Fund that would boost the size of seed investments in early stage companies thereby giving them the edge in attracting investments from Venture funds.
- Provide greater taxpayer guarantees and tax credits to further incent investors as established by Act 255.
"We applaud Wisconsin's initiatives to leverage the states' resources to increase venture and angel capital investments thus promoting the growth of promising companies," said Kay Koplovitz, chair of Springboard Enterprises. "The companies that stand with us today are the economic engines and job creators of this state and without these incentives the gravitational pull of the coasts beckons."
"Wisconsin based women-led companies like Eso-Technologies, ioGenetics, Quintessence, Stemina Biomarker, TrafficCast, HarQen and Stratatech, are poised to make significant contributions thanks to the support of the current programs," stated Lauren Flanagan, co-founder and Managing Partner of Phenomenelle Angels Fund.
Tom Still, President of The Wisconsin Technology Council, added, "Springboard's work to increase access to capital across the nation has already produced results in Wisconsin. It's now time to build on such efforts through a state-leveraged fund in Wisconsin."
Springboard's 10 Wisconsin-based companies have remarkable results:
- They have raised $74 million in equity capital $36 M from in-state investors.
- 8 of these companies have investors who utilized Act 255 Tax Credits,
- 62 patents have been secured
- Over 200 highly skilled jobs have been created
- Companies have attracted significant new capital from out-of-state sources
Venture Catalyst Springboard Enterprises is the premier platform where entrepreneurs, investors, and industry experts meet to build great women-led businesses. Springboard sources, coaches, showcases and supports high growth companies seeking equity capital for product development and expansion. Since 2000, Springboard has helped 481 women-led companies raise over $5.5 billion in equity financing, including 10 IPOs and legions of high value M&As. www.springboardenterprises.org
The Wisconsin Technology Council is the independent, non-partisan science and technology adviser to the governor and the Legislature. Its Wisconsin Angel Network fuels the growth of early stage capital in Wisconsin by operating as an umbrella organization providing services and resources to the early stage investing and entrepreneurial communities. www.wisconsintechnologycouncil.com
The Wisconsin Growth Capital Coalition's membership includes 58 businesses, investment firms and organizations.
SOURCE Springboard Enterprises