Ideaadvance Seed Fund builds entreprenuership ecosystem in Wisconsin
Contact: Center for Technology Commercialization: Jennie Broecker, jennie.broecker@uwex.edu, 608-262-6126 WEDC: David Callender, david.callender@wedc.org, 608-210-6767
Ideadvance Seed Fund builds entrepreneurship ecosystem in Wisconsin, awarding $275,000 in grants to 9 small businesses
MADISON – Up to $275,000 in grants will be awarded to nine small businesses in the latest round of awards by the Ideadvance Seed Fund fostering the entrepreneurship ecosystem across Wisconsin.
Ideadvance is a rigorous two-stage process of seed funding and mentoring to move innovative ideas forward into feasible businesses. It is open to UW System staff, faculty, students and alumni at all campuses except UW-Madison. Ideadvance awardees must demonstrate significant progress toward a scalable, profitable business model in order to receive increments of Ideadvance seed funds.
Stage 1 teams are eligible for up to $25,000 in matching funds within a six-month period; mentorship focuses on helping reduce risk in their ideas by determining what features will solve real customer needs.
The 2019 awardees are:
Stage 2 companies are eligible for up to $50,000 in matching funds within a 12-month period by focusing on a business model that effectively delivers solutions to customers and prepares the idea for investment.
This year’s awardees are:
“Each year, I am more impressed with the diversity of ideas and participants. Ideadvance reflects the growing entrepreneurial ecosystem developing new ideas and businesses around the state,” said Dr. Idella Yamben, Program Manager. “With the Ideadvance Seed Fund, we build on those efforts helping teams to identify growth opportunities that enrich their local communities and beyond.”
Since 2014, Ideadvance -- a partnership between the UW System’s Center for Technology Commercialization (CTC) and the Wisconsin Economic Development Corporation (WEDC) -- has awarded $2.13 million in grants to 64 Stage 1 teams and 19 Stage 2 teams. As of February 2019, the impact of these grants has resulted in $4.9 million in additional funding allocated to the awardees.
Ideadvance is part of the WEDC’s S3 program, which is working to further incorporate startups by providing operational and financial assistance to aid in navigating commercialization barriers.
“In order for Wisconsin to succeed, we need to foster a climate of innovation and entrepreneurship,” said Chris Schiffner, WEDC Senior Technology Investment Manager. “Ideadvance creates a foundation of support for university entrepreneurs by providing seed capital and business support so they can take their ideas and technology to commercialization and a successful company launch – right here in Wisconsin.”
ERbin co-founders Michelle Goetsch and Charles Kijek are past and present recipients of Ideadvance funding. The sister-brother duo founded ERbin after seeing a need for improvement in the recycling industry. ERbin was merely an idea in May 2018, when they began the Ideadvance program. Today, ERbin is a legal entity and they are preparing to test the beta version of their app.
“Ideadvance really forced us to get out of our office and go talk to the customers and industry professionals in order to really grow our idea,” Goetsch said. “We learned to trust in the Lean Startup methodology. It takes a lot of time and effort, and it’s a lot of work, but inevitably it’s very rewarding.”
About The Center for Technology Commercialization
The Center for Technology Commercialization is a unit in the University of Wisconsin System.
Administration’s Institute for Business & Entrepreneurship. CTC provides one-on-one expert consulting to early-stage emerging technology businesses throughout Wisconsin. CTC has collaborated in acquiring more than $100 million in federal and other funding for clients. Learn more at www.wisconsinctc.org; follow @WisconsinCTC on Twitter.
About The Wisconsin Economic Development Corporation
The Wisconsin Economic Development Corporation (WEDC) leads economic development efforts for the state by advancing and maximizing opportunities in Wisconsin for businesses, communities and people to thrive in a globally competitive environment. Working with more than 600 regional and local partners, WEDC develops and delivers solutions representative of a highly responsive and coordinated economic development network. Learn more at http://inwisconsin.com; follow @InWisconsin on Twitter.