More than 300 businesses generated $385 million in new capital in 2016
MADISON, WI. NOV. 21, 2017 – Startups and early-stage companies receiving direct assistance from the Wisconsin Economic Development Corporation’s (WEDC’s) entrepreneurship programs attracted nearly $300 million in new funding and generated more than $85 million in revenue in 2016, according to a report released today.
The 314 companies receiving direct assistance from WEDC’s Division of Entrepreneurship and Innovation programs supported 2,133 full-time jobs and 717 part-time jobs in Wisconsin and paid $111 million in wages, the report said.
The $385 million in new capital generated by those companies is a 17 percent increase over the $328 million reported in 2015.The number of full-time jobs supported by those companies also is up 22 percent over 2015.
In addition, WEDC’s partners in administering entrepreneurship-related programs assisted another 2,215 companies to create more than 407 new jobs and retain an additional 272 jobs.
Other highlights of the report, which was released on National Entrepreneurs’ Day, include:
- Companies participating in the Qualified New Business Venture (QNBV) Program raised a record $281 million in investments and grants.
- The 80 companies active in the Technology Development Loan Program (TDL) raised $115 million.
- The average annual salary of employees in QNBV and TDL companies is more than $72,000.
- Participants in WEDC’s seed accelerator programs, including the BREW, Madworks Seed Accelerator, WERCBench Labs and FaBCAP, received $809,200 in funding.