In This Issue
Gov. signs early stage capital bill
SEC outlines JOBS Act rules
New WAN members
Chancellor Blank at WIN-MSN
Wis. angel group top rated
BrightStar Wisconsin formed
Freshwater tech startups selected
Deals, acquisitions, exits and news
Upcoming events

 Did You Know?

Wisconsin has such unique, round sand that Saudi Arabia needs to purchase it from here instead of using its own resources. That was one of the interesting facts from the WIN-Madison event this week on why the state is important to the booming hydraulic fracturing, or “fracking,” industry.



Adventure Capitalist – An entrepreneur who invests in startups and gets passionately involved in operations through a board seat and advisory role. 

 Become a WAN Member
For the first time, your $750 WAN membership also includes a membership to the Wisconsin Innovation Network (WIN). This "dual" membership is a $500 value included at no additional cost to you.

Your WIN membership entitles you to one free pass to both major conferences (Wisconsin Entrepreneurs' Conference and Early Stage Symposium), as well as regular WIN events in Madison, Milwaukee, Appleton, Central Wisconsin, Western Wisconsin and the Lake Superior regions.

For more information on WAN memberships, call 608-442-7557 or
click here to join.

 WAN Leadership
Advisory Committee
Tim Keane (Chair)
Golden Angels Network
Lisa Johnson
Wis. Economic Development Corp.
Brad Taylor

Wisconsin Investment Partners
Dick Leinenkugel
Northwoods Angels
Todd Leonard
Minnesota Angel Network
Thomas Shannon
Shamrock Partners
Tom Still
Wisconsin Technology Council
David Ward
NorthStar Economics

Emeritus: Lorrie Keating Heinemann, co-founder                   

Dan Blake

 'WisBusiness: The Show'
On the latest episode of “WisBusiness.com: The Show,” Liz Schrum speaks with Eric Paulsen from BizStarts Milwaukee about the growing number of state startup companies and what his group is doing to help them flourish; Tom Still gives some tips for Wisconsin companies thinking about branching out into the global marketplace; and the WisBusiness.com Stock Report for late July 2013 covers the state economy and venture capital investments. 
Previous shows:
Norman Koo, Liberty Global
Sanjeev Chitre, The U-Group
 Wisconsin Technology   Council
The Wisconsin Angel Network is a program of the Wisconsin Technology Council.

Join the Tech Council's mailing list to stay up-to-date on news, events, programs and more!

Other quick links:
Wisconsin Innovation Network
Tech Council Newsroom
Inside Wisconsin by Tom Still

 Minnesota Angel Network
Click here for more information on the Minnesota Angel Network.

 Newsletter Sponsors


July 2013 
 Gov. Walker inks early stage capital bill at Milwaukee startup
Gov. Scott Walker took a major step last week in establishing an investment capital program for Wisconsin startup companies when he signed Assembly Bill 181 at MCT Inc. in Milwaukee.

Surrounded by legislators, investors and others who played a role in getting the bill passed, Walker said the program will make it easier for companies across the state to find capital.

“We need to go out and show how effective (the program) can be,” Walker said prior watching a demonstration of MCT’s high-end cutting machines. Walker said by showing the program’s effectiveness, supporters can make the case for additional funding to “plant even more trees” in the future.  

Photo from the Office of the Governor

As Wisconsin Technology Council President Tom Still
recently noted, the program now moves into the rule-making process and to the selection of a fund manager. That person will be selected by a board made up of three representatives from the State of Wisconsin Investment Board (SWIB) and two from the Department of Administration (DOA).

The Wisconsin Angel Network will provide additional updates on the program as it is rolled out.

 SEC outlines JOBS Act rules on lifting general solicitation ban
The Securities and Exchange Commission adopted new rules in July related to lifting the ban on general solicitation, or general advertising, for private offerings (see the
SEC press release here).

The announcement drew quick reactions from many who work closely with early stage investors and entrepreneurs, including those who said the new rules will add more onerous requirements for startups and could even “kill angel investing.” One even described the process as a “minefield filled with bouncing grenades.”

Here’s a quick roundup of informative links related to the rules:
Angel Capital Association: New SEC rules could kill angel investing
Let’s have general solicitation as Congress intended it
Hedge funds can now advertise. What it really means.
Wall Street Journal:
Time to advertise your private offering? Not so fast

 New Wisconsin Angel Network members span I-Q Corridor
Several new investment groups have joined the Wisconsin Angel Network, seeking to connect with the state’s startup companies and early stage investors. 

Among the new groups in the past few weeks are Minnesota-based venture firm,
Omphalos Venture Partners; Chicago-area firm Independence Equity; Cornerstone Angels, an angel group in Chicago; and Angels on the Water, Oshkosh. 

The state’s growth in angel group formation was also recently featured on a national industry blog, which included an interview with WAN director Dan Blake.
See here.

If you would like to renew or sign up for a Wisconsin Angel Network membership please reach out to Blake or go here for more information.

 New UW-Madison chancellor to speak at Sept. 24 WIN event
UW-Madison Chancellor Rebecca Blank will speak at the Sept. 24 luncheon meeting of the Wisconsin Innovation Network in Madison. Blank is an economist who most recently served as the Acting Secretary of the U.S. Department of Commerce.

ore details about the event can be found on the WIN event page here.
 Milwaukee angel group ranked near top in new report
Golden Angels
, an angel group based in Milwaukee, was among the top groups in the U.S. for amount invested per deal over the last year, according to a new HALO report from the Angel Resource Institute.

The director of Golden Angels, Tim Keane, was also a featured speaker at this week’s WIN-Madison event on hydraulic fracturing, or “fracking.” Also featured at the event was Todd Asmuth, the CEO of
AquaMost, which is one of the companies in the Golden Angels investment portfolio.

AquaMost recently named Robert Gaudin, the founder and CEO of Holland Services, a complete energy land services company, to its board of directors. The company also recently closed a convertible debt round.

Golden Angels will be holding a
Healthcare IT venture day on Aug. 14 at its offices in Brookfield.

 Foundation formed to invest in Wisconsin startups
A group of entrepreneurs and experienced investors launched a nonprofit foundation called BrightStar Wisconsin that will look to invest charitable donations into startup companies.

The founders have pledged nearly $6 million to establish the foundation and hope to raise another $60 million over the next three years. WEDC has also
pledged $300,000 to the organization.

See the group’s organizational overview
 Startups selected for Global Freshwater Seed Accelerator
Four freshwater technology startups were selected to participate in a new six-month seed accelerator program that provides space in Milwaukee along with a $50,000 grant.

The companies were: Microbe Detectives, from Madison; Vegetal i.D.,France; H2O Score, Milwaukee; and Noah Technologies, Port Washington.
Read more on the program

 Deals, acquisitions, exits and news
Spendship, a new company started by the former CEO of Shoutlet, has raised $500,000 from investors. Read more here.

The Art Commission
, an online platform that connects artists with design professionals and art lovers, raised $950,000 from angel investors. Read more here.

Engineered Propulsion Systems
, a New Richmond company building a new light-weight diesel engine, recently closed a $1 million tranche fundraising round.

Wound Zoom
, a Colorado-based company that makes a device to measure and collect data about wounds, is moving to Stevens Point after it received a state loan and undisclosed private investments. Read more here

 Upcoming events
Forty years of innovation at the Waisman Center: What’s next?
WIN-Madison, Aug. 27

Resource Rendezvous, Wisconsin Security Research Consortium
Union Hall at UW-Milwaukee, Sept. 19

From Capitol Hill to Bascom Hill: UW-Madison Chancellor Becky Blank
WIN-Madison, Sept. 24

2013 Wisconsin Early Stage Symposium
Madison, Nov. 5-6

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