| In This Issue |
Early stage bill passes legislature
New angel group launched
Chicago investors talk deal flow
Angel tax credit cap update
2013 Wisconsin Portfolio
QNBV program report released
URP Director Bugher to retire
Conferences feature health IT boom
Deals, acquisitions, exits and news
Upcoming events
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| Did You Know? |
Moscow-based startup, Bunch, wants to make it so you never lose your keys – or kid – again. It works like this: You set a certain distance between your iPhone and a device, which is attached to the object, and it will ring loudly whenever they are too far apart. Voila -- Never misplace your beer again.
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| Jargon |
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Passion Capital, an early-stage London venture capital firm, has developed a “plain English term sheet” to help with some incomprehensible legal jargon.
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| 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.
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| 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
Staff
Dan Blake
Director
608-442-7557
dblake@wisconsinangelnetwork.com
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| 'WisBusiness: The Show' |
On the latest episode of “WisBusiness.com: The Show,” Liz Schrum speaks with Sanjeev Chitre of Silicon Valley’s U Group about an outsider’s perspective on Wisconsin’s startup economy; Tom Still discusses the next steps for Wisconsin’s early-stage capital bill; and the WisBusiness.com Stock Report for late June 2013 covers private sector jobs and the farm bill.
Previous shows:
Brian Birk, Sun Mountain Capital
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| 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
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| Minnesota Angel Network |
Click here for more information on the Minnesota Angel Network.
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| Newsletter Sponsors |
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| June 2013 |
| Early stage investment bill passes legislature; heads to Gov's desk |
The Wisconsin State Senate overwhelmingly passed a bipartisan bill that would create a state-leveraged “fund of funds” to boost Wisconsin start-up companies.
The bill would earmark $25 million for a state-leveraged early stage capital fund, to be matched by $50 million in private dollars. It would take several months to select a private fund-of-fund manager and identify recipient funds before investments could be made.
The bill already passed the Assembly and now will head to Gov. Scott Walker’s desk for his signature. Walker has long supported such a bill and is expected to sign it in the coming days.
In general, Wisconsin's high-tech economy saw several developments this month that led to optimism that years of talk may lead to significant action, according to the Journal Sentinel.
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| New angel group in DeForest will add to state's robust network |
A new angel investment network with a target fund size of $1 million formed in DeForest and plans to hold its first formal meeting in early August.
The Yahara Angel Network, which formed in June, is made up of business people from the DeForest-Windsor area of Dane County, said Jane Cahill Wolfgram, a member and co-manager. Initial investments will focus on startups in biotechnology, agricultural technology, health care, long-term care and life-planning technologies.
Read more on the group on the 30Forward blog and also in the Milwaukee Journal Sentinel and the Wisconsin State Journal.
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| Chicago investors encourage startups to look across border |
The June 25 Wisconsin Innnovation Network luncheon featured Jeff Carter, a co-founder of Hyde Park Angels in Chicago, and Vanessa Rollings, managing director of Sandbox Industries. The Chicago-based investors talked about their groups and the kinds of deals that are attracting investors from outside Wisconsin.
Carter, who helped form the first Chicago angel group in Hyde Park Angels, said his group focuses in areas where the Midwest thrives, which includes healthcare and agriculture in Wisconsin. Rollings said her firm helps manage $500 million in venture capital funds with a focus in food, agriculture and healthcare.
Read more details on the event from Wisbusiness.com.
The Wisconsin Angel Network also recently attended the Ventures@UI event at the University of Iowa in Iowa City, where discussions centered on upcoming efforts to bring together regional investors for potential co-investment opportunities.
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| Angel tax credit lifetime cap to be lifted in current budget |
The state budget includes a provision that would lift the lifetime cap of $47.5 million in tax credits for Wisconsin angel investors.
The Wisconsin Angel Network and the Wisconsin Growth Capital Coalition have long been stressing to legislators the importance of the continued viability of the Act 255 program. Without action, the credits were expected to expire in 2014.
Walker is scheduled to sign the budget into law on Sunday at a Pleasant Prairie business.
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| On the Rise: 2013 Wisconsin Portfolio |
The 2013 Wisconsin Portfolio, a publication produced by the Wisconsin Angel Network and the Wisconsin Technology Council, tracks more than $163 million in early stage investments in state companies in 2012.
You can download a full report here. If you would like to receive a copy of this year’s Portfolio, please contact Gina Leahy at 608-442-7557 or gleahy@wisconsintechnologycouncil.com.
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| $50 million private investment through QNBV program in '12 |
A state program designed to support high-tech companies showed $12.1 million in investor tax credits were issued in 2012, according to a recently released WEDC report. The QNBV program directly leveraged more than $48 million in private investments in 2012.
You can download the complete report here.
Recent companies that received QNBV certification include: Pegasus Sustainability Solutions, Fitchburg; EdSense, LLC, Superior; and Zero Locus, Milwaukee.
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| University Research Park Director Bugher to retire |
Mark Bugher, who helped to mold UW-Madison's University Research Park into an economic and technology transfer force admired nationally, plans to retire in October. Find the full release, as well as coverage by the Milwaukee Journal Sentinel and the Wisconsin State Journal here.
Bugher, who is also chairman of the Wisconsin Technology Council Board, talked with the Capital Times about his career and some of the greatest opportunities for the Wisconsin economy.
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| 'Start Me Up,' Entrepreneurs' Conference showcase health IT boom |
“Start Me Up,” an event that featured a number of local and regional startup companies in the growing health IT space, was held in Madison on June 10. The event brought together investors, large health center CIOs and entrepreneurs. Several finalists in the Governor’s Business Plan finalists were also seeking investment at the Entrepreneurs’ Conference the week before.
As Wisconsin Technology Council President Tom Still mentioned in a recent column, ongoing changes in the healthcare sector are an opportunity for companies in Wisconsin, from the largest healthcare providers to the smallest startups.
Golden Angels, a Milwaukee-based angel investment group, is also holding a healthcare IT venture showcase on August 14. See here for more information.
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| Deals, acquisitions, exits and news |
Nextt, of Madison, a new startup from the founder of Jellyfish, which provides a private social network for friends to connect, recently raised $700,000. The round was led by Venture Investors and Great Oaks Capital. Read more here.
Exact Sciences Corp., a Madison company developing a DNA-based, non-invasive test for colon cancer, has completed its secondary stock offering, raising a net $73.4 million. Read more here.
Two-time U.S. Open winner Andy North is among several new investors in Kayo Technology Inc., a Madison company that aims to modernize the practice of physical therapy. Read more here.
Odyne Systems of Waukesha has received a contract to supply its plug-in hybrid system technology to about 120 large plug-in hybrid trucks to utilities under a $45 million contract with the research arm of the utility industry. Read more here.
Spaulding Clinical Research said it plans to partner with Aurora Health Care to open a research unit at Aurora Sinai Medical Center. Read more here.
Cellular Dynamics International, created by UW-Madison stem cell pioneer James Thomson in 2004, plans to sell its stock on the public market, the first Madison company to go public in six years. See the filing here.
SOLOMO Technology, a Madison-based provider of mobile technology solutions closed a $1.7 million funding round to help accelerate product development and increase sales and marketing. Read more here.
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| Upcoming events |
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Entrepreneurs’ Edge: Ashland, July 8
WIN-Madison: Wisconsin's hydraulic fracturing "fracking" industry, July 23
WIN-Madison: 40 years of innovation at the Waisman Center, Aug. 27
Resource Rendezvous, Union Hall at UW-Milwaukee, Wisconsin Security Research Consortium, Sept. 19
Early Stage Symposium: Madison, Monona Terrace, Nov. 5-6
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