Wisconsin Department of Commerce Newsletter
Gov. Doyle Announces Creation of Wisconsin Entrepreneurs' Network
Delivering on his pledge to promote entrepreneurship and innovation, Gov. Jim Doyle announced the creation of the Wisconsin Entrepreneurs' Network (WEN), a partnership of the University of Wisconsin System, the Wisconsin Technical College System, the WiSys Technology Foundation, and the Agricultural Innovation Center. WEN is receiving $1 million from the Wisconsin Department of Commerce (Commerce).
Wisconsin is home to many enterprising young companies that are advancing new technologies, but to parlay this innovation into widespread job creation, the right resources, education, and support systems must be in place.
The WEN partnership will build on the excellent services offered at Wisconsin universities, technical colleges, chambers of commerce and economic development organizations and will link them to four dynamic new regional centers. Regional Center staffs will continue the process of helping firms convert innovative ideas into market successes and act as a vehicle for growth for their local economies.
The WEN regional Centers will be located at UW-Eau Claire, UW-Milwaukee, UW-Madison, and Northeast Wisconsin Technical College in Green Bay.
Gov. Doyle understands the vital importance of entrepreneurs and small businesses to the health and productivity of our local economies. The talent and resources that will be teamed in this effort are sure to be a critical factor in the success of small firms
WEN represents the state's first statewide assistance for small businesses at all stages of development and incorporates the resources and services of four organizations:
WEN was established to integrate and link existing programs, services, opportunities and connections for small business.
WEN will provide programs and services to small and emerging businesses, resulting in job creation and retention, business start-ups, expansions and acquisitions; and strengthened linkages with the rich network of resources in the state. Key services will include one-on-one consulting, educational workshops, executive level programs, peer learning, and strategies to assess technologies and access capital. Commerce funding will also provide WEN with the capability to expand its outreach in providing all of its programs and services into all regions of the state.
Among the many specialized resources the Regional Centers will offer is linking entrepreneurs to other financial award programs under Wisconsin Act 255, the legislation through which WEN was proposed. One new program assists entrepreneurs or small businesses in obtaining professional services for business plan assistance, evaluation of a proposed startup or expansion, or other accelerated support purposes. Award funding will be determined based on the potential for successful achievement of a significant business milestone for client firms.
The new network will be comprised of 25 intake centers, four regional technology-transfer centers, and 26 ag-based counselors. Using a single client management system, WEN members will be better prepared to identify, prioritize, and assist businesses through multiple stages of development. The network is expected to assist more than 10,000 clients during the first year. By seeking out promising business ventures, offering improved services to those clients and integrating support across multiple organizations, WEN is expected to contribute more than $500 million to the state's economy during its first year of operation.
We don't want brilliant ideas to wither on the vine because someone stopped watering the roots. Once a small business takes off, we'll use this new network to ensure continued support and attention throughout all the cycles of business growth."
Beginning at the intake centers, counselors will assess clients' intent to grow and their capacity to succeed. Promising clients will be referred to one of the regional centers, where their management team, market size, competitive advantage and other factors will undergo further evaluation. A very small group of select clients will be identified to receive highly personalized attention from the regional centers, to include assistance in gaining access to venture capital and other financial resources. This will continue until the new ventures are self-sufficient and flourishing.
-- Cory L. Nettles, Secretary
The newsletter is issued electronically every other month.
Please send comments or questions to Barbro McGinn, editor.