Tom Still: Wisconsin and Midwest slowly finding way on to investors’ radar screens

This is an excerpt from a column posted at BizOpinion.

Inside the sparkling new offices of Nordic Consulting, a firm that has grown from a handful of health information technology experts to 400 employees and more than 90 customers, three venture capitalists from Boston sat down recently to talk about what they’re seeing in Wisconsin.

So far, they said, it’s been worth the trips.

The investors – from Summit Partners and HLM Venture Partners – have put money and expertise into Nordic, which consults with health care providers who use Epic Systems software. Because they’re already in town, those same investors sometimes scout other emerging companies in Wisconsin, particularly those in health information technology and medical devices.

“Since we’ve invested in Nordic, I’ve probably looked at a dozen companies in Madison and Milwaukee,” said Yumin Choi, a partner in HLM Ventures.

Peter Grua, also a partner in HLM Ventures, noted that Madison today “is similar to where Nashville was 25 years ago” in terms of its healthcare startup culture. In Nashville, the success of two major companies in pioneering a nationwide shift from inpatient to outpatient care helped spawn spinoffs that continue to drive that city’s economy.

“It’s very likely the same events can happen (in Madison),” Grua said.

Events such as the recent investor forum at Nordic are not the only examples of venture capitalists from the East and West coasts – and beyond – finding their way to Wisconsin these days.

Read the full column for more