Innovation Foundation of Western Wisconsin: Grant money offers help to entrepreneurs

Date: 10.12.12

FOR IMMEDIATE RELEASE

Contact: Brian Doudna
Advisor
Innovation Foundation of Western Wisconsin

Cell: 715-577-3582

info@ifww.org

Innovation Foundation of Western Wisconsin receives $100,000 from WEDC

Eau Claire, WI – Barb Fuller has a great idea, but needed some help before she could take it to Integrated Design Systems in Chippewa Falls to design a prototype. Fortunately, she found the boost she needed through the Innovation Foundation of Western Wisconsin (IFWW), which itself just got a boost with the infusion of $100,000 in matching grant money to help people like Fuller.

Fuller’s new “Neck Nap” device fits on the back of a beauty salon chair and allows a woman a more restful way of keeping her head still while coloring or perm chemicals do their work. A grant from IFWW allowed her to take the design to Prototype Solutions in Menomonie for actual production of the prototype, which she will present to buyers at Sally’s Beauty Supply, the world’s largest of supplies for beauty salons.

And so, a promising new start-up company is born in western Wisconsin.

“I wouldn’t have been able to do it financially, and I wouldn’t have had the expertise I needed without help from the Innovation Foundation,” said Fuller, of Cumberland.

Fuller gave credit to the IFWW Thursday night at the Leinie’s Lodge in Chippewa Falls, at a meeting of area business leaders and IFWW supporters to announce the $100,000 matching grant from the Wisconsin Economic Development Corporation (WEDC).

The IFWW was founded about a year ago as a nonprofit organization to foster the formation of new innovation-based companies, according to IFWW board chairman Timm Boettcher, a Cadott native and CEO of the Eau Claire-based company Reality Works.

“Entrepreneurs may have a great idea and great products, but not everything they need,” Boettcher said. They may lack seed money, or advice on marketing, finances or other common business issues.

“We are able to bring that kind of talent to the table to guide these companies,” Boettcher said.

The organization got off the ground with a $192,500 grant from the Otto Bremer Foundation, associated with Bremer Bank, and in partnership with area economic development organizations and business leaders focused on growth. Through the first year, IFWW provided assistance to seven young companies out of 35 applicants, including Fuller.

Now the WEDC, a private organization with public support that took the place of the Wisconsin Department of Commerce, gave its support to IFWW by making it the first recipient from its “Capital Catalyst” matching grant program.

“WEDC is helping fill the gap of much-needed seed capital for these early stage companies through the Capital Catalyst program,” said Lisa Johnson, vice president of the EDC’s Division of Entrepreneurship. “The time is right for Wisconsin to step up its investment in our innovative and high-potential entrepreneurs.”

Grants from the program are not being provided directly to entrepreneurs, but to regional organizations that support entrepreneurs.

“We empower the regions to make those decisions,” Johnson said.

“The support from WEDC enhances our existing program and expands funding to all of western Wisconsin,” Boettcher said. “The Innovation Foundation is focused on advancing projects and products that will stay and grow in western Wisconsin.”

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