— This week’s episode of “WisBusiness: the Podcast” is with returning guest Nick Myers, CEO and co-founder of RedFox AI.
Myers provides an update on the Madison-based startup, which is developing a conversational artificial intelligence platform that can help users with home diagnostic tests and medical devices.
He was recently recognized in the 23rd annual Best of Madison Business Awards by Madison Magazine, which named him as the recipient of this year’s Brian Howell Excellence in Innovation award.
“Was completely humbled, excited, all of the above,” Myers said. “And yeah, it just feels great to know that the community is behind us … and everybody does believe in the technology solution we’re bringing to market to help improve home diagnostics and patient engagement in health care.”
Since coming on the show last year, Myers landed two new customer contracts and is hoping to close on some additional opportunities by the second quarter of this year.
“At least for the first time really since we started RedFox, we’re starting to get some great customer traction, which is amazing,” he said. “And the next goal is to execute on those customer contracts to really get our solution out into the marketplace.”
Myers previews a coming announcement about a potential investment from a Wisconsin-based venture capital firm, and discusses some challenges facing RedFox AI and many other startups in the current investment landscape.
“We’ve turned over a lot of the stones in Wisconsin and even to some degree in the Midwest, so I’m not going to be shy about saying, I think moving forward a lot of our effort is going to be focused outside of the Midwest, whether that be on the West Coast, East Coast,” he said.
The podcast also explores the latest developments in the AI space, and Myers shares his perspective on where the technology is going and how potential regulations could affect that trajectory.
“A lot has happened in the last year,” he said. “Even from when Brett, my co-founder, and I entered the AI space back in 2017, just the amount of transformation that’s taken place in five, six years has been really astounding to watch.”
Listen to the podcast.
See the full list of WisBusiness.com podcasts.
— The GOP-run Joint Finance Committee has voted unanimously to release $31.9 million to the Universities of Wisconsin to help produce more graduates in high-demand areas such as nursing and engineering.
But Dems bemoaned the delay in releasing the money — included in the budget Dem Gov. Tony Evers signed in July — and the ensuing challenges they said Republicans imposed upon campuses by putting off pay raises and other things.
The committee’s action to release the money, which had been earmarked in the budget for workforce development, was part of a deal that Assembly Speaker Robin Vos, R-Rochester, reached with UW leaders to curtail DEI positions. That required the Legislature to release the money by yesterday. That deal also required the Joint Committee on Employment Relations to sign off on employee raises that were also funded in the budget, but weren’t approved until December.
The debate didn’t touch on the DEI deal.
Rep. Tip McGuire, D-Kenosha, sought to link the delayed funding to layoffs at various campuses and other financial struggles.
“There are so many people whose lives have been negatively impacted by this deal for what ultimately amounts to a political point, a talking point for Republicans for their base. That’s unfortunate,” McGuire said.
Under the plan, the Madison and Milwaukee campuses get almost $4.9 million each over the two-year period. The other campuses receive $2 million each over the biennium. The money will go toward producing more graduates in engineering, nursing/health care, business/finance, and computer/data science.
Rep. Deb Andraca, D-Whitefish Bay, likened the committee’s actions to releasing hostages, while Sen. Kelda Roys, D-Madison, said Republicans shouldn’t take a victory lap for their actions.
But Co-chair Mark Born, R-Beaver Dam, rejected the suggestion that the $31.9 million played a role in layoffs or furloughs. He said those are a reflection of the state’s demographics, with fewer kids graduating from high school and going to college.
He said the committee set parameters for the $31.9 million that required the system to show how it would be used for workforce, adding Republicans didn’t seek any changes to that plan.
“We challenged them to step up on workforce, they brought us a plan, and we’re accepting that,” he said.
According to the Legislative Fiscal Bureau, the Universities of Wisconsin expect the $31.9 million investment to produce an additional 9,350 graduates in those fields over the next five years. That includes: 2,250 in engineering, 2,390 in nursing/health care, 2,525 in business/finance, and 2,185 in computer/data science.
See more from LFB on the UW workforce plan.
— MMAC President Dale Kooyenga says business leaders in the Milwaukee region are clamoring for federal immigration changes to help address workforce challenges.
Speaking yesterday during a webinar hosted by the Greater Madison Chamber of Commerce, the former GOP lawmaker said federal legislators need to “stop playing politics” with the immigration issue. He took over as head of the Metropolitan Milwaukee Association of Commerce earlier this year.
“When I talk to over 300 CEOs, there’s consensus that we need immigration reform,” he said yesterday. “And what does immigration reform look like? Secure the border, have some sort of pathway to citizenship for those that are here … Move our system to a system where we’re having immigration come here based on skill sets and workforce … over family ties and humanitarian concerns.”
Ultimately, he said the business community wants to “drastically increase” the number of legal immigrants coming to the United States while “clamping down” on the border.
Kooyenga noted the Milwaukee region is projecting just a 1% growth in its workforce between now and 2040.
“That is not a sustainable workforce, and that workforce getting older with the medical needs and everything else, that’s a lot of strain on the economy,” he said.
Yesterday’s webinar also touched on the state’s child care challenges, with Greater Madison Chamber of Commerce President Zach Brandon noting the sector is struggling to pay competitive salaries.
“It’s a market failure across the board … the workforce costs have become prohibitive, because we raise salaries then we have to raise rates and less people can afford it,” he said.
Becky Bartoszek, president and CEO of the Fox Cities Chamber of Commerce, said its members recently identified child care as a top challenge for the region — second only to the workforce challenge.
“There’s a lot of opportunities for us to partner, and I think this is one of those things that’s on the forefront,” she said.
Laurie Radke, president and CEO of the Greater Green Bay Chamber, said the organization has assembled a child care task force.
“Because we certainly don’t have the answers but … there are so many innovative and creative ideas coming out of industry, whether it’s building our own child care or paying for spots,” she said.
— Gov. Tony Evers has signed legislation that makes changes to the Badger Fund of Funds, eliminating a requirement that it repay the initial $25 million that the state appropriated for the program.
Under the law, investment proceeds could be invested in future funding rounds under the program, according to a release from the guv’s office. It also “loosens” a matching requirement, allowing the fund to meet private capital matching targets on an average basis for the entire fund, rather than for each investment.
It also requires the state Department of Administration to submit a report to the Legislature’s Joint Finance Committee by today to assess the program’s performance and provide recommendations for improving it, among other changes, the release shows.
“Thanks to these funds, we’re sending a message that, here in Wisconsin, if you have a great business idea and the willingness to work hard to make it happen, our administration is here to support you,” Evers said in a statement.
See the release.
— UW-Whitewater’s College of Business and Economics is celebrating its 110th anniversary, the university announced.
The college is the state’s largest business school, and is among the less than 2% of business schools worldwide with dual accreditation in business and accounting.
See more.
TOP STORIES
Potawatomi Casino opening outdoor concert venue before GOP convention
Republicans release $32M for UW as part of deal limiting DEI programs
Starbucks to give raises, start bargaining with union workers
TOPICS
AGRIBUSINESS
– Wisconsin egg production up 15% in January
CONSTRUCTION
– Long-sought engineering college among $700 million proposal for university projects
– Kraus-Anderson will build Enerpac Tool Group’s new Milwaukee home
– Potawatomi Casino Hotel to build outdoor concert stage this summer, eyes permanent venue
– Construction for Milwaukee Rep’s new theater complex to break ground on May 11
ECONOMY
– Dane County food pantries say demand surged to record highs
EDUCATION
– Cheese success – UW-River falls dairy plant hits milestone
– UW campuses recover $32 million withheld during DEI standoff with GOP
ENVIRONMENT
– Climate change is putting a prized Great Lakes fish at risk. What to know.
FOOD & BEVERAGE
– Yelp reviewers chose their best cheeseburger in Wisconsin. Here’s your choice.
– Streetwise: After 40 years, Mandarin Garden will close in May
HEALTH CARE
– Wisconsin seniors face housing upheaval as assisted living homes reject Medicaid
– Overdose deaths from Xylazine on the rise
MANUFACTURING
– Harley-Davidson CEO Zeitz hits four years: Quiet in Milwaukee, roaring with profits
REAL ESTATE
– ThriveOn King project nearing completion
REGULATION
– Appleton’s College Avenue road diet results in fewer crashes, lower speeds
SPORTS
– Potawatomi Casino Hotel opening $17M permanent sportsbook in May
TOURISM
– Marcus Corp. results improved significantly in 2023
– ‘Pour Another Round’ Outdoor Winter Beer Fest returning to Green Bay with 21 craft breweries
PRESS RELEASES
See these and other press releases
UW-Green Bay: Philanthropy class seeking proposals from local nonprofits to receive $10,000 grant