FRI AM News: WisBusiness: the Podcast with Roger Caplinger, Seena Magowitz Foundation; Tech Council releases full Wisconsin Portfolio report, detailing 2024 early-stage investing

August 1, 2025

— This week’s episode of “WisBusiness: the Podcast” is with Roger Caplinger, a volunteer ambassador for the Seena Magowitz Foundation and a former executive with the Milwaukee Brewers.

Caplinger spent more than three decades with the team, and retired in 2022 from his position as vice president of medical operations, health and safety.

He discusses how he joined up with the Seena Magowitz Foundation, which has worked to raise awareness and raise funds for pancreatic cancer care and research for more than 20 years. It’s named after founder Roger Magowitz’ mother, who died from pancreatic cancer in 2001.

“Roger has raised money for patients to get second opinions, to raise money for clinical trials,” Caplinger said. “Currently, the foundation has a few support groups that meet on a weekly, monthly basis, for new patients, for older patients like myself that have been a number of years out, and caregivers.”

Caplinger’s involvement with the foundation came after he was diagnosed in 2017 with early-stage pancreatic cancer.

“I wanted to focus myself on something to [be] giving back and paying it forward,” he said. “And I thought that the Seena Magowitz Foundation was a very symbiotic match with me, to try to give my perspective, to try to help others who just got diagnosed with this disease.”

He notes pancreatic cancer is the second most common form of cancer in Wisconsin behind lung cancer, but the disease can be difficult to catch before it develops into a more serious stage.

The podcast highlights programs and gatherings organized by the foundation, as well as efforts to connect patients with other resources. Caplinger says all the money the organization raises goes back into patient care and support.

Later this month, the foundation is hosting its annual Power of Us conference in Milwaukee, bringing together cancer survivors and patients, caregivers, medical professionals, researchers, advocates and others.

Listen to the podcast and see the full list of WisBusiness.com podcasts.

— Nearly 80% of all early-stage investment capital raised in Wisconsin last year was through deals involving out-of-state investors, according to the Wisconsin Technology Council’s latest annual report.

The Wisconsin Portfolio was released yesterday, offering an in-depth look at 2024 early-stage investing activity in the state.

The full release comes after the Tech Council last month shared some early figures from the report, showing the state last year saw about $374 million in early-stage capital raised, the smallest total since 2018. That’s under the prior year’s total of $490 million and well below the recent peak of $869 million in 2021, a standout year for investment in Wisconsin and nationally.

Last year’s tracked deals included 61 different investment groups and funds, including firms from at least 13 other U.S. states and the UK, Singapore and the Philippines.

Tech Council Investor Networks Director Joe Kremer notes the 42 out-of-state investors contributed to 21 funding rounds that raised $292 million for companies based in Wisconsin. That accounts for 78% of all capital tracked for last year in the state.

“This year’s report also highlights Wisconsin’s need to attract more mid-sized venture funds capable of filling the $5M–$15M funding gap — enabling startups to scale, create jobs, and sustain strong investor returns,” Kremer said in the report.

While last year’s total has fallen from recent years, report authors note it “still reflects a robust year of activity” as the average deal size was $4 million. The median deal size for 2024 was $1 million, which suggests “healthy fundraising” happening at earlier-stage businesses.

Authors also note the top 10 largest deals accounted for 70% of the state’s total investment last year, illustrating how a small number of overall deals can have a large impact on the annual total.

Meanwhile, Tech Council President Tom Still writes that Wisconsin “needs to catch up to its neighbors” on measures of venture capital activity, noting the state consistently lags behind most other Midwest states. Though the coasts still dominate the VC world, he also notes Ohio and Michigan have made moves to establish larger “funds of funds” to support companies in those states.

While Still touts Wisconsin’s efforts in this space — pointing to the Qualified New Business Venture tax credit program, the Badger Fund of Funds and Wisconsin Investment Fund — he also notes eight- and nine-figure deals remain elusive in the state.

“That’s what is happening in other Midwest states on a more regular basis, even if the coastal leaders maintain their hefty lead,” he wrote.

See the report and an earlier story on its findings.

— Sen. Dora Drake said she’s holding off on introducing a bill that would regulate cryptocurrency to decide how to best educate people and advance digital assets.

The Milwaukee Dem began circulating the Wisconsin Innovation Network bill in early June, but has not yet introduced it. The WIN bill would create the Office of Financial Technology Innovation and a cryptocurrency pilot program. The bill would also create a regulatory process for use of digital assets while working to protect consumer data.

Drake told WisPolitics after a cryptocurrency information session yesterday she has worked out the consumer protection piece, but she is still determining details of the pilot program and how to educate Wisconsinites on digital assets. She is also still working to garner bipartisan support.

Drake said she hopes to officially introduce the bill once these pieces are worked out, and hopes the bill can get a public hearing this session.

President Donald Trump has been making digital assets a priority and just signed the GENIUS Act. That new law provides federal regulation for stablecoins, a form of cryptocurrency connected to a reference asset like the U.S. dollar to lessen volatility. Drake told WisPolitics she’s also considering what happens federally in finalizing state legislation.

Drake said the cryptocurrency legislation can be in one bill or a package of bills, just “whatever gets it across the finish line.”

Drake moderated yesterday’s information session with Rep. Adam Neylon, R-Pewaukee. Neylon said the session was a way to consider how Wisconsin could be “competitive” in the field of digital assets.

Neylon pointed to Bitcoin company TwentyOneSociety having to move out of the state, adding Wisconsin needs to respond to these needs.

“That’s what we got to figure out, is how we can keep innovation and entrepreneurs in Wisconsin,” Neylon responded. “And it sounds like there might be a path here, so in the future, people like you can keep their company.”

TwentyOneSociety Founder Christopher Perceptions said he wanted to start his business in Wisconsin, but there was “gray area” in what the regulations would be.

Perceptions also said he has long supported the WIN bill, adding at the information session it would create state jobs, protect consumers from scams and bring revenue to attract and support Wisconsin businesses.

“We are in the future,” Perceptions said. “It’s just a matter of how Wisconsin is positioned for that.”

And Darin Carter from Coinbase said Wisconsinites have lost out on $3 million in the last two years from not fully utilizing digital assets.

Carter, senior manager of grassroots advocacy at Coinbase, a cryptocurrency exchange and digital wallet platform, said Wisconsinites could have millions more in assets if the state supported staking, which is a way to earn rewards when you put assets on a blockchain, similar to a savings account.

“I think it’s the consumer that ultimately is harmed by not being able to do that [staking], and also the potential innovators who want to stay in the state but don’t have the regulatory parity that they need in order to stay here,” Carter said.

— Trek Bicycle will begin producing most of its aluminum bicycle frames with “low-emission” materials starting in October, the Waterloo company announced.

The manufacturer says the change will impact “well over” 1 million bikes per year, marking the largest carbon reduction effort in the company’s history. The plan includes using aluminum made from facilities powered by renewable energy, from recycled materials or both.

Yesterday’s announcement comes after the company began looking into more sustainable aluminum in 2021, the release shows, prompting the creation of a new aluminum sourcing policy. That includes helping suppliers meet its new requirements.

Trek notes all the new low-emission frames meet the same standards as earlier models, and will function the same.

“This is a major move, not just for Trek, but for what’s possible in bicycle manufacturing,” Trek President John Burke said in a statement. “It’ll put us years ahead of our climate goals, and it proves there’s a better path. We hope other companies will join us, inside and outside of the bicycle industry.”

See the release and listen to an earlier podcast with Burke.

— U.S. Sen. Tammy Baldwin is promoting a bipartisan federal bill aimed at restricting the usage of dairy product terms such as cheese and milk.

The Madison Dem this week said imitation dairy products made with plants and nuts have “ridden the coattails of our dairy farmers and gotten away with using dairy’s good name” for too long. She argued these products fail to meet the nutritional standards for dairy-based products.

“I’m proud to work with my Democratic and Republican colleagues to settle this once and for all by requiring the federal government to stop these imitation products of lesser nutritional value from using labels like milk, cheese, and yogurt,” she said in a statement.

Under the legislation, the FDA would be required to issue guidance for national enforcement of “mislabeled imitation dairy products” within 90 days. The bill would also require the federal agency to report to Congress two years later with an update on enforcement efforts.

The bill is backed by the Wisconsin Farm Bureau Federation and Wisconsin Cheese Makers Assocaition, along with other state, regional and national industry groups.

John Umhoefer, executive director of the WCMA, slammed the FDA’s “disappointing” recent draft guidance that continues to allow non-dairy products to use the terms being targeted by the bill. He argues it will confuse consumers and allow imitation products to “co-opt” the dairy industry’s reputation.

“When consumers buy products labeled as milk or cheese, they’re expecting delicious, nutritious foods made with the goodness of real dairy – not nuts, peas or beans,” he said in a statement.

See the release.

— The DNR is urging state residents to limit the time they spend outdoors as wildfire smoke from Canada is causing air quality issues in Wisconsin.

An existing air quality advisory in effect yesterday has now been extended through noon tooday, according to the state Department of Natural Resources. Widespread “unhealthy” levels of wildfire smoke-related air pollution are expected across the state today, with the possibility for “very unhealthy” levels as well.

While air quality is expected to begin slowly improving, it could remain in the unhealthy or “unhealthy for sensitive groups” level through the weekend.

“People with heart or lung disease, older adults and children should consider making outdoor activities shorter and less intense and reducing heavy exertion,” the agency said in the release. “Consider rescheduling or moving events indoors.”

Meanwhile, Rep. Calvin Callahan, R-Tomahawk, said residents of northern Wisconsin are “fed up with waking up to hazy skies and hazardous air,” alleging Canada is failing to keep its forest fires under control.

“This is a public-health crisis, an economic burden, and an affront to our way of life,” he said today in a statement. “Canada’s mismanagement is hurting Wisconsinites.”

See more in a recent WisPolitics Friday Report story on this topic.

— Exact Sciences has announced its Cologuard Plus test will be available for eligible members of Humana Medicare Advantage under an expanded partnership.

Humana is the fourth-largest private insurer in the country, with about 5.8 million Medicare Advantage members, according to the Madison-based diagnostics company’s announcement. The Cologuard Plus test, which launched in March, will be offered as an in-network service for eligible members starting in August.

Exact Sciences’ original Cologuard test has been used to screen for colorectal cancer more than 20 million times since being launched in 2014. The updated version includes new biomarkers for sensing disease and improved stability for samples, the company says. It’s expected to reduce false positives by more than 40% compared to the original test.

Jake Orville, executive vice president and general manager of screening for Exact Sciences, says the new agreement will make “it easier for more people to access this revolutionary, non-invasive colorectal cancer screening test from the comfort of home.”

See the release.

For more of the most relevant health care news, reports on groundbreaking research in Wisconsin, links to top stories and more, sign up today for the free daily Health Care Report from WisPolitics and WisBusiness.com.

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