MILWAUKEE, May 7, 2020 – BrightStar Wisconsin Foundation, Inc is pleased to announce it has been awarded a Capital Catalyst Grant (CCG) from the Wisconsin Economic Development Corporation (WEDC). The goal of the CCG program is to increase the availability of capital to startups and emerging growth companies to support their growth and attract additional private investment. WEDC does this by providing matching grants to seed funds like BrightStar and other eligible entities dedicated to stimulating entrepreneurship.
BrightStar will match the $300,000 award with its own funds to make up to $600,000 in grants or investments in innovative early stage businesses with the potential to create good jobs in Wisconsin. These funds will particularly target very early stage companies that have the greatest trouble attracting first investors due to little or no revenues. Returns on BrightStar investments come back to the foundation and are used assist additional companies and create a supportive environment for business creation and job development.
The grant complements BrightStar’s HATCH program initiatives whereby the foundation has held regional competitions for identifying new ideas and inventions. Many of these winners need smaller start-up capital in the $25,000 to $50,000 range and these funds, matched with BrightStar’s donor driven funding, will be able to assist these organizations with early investment.
“Brightstar is a valuable partner in supporting startup activity across Wisconsin and provides WEDC an important perspective as we develop programs and initiatives. They have a unique model that has generated interest from across the country and points to the creative and collaborative ways we solve problems in Wisconsin” commented Aaron Hagar, WEDC Vice President – Entrepreneurship and Innovation.