Over the past few years, the Wisconsin startup scene has experienced a boom. For example, Madison is becoming a hub for technology startups, while Milwaukee is seeing more diversity among its startups. Along with the growth of Wisconsin’s startup ecosystem is the increasing number of startup events in the state. Here is a list of major startup events held annually in Wisconsin:
According to the Wisconsin Department of Agriculture, Trade and Consumer Protection, agriculture contributes $104.8 billion annually to our state’s economy. The state is home to 64,793 farms, but that figure has decreased each year. For example, Wisconsin lost 638 dairy farms in 2018 and 818 in 2019.
Wisconsin is famous for its farms. In fact, according to the Wisconsin Department of Agriculture, Trade and Consumer Protection, Wisconsin is home to 64,793 farms. Meanwhile, the agricultural industry accounts for 11.8% of the state’s employment. So, it should not be a shock that Wisconsin is also home to several agriculture-based startups. Here is a look at a few of them:
It is well known that 2020 was an unprecedented year, but nevertheless, in 2020 the State of Wisconsin experienced growth in the number of startups and venture capital deals. In fact, Wisconsin companies raised $273 million in 2020, which is $59 million more than in 2019. Part of that growth came from corporate venture capital (CVC) funds.
Wisconsin has consistently filled the role of the rising underdog when it comes to Midwest venture capital deals. In 2020, 91 Wisconsin companies raised a collective $293 million in capital, according to the National Venture Capital Association (NVCA). This is up $44 million from 2019. Yet, the state is still playing catchup to its Midwest neighbors such as Michigan ($3.3 billion), Illinois ($2.6 billion) and Minnesota ($1.9 billion).
Although Wisconsin has seen an increase in venture capital over the past 10 years, we are still lacking compared to our neighbors. For instance, Wisconsin-based companies raised $273.1 million in 2020, which is only a fraction of the $2.8 billion raised in Illinois and the $1.8 billion raised in Minnesota, and just half of the $558 million raised in Michigan last year.
The relatively low amount raised by Wisconsin companies was not because of a lack of effort, or even a lack of startups. Instead, it’s a lack of available funding.
Thirteen Wisconsin organizations helping small businesses with training, legal services, coping with COVID-19 and more have been awarded grants totaling $529,000 from the Wisconsin Economic Development Corporation (WEDC).
As it has in other industries, the COVID-19 pandemic has changed the venture capital world. One positive change is that it has given VCs more opportunities to learn about innovations taking place in smaller communities.
While startups continue to overcrowd Silicon Valley and other trending cities on the coasts, the Midwest remains an untapped potential. Specifically, Wisconsin is ripe for entrepreneurs with a diversified economy and cities like Madison and Milwaukee attracting new talent. In 2020, Madison was named No. 1 of the 11 best untapped cities for startups by Fundera, and Milwaukee was named No. 1 as the best place for food entrepreneurs by LendingTree.
Wisconsin Gov. Tony Evers has announced his 2021-2023 budget will include funding for supporting early-stage and small businesses in Wisconsin.