A $2 million seed fund has been established to move innovative technology and ideas developed at University of Wisconsin campuses into the commercial stage.
The fund, called Ideavance Seed Fund, was created by the University of Wisconsin System and the Wisconsin Economic Development Corp. and will be administered by the UW-Extension.
“Faculty, staff and students need access to this type of funding so that they can pursue their business dreams here in Wisconsin,” said Gov. Scott Walker. “This new partnership bridges the gap from an idea to the creation of a business and initial investment.”
Entrepreneurs from all disciplines are eligible for up to $75,000 over two stages of development to evaluate products or services, analyze key markets, confirm demand and create investment strategies. Applications will be accepted in three rounds, beginning in March.
“This partnership has the potential to create new businesses, foster economic development, retain UW System graduates in the state and improve the quality of Wisconsin products and services,” said Reed Hall, Secretary of the WEDC.