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2010 Governor's Business
Plan Contest -- Enter Now!
Entries
are being accepted now through Jan. 31. Submit an abstract to be
considered in Phase 1 of the contest.
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WisBusiness.com: The Show
See
the latest updates on business and investing in Wisconsin.
The
current show includes an interview with Teresa Esser of Silicon
Pastures and Capital Midwest Fund.
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Investor-members
Appletree Capital
Badger AgVest
Baird Venture Partners
Capital
Midwest
Capvest Venture Fund
Central WI Business Angels
Continuum Investment Partners
DaneVest
Daycholah Capital
Golden Angels Network
Kegonsa Partners
Lake Superior Angel Network
Marshfield Investment Partners
Mason Wells
MDC Venture Debt Fund
NEW Capital Fund
Peak Ridge Capital
Origin Investment Group
Pennies from Heaven
Phenomenelle Angels Fund
Promega Corporation
Silicon Pastures
St. Croix Valley Angel Network
Stateline Angels
Successful Entrepreneur Investors
Triathlon Medical Ventures
Venture Investors
Wisconsin Investment Partners
Women Angels, LLC
Informal networks: 1
Advisory
Committee
Sec. Lorrie Keating
Heinemann
(Chair)
Dept. of Financial Institutions
Sec. Dick Leinenkugel
Dept. of Commerce
Tim Keane
Golden Angels Network
Richard Leazer
Wisconsin Investment Partners
John Neis
Venture Investors
Tom Still
Wisconsin Technology Council
David Ward
NorthStar Economics
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 Lake
Superior Angel Network
 The Lake Superior
Angel Network (LSAN) held its fourth investment meeting on December
16 in Superior, WI. The group heard an investment pitch from
a Lake Superior region entrepreneur and discussed early stage
investment tax credits in Wisconsin and Minnesota. The next
LSAN meeting will take place on January 28, 2010 as part of the I-Q Corridor Investors'
Forum, a video conference between investment groups in
Illinois, Wisconsin and Minnesota. To learn more about the LSAN
or to become a member, please visit www.lakesuperiorangels.com or contact Joe Kremer at (608) 442-7557
x23.
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Investment
tax credits along the I-Q Corridor
Coinciding with the
launch of the Wisconsin Angel Network, Wisconsin's early stage tax
credits, referred to as Act 255 or "Accelerate Wisconsin,"
went into effect January 2005. Since then angel networks and
funds in Wisconsin have grown from six to 22 and angel network
investing has increased steadily each year, 28 percent in 2008, the
most recent year data is currently available. Follow this link to download
The Wisconsin Portfolio, a publication covering recent trends in
Wisconsin's risk capital market. In December, Democratic
legislators unveiled an economic development platform titled Wisconsin C.O.R.E. Jobs Act,
which included expanding investment tax credits. Read more about the
legislation. The legislation was recently voted out of committee
and is expected to be introduced to the full Legislature in
January.
Minnesota, on the
other hand, has tried unsuccessfully to pass legislation similar to
Wisconsin's. Read more about the effort here. A new
coalition focused on passing investor tax credit legislation is
at work in Minnesota trying to garner support of a recently
drafted bill. For more information on the Minnesota's tax credit
legislation or to get involved with the coalition, contact Wisconsin
Innovation Network member Peter Bianco of Halleland Lewis
Nilan & Johnson, P.A.
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2010
Governor's Business Plan Contest
 The Wisconsin Governor's
Business Plan Contest is an opportunity for high-tech
start-ups to gain exposure and compete for a grand prized valued
at $50,000. The 2010 competition, produced by the Wisconsin
Technology Council along with several partners, is accepting entries
now through Jan. 31. During the six-month competition,
contestants will receive mentoring and comments on their business
plans from judges. The contest is designed to not only benefit
the winner. In the past, finalists have raised $11 million in private
equity and some have been acquired after gaining exposure through the
contest. For more information or to create a contestant account,
visit www.govsbizplancontest.com.
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Save trouble later with good accounting now
Accounting considerations
for start-ups (and the Angels who invest in them)
Accounting isn't the most popular topic among
entrepreneurs. But solid accounting can make life much easier for a
company when the time comes for due diligence. At this link, CPA
Jeff Solomon outlines the key points for a start-up to remember when
keeping records for equity and revenue
recognition. Understanding tax and accounting rules can save
trouble later on, such as delays in due diligence or renegotiated
valuations. Among the rules explained in this article:
- Determining
fair market value of granted equity
- What
terms to set when granting stock to shareholders
- How
to go through the criteria for revenue recognition for software
start-ups
With this background, entrepreneurs can take
steps to keep records that will prevent setbacks as their companies
grow.
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As 2009 draws to a
close, investors and entrepreneurs are curious about the future of
angel investing and venture capital. Frank Peters, a member and
former chairman of the Tech Coast Angels, has been an angel investor
since 1999 and runs a podcast offering advice and news for those
involved in early stage financing. Peters and a panel of other
experienced investors discuss the future of angel
investing in this podcast.
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I-Q Corridor Deals, Acquisitions
and Exits
My Health Direct,
Inc.,
$4 million by Chrysalis Ventures and others, read more.
Follow this link to a round-up of recent deal activity in Wisconsin.
Helios USA received a $1
million federal loan through the State Energy Program (SEP), read more.
Renewegy, LLC received $525,000
federal loan through the SEP, read more.
UW-Madison received $10 million
grant to research nanotechnology, read more.
NanoMedex
Pharmaceuticals Inc. received a $2.23 million SBIR, read more.
Platypus Technologies received $100,000
SBIR Grant, read more.
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Upcoming Events
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2009 was a tough year for the early stage investment
market. While the full-year's numbers are still being compiled,
we can report that companies that successfully raised money did so
against the odds. Common themes stretched through most completed
funding rounds including good management, strong sales plans and
lower-than-expected valuations. For those companies that did not
fill funding rounds, they either dramatically reduced burn rates or closed
their doors. 2010 holds much promise for the market, but the
belt-tightening time of the 09's is going to continue. The silver
lining to the dark clouds of this past year is Wisconsin entrepreneurs
(and investors) have gained much experience and exposure to developing
companies with realistic plans, well-functioning teams and a level of
"toughness" that will prove invaluable as the economy
continues to pick itself back up.
Please share eVestor with others; if you're not on our
e-mail list, click here to join.
Joe Kremer, director
Wisconsin Angel Network
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