WERCBench Labs Accelerator plays a role in helping Wisconsin’s top-10 ranking for start-ups and business survivorship
The Wisconsin Economic Development Corporation (WEDC) issued a report highlighting the exciting startup activity in Wisconsin. WEDC’s recap on its entrepreneurship program’s impact that year reveals it helped in raising $505 million in new capital, a 26 percent increase from 2016 when the impact was $385 million, and supported start-ups that employed 2,662 people that were paid an estimated $134 million in annual wages, according to the report.
WEDC reported that Wisconsin ranks within the top 10 states in the U.S. for 10-year business survivorship. Our WERCBench Lab Accelerator program has been excelling in startups in Wisconsin and throughout the Midwest. Focusing on advancing technology and business models by providing a unique opportunity for start-ups to interact directly with highly experienced and technical professionals, M-WERC is proud to play a role in Wisconsin’s national ranking.
Some of the details in WEDC’s report include:
312: Number of companies that received new assistance from WEDC
$290 million: New funding received in 2017 by 497 start-ups that have received help from WEDC
$214 million: Money generated in 2017 by those 497 start-ups, more than double the previous mark of $85 million
2,662: Number of full-time and part-time jobs in Wisconsin employed by those start-ups
$134 million: Estimated annual wages for those employees
$490,000: Amount provided to businesses from WEDC-supported seed funds, which leveraged $940,000 in additional investments
$6.7 million: Federal grant funding secured by Wisconsin businesses in fiscal 2018 that used WEDC entrepreneurial micro-grants to pay for Small Business Innovation Research application assistance and training
WERCBench Labs has built a reputation as one of the region’s top accelerator programs for entrepreneurs to test their ideas and grow their businesses in the Energy, Power and Controls arena. Housed within M-WERC’s Energy Innovation Center, the WERCBench Labs Accelerator hosts an ever-growing collection of state-of-the-art testing, prototyping and small-scale production equipment. Program participants also have unparalleled opportunities and access to the leading companies in the world on energy, power and controls technology enabled by the M-WERC regional cluster of business and academic institutions.
This program of the Midwest Energy Research Consortium (M-WERC) is partially funded by the WEDC. Each business receives a $20,000 grant and at the end of the program, an additional $20,000 in the form of an investment, using a royalty-based financing mechanism.