Job Creation through Capital Donation
MILWAUKEE, Nov. 14, 2013 – The Wisconsin BrightStar Foundation today announced that former Wisconsin Department of Financial Institutions Secretary Lorrie Heinemann will join the foundation as vice president. Ms. Heinemann will head the foundation’s new Madison office, which will have statewide reach.
As state capital for early-stage companies has continued to plummet in Wisconsin over the past two years, now down to about $25 million, a new nonprofit organization has taken the first steps of a revolutionary approach that it hopes will fill the financial gap to fuel job growth and business development.
Milwaukee-based BrightStar Wisconsin Foundation, which was incorporated July 1, is turning to the state's pool of philanthropic individuals and foundations and asking them to donate a portion of their pockets to state-based startup companies.
Zilber Property Group will provide rent-free space for BrightStar Wisconsin Foundation in the Milwaukee office building where the real estate developer has its headquarters.
"This contribution by the Zilber Property Group will allow us to direct an even higher percentage of donor dollars to our mission of investing in early-stage companies to fuel job creation," said Jeff Harris, BrightStar's co-founder and chairman.
Zilber Property Group has provided office space in downtown Milwaukee to house BrightStar Wisconsin Foundation Inc., a new organization seeking nonprofit status that will collect donations to fund startups and job creation statewide.
BrightStar will operate in Zilber’s Empire Building, 710 N. Plankinton Ave., at the corner of Plankinton and Wisconsin avenues, according to an announcement Tuesday.
For Immediate Release – Aug. 20, 2013
BrightStar Wisconsin Foundation opens headquarters, adds staff
Zilber Property Group contributes significant office space
Money manager Albert "Ab" Nicholas said Wednesday he has pledged $1 million to BrightStar Wisconsin Foundation Inc., a new group with an unusual plan for using charitable donations to make venture investments in young state companies.
Nicholas, who is founder and chairman of Milwaukee-based Nicholas Co., is the first contributor to be named by BrightStar since the foundation launched in July with seed pledges of $6 million from eight founding donors.
For Immediate Release
MILWAUKEE, July 31, 2013 – The BrightStar Wisconsin Foundation, a groundbreaking philanthropic approach to supporting job creation and economic growth statewide through investment in early-stage companies, today announced it has received a $1-million pledge from Albert “Ab” Nicholas, the founder and chairman of the Milwaukee-based Nicholas Co. investment management firm.
Wisconsin Economic Development Corp. has pledged $300,000 in operating funds for BrightStar Wisconsin Foundation Inc., a new group that is proposing an unusual plan for raising donations to make venture investments in young state companies.
BrightStar Wisconsin Foundation Inc., a new Milwaukee organization that will invest in Wisconsin technology startups and is seeking nonprofit status, has received a $300,000 pledge from the Wisconsin Economic Development Corp.
The WEDC investment will go toward BrightStar operating expenses and is meant to help BrightStar attract private donations to spur business growth and job creation, a Monday press release said.
BrightStar will receive the WEDC funds after it has achieved 501(c)3 status from the Internal Revenue Service, WEDC said.
There is a famine of risk capital for young companies in Wisconsin, which is the biggest reason that good ideas that could lead to jobs are going hungry in this state. Sluggish job growth is a perilous trend that threatens the state's well-being now and especially in the future.