News

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.

Wisconsin Economic Development Corp. would provide operating funds to venture capital vehicle

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 aims to persuade the wealthy to donate to a very important cause: Wisconsin's economy

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.

Eight business leaders and investors have joined together to create the BrightStar Wisconsin Foundation, a new nonprofit vehicle for investing in early-stage companies.

The eight have pledged to contribute a total of nearly $6 million to set up the philanthropic foundation, and they expect it to raise another $60 million over the next three years.

Donors will not get any return on their investment; the nonprofit organization will pump nearly all of its earnings and returns back into young companies to create more jobs and grow the economy.