News

For Immediate Release

BrightStar Wisconsin Foundation receives $1-million pledge from Nicholas

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.

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.

It's time to lead instead of falling further behind

For at least two years now, headlines and editorials have all sounded the same theme: "State lags nation in job growth."

Thought leaders such as Tom Still of the Wisconsin Technology Council; Dan Steininger of BizStarts; Julia Taylor of the Greater Milwaukee Committee; and entrepreneur John Torinus have eloquently and repeatedly cited irrefutable data to lay out the problem and the solution:

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.