— This week’s episode of “WisBusiness: the Podcast” is with Wes Schroll, founder and CEO of Fetch.
The Madison-based company’s mobile app offers users a rewards program for the products they buy, awarding points for scanning receipts that can be redeemed for gift cards. After launching in 2013, the business now has 6 million daily active users and has been valued at more than $2.5 billion.
“I always tell my team that even though it’s a completely free app that pays people to use it, our consumers are demanding,” he said. “They are always wanting something new and exciting … if we deliver something that is amazing today, by tomorrow it’s expected and by the next day, they’re just bored and waiting for the newer thing.”
Schroll says that “forces us to keep innovating and changing things,” pointing to this year’s launch of “Fetch 3.0” as the latest example. This iteration of the platform features an updated interface that’s aimed at improving how consumers interact with other businesses on the app.
Fetch this year added more than 200 new brand partnerships to the app, more than any prior year.
“Lots of things to kind of bring engagement up for consumers and just make it a more fun experience,” he said.
Schroll also shares his perspective on the latest retail trends informing the decisions of Fetch’s leadership, ranging from the impacts of inflation to shifts in consumer preferences.
“Our consumers are still hurting … That inflation that helped partners be able to beat year-over-year growth goals also comes on the back of consumers having to pay more,” he said. “So I think we feel an urgency now more than ever to continue to find additional ways to help people save money.”
Listen to the podcast here: https://www.wisbusiness.com/2023/wisbusiness-the-podcast-with-wes-schroll-fetch/
See the full list of WisBusiness.com podcasts: https://www.wisbusiness.com/category/podcast/
— Wisconsin is lagging the nation and most of its Midwest neighbors in patent activity, according to a recent UW-Madison Division of Extension report.
The report, written by Prof. Steven Deller of the Department of Agricultural and Applied Economics, focuses on patenting as one metric of economic innovation.
Between 1992 and 2020, Wisconsin produced 1.36 utility patents per 10,000 population, Deller found. While that’s similar to the figure for Iowa — 1.37 per 10,000 people — it’s below the national average of 3.26.
But Deller wrote the “more concerning” comparison is to other neighboring states. Over the same study period, Michigan averaged 4.19 patents per 10,000 people, Minnesota averaged 5.42 and Illinois averaged 12.5.
“The relatively limited level of innovation in Wisconsin, as measured by patent activity, is largely explained by the industrial structure of Wisconsin,” he wrote. “Wisconsin tends to be dominated by industries that tend to be low in R&D expenditures. For example, the food processing industry tends to be a low R&D spending industry relative to, for example, the pharmaceutical industry.”
The report also breaks down similar figures within the state, showing higher levels of patent activity in Dane, Waukesha, Ozaukee, Pierce, St. Croix, Outagamie and Winnebago.
“Clearly, companies such as GE Healthcare, Exact Science, EPIC, and Voith, among others, along with research universities such as UW-Madison and UW-Milwaukee help us understand these patterns,” Deller wrote.
The analysis provides just one view of innovation in Wisconsin, he notes. Not all innovations are patented, and others that are may never make an impact on the economy. While the scope of patent trends is limited, he argues “this measure of innovation suggests that Wisconsin needs to rethink strategies that foster innovation.”
See the full report: https://economicdevelopment.extension.wisc.edu/2023/12/12/examining-patent-data-in-wisconsins-economy/
— Federal officials have approved Wisconsin’s plan to use $140 million in ARPA funding for two grant programs related to digital connectivity, state officials announced.
In a release yesterday, Gov. Tony Evers said the state’s plan for the Capital Projects Fund dollars was greenlit by the U.S. Department of the Treasury.
The state Department of Administration will award up to $107 million through the Flexible Facilities Program for local and tribal governments to construct or improve certain buildings and purchase equipment. These projects can include public libraries, community centers and other places that support work, education and health efforts.
Meanwhile, the state Public Service Commission will award up to $33 million through the Digital Connectivity and Navigators Program to nonprofits and other groups. Funds will be used for computers, Wi-Fi and digital navigation services.
See the release: https://content.govdelivery.com/accounts/WIGOV/bulletins/37e3f59
— Alliant Energy has completed a 624-acre solar system in Waushara County, the Madison-based utility company announced.
The Wautoma Solar Project, which has nearly 240,000 sun-tracking solar panels, can produce enough energy to power about 26,000 homes per year. Construction on the 99-megawatt project began in July 2022, according to the release.
The company’s assistant vice president of resource development, Ben Lipari, notes the project plan included repurposing land at the Wautoma airport, “which allowed us to diversify the project layout and maximize the value of” of that land.
“This project has been, and will continue to be, a collaborative effort with our participating landowners, local officials and the broader Waushara County community,” he said in a statement.
Alliant Energy says the county, the town of Dakota and the city of Wautoma will see $12 million in total new shared revenue over the project’s 30-year lifespan.
See the release: https://www.wisbusiness.com/2023/alliant-energy-announces-wautoma-solar-project-now-complete/
Listen to a WisBusiness.com podcast with Lipari: https://www.wisbusiness.com/2023/wisbusiness-the-podcast-with-ben-lipari-alliant-energy-2/
<br><b><i>Top headlines from the Health Care Report…</b></i>
— Wastewater monitoring continues to show rising levels of COVID-19 activity in the state, with 71% of all testing facilities seeing “very high” measurements.
<i>For more of the most relevant news on COVID-19, reports on groundbreaking health research in Wisconsin, links to top stories and more, sign up today for the free daily Health Care Report from WisPolitics.com and WisBusiness.com.</i>
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#TOP STORIES#
# Wisconsin corn mill agrees to pay $1.8 million in penalties after fatal 2017 explosion
# UW Regents OK deal on diversity, pay raises
# RNC in Milwaukee to have 2 security zone levels, logistics for impacted businesses
#TOPICS#
# AGRIBUSINESS
– Wisconsin gets agroforestry demo farms
http://wisconsinagconnection.com/story-state.php?Id=1082&yr=2023
# CONSTRUCTION
– State announces $589 million for university and department projects
# EDUCATION
– UW-River Falls hires new dairy pilot plant manager
http://wisconsinagconnection.com/story-state.php?Id=1080&yr=2023
– School book bans investigated by Wisconsin ACLU
– UW regents reversal satisfies mega-donors to flagship Madison campus
– Northwestern Mutual exec named Marquette’s new dean of Business Administration
# ENVIRONMENT
– Call to revise carbon capture incentives
http://wisconsinagconnection.com/story-state.php?Id=1081&yr=2023
# FOOD AND BEVERAGE
– National chicken finger chain opens second Wisconsin location in Kenosha
– Plymouth entrepreneurs working to revive decades-old craft soda brand
# LABOR
– Greenfield gives first approval for solar canopy at union training center
– Can apprenticeships be the key to solving child care issues?
# LEGAL
– Business lobbying group sues Wisconsin Justice Department over open records request
# MANUFACTURING
– Generation Growth Capital acquires three Midwestern manufacturers to launch new company platform
# MINING
– Cambria company to pay $1.8 million fine related to fatal 2017 mill explosion
# POLITICS
– President Joe Biden coming to Milwaukee to tout small-business growth, economic policies
# REAL ESTATE
– How much did bidders offer for Shopko HQ, Green Bay office building?
– 175 market-rate apartments are coming to Kaukauna’s north side
# TOURISM
– 2024 Air & Water Show will share busy Milwaukee weekend with Harley Homecoming, German Fest
– Jerry Seinfeld is coming to Green Bay with his new stand-up show
# PRESS RELEASES
<i>See these and other press releases:
https://www.wisbusiness.com/press-releases/ </i>
