— Early investment figures for 2023 suggest the number and size of deals in Wisconsin may be lower this year, according to Tech Council Investor Networks Director Joe Kremer.
Speaking yesterday during a luncheon hosted by the Wisconsin Technology Council in Madison, Kremer noted the group’s Investor Networks program tracks early-stage financing activity throughout the year. That information is captured in an annual report called the Wisconsin Portfolio.
While this year is still far from over, Kremer noted the information compiled so far isn’t painting a very favorable picture.
After the state saw nearly $870 million raised in 2021 and more than $640 million in 2021, the total dollar figure so far for 2023 is under $200 million. By comparison, year-end totals ranged between about $209 million and $484 million from 2015 to 2020, according to last year’s Wisconsin Portfolio.
Plus, the Tech Council has only identified 40 investments for this year, Kremer said. At the end of last year and the year before, that figure was 107 and 140, respectively.
“What we haven’t seen this year that we saw last year at this time was a mega deal — like Fetch raised $240 million; we had Shine raise $125 million I think as well last year — so a lot of those big deals aren’t here yet, and we’ll see if they happen,” Kremer said yesterday.
And Tech Council President Tom Still yesterday said Wisconsin historically sees more investment deals in the fourth quarter, adding “we expect the numbers to go up.”
See the 2023 Wisconsin Portfolio here: https://wisconsintechnologycouncil.com/wp-content/uploads/2023/07/WI-Portfolio-2023-FINAL-web1.pdf
— Attorney General Josh Kaul announced Wisconsin is joining the Federal Trade Commission and 16 other states suing Amazon over alleged monopolistic practices harming other businesses and consumers.
The 172-page complaint argues the multi-billion dollar public company is a monopolist using anticompetitive and unfair strategies to illegally maintain its monopoly power. Amazon’s tactics degrade quality for shoppers, overcharge sellers on Amazon’s marketplace, stifle innovation and prevent rivals from fairly competing, plaintiffs argue.
Kaul in a statement said the Department of Justice is “committed to protecting Wisconsinites’ pocketbooks, including by taking action when a company with monopoly power blocks competition, leading to higher prices for customers.”
“This case seeks to protect fair competition and to hold Amazon accountable for the harm it has allegedly caused to businesses and consumers,” he said.
The group also alleges Amazon engaged in anticompetitive practices in the online superstore market for retail customers and in the online services marketplace. They argue Amazon’s “Prime” services are “a virtual necessity for doing business on Amazon” and have made it substantially more expensive for sellers on Amazon to sell their products on other platforms.
They also say Amazon practices anti-discounting conduct that punishes sellers and deters other online retailers from discounting their products on Amazon. DOJ in an example argued Amazon can bury discounting sellers so far down in Amazon’s search results that they become effectively invisible.
Amazon did not immediately respond to a request for comment.
See the statement: https://www.wispolitics.com/2023/dept-of-justice-wisconsin-joins-ftc-16-states-in-suing-amazon-for-illegally-maintaining-monopoly-power/
See the complaint: https://www.wispolitics.com/wp-content/uploads/2023/09/230926DOJAmazon.pdf
— The GOP-run Joint Finance Committee has shot down along party lines the Evers administration’s request for more positions to help process credential requests at the Department of Safety and Professional Services.
It is the second time in the last few months the committee rejected a request for additional positions at the agency.
Rep. Tip McGuire, D-Kenosha, argued they were needed to continue the agency’s progress in speeding up the processing of various license applications.
No GOP members spoke on a Dem motion to approve the positions before the committee voted 10-4 against the request.
During the budget process, the committee approved 17.75 new positions for the agency, less than a fourth of what the guv had requested. Republicans argued at the time new technology, including an electronic system to help process applications, would ensure applications could be processed on time.
The new request included $118,200 in fiscal year 2023-24 and $1.3 million in fiscal year 2024-25 for DSPS and the creation or extension of 7.25 full-time equivalent positions. Two of those positions now dedicated to processing credential applications expire Saturday.
The Legislative Fiscal Bureau analysis of the request noted the department argued the positions were needed to maintain or reduce processing time for credentials. The average time as of October 2022 was 46 days. It was down to 38 days in March.
— Lynn Akey has been named the new chancellor of UW-Parkside, succeeding former Chancellor Debbie Ford.
The Board of Regents yesterday unanimously approved the hire. Akey is currently vice president for student success, analytics and integrated planning at Minnesota State University, Mankato. She will take on her new role Jan. 2.
“UW-Parkside provides outstanding academic programs, incredible learning experiences with dedicated faculty and staff, and life-changing opportunities in a vibrant location,” Akey said in a statement. “I look forward to working with faculty, staff, students, and the surrounding communities to pursue bold goals for the future.”
See the release:
— La Crosse is getting a $217,900 WEDC grant for a housing construction project, the agency announced.
Funding comes from the Wisconsin Economic Development Corp. Idle Site Redevelopment Program, supporting the conversion of a former manufacturing facility on the city’s north side into two 72-unit apartment buildings and 14 townhomes.
Plans for the Fifth Ward Residences housing project also include a business center, a recreation room and fitness center, according to the WEDC release. The release notes it will be located in the least wealthy part of La Crosse, and aims to offer “quality, affordable housing” while driving local economic development efforts.
“This housing initiative will not only allow current residents to thrive, but also provide space for La Crosse’s growing workforce to put down roots,” WEDC Secretary and CEO Missy Hughes said in a statement.
See more project details: https://www.wisbusiness.com/2023/wisconsin-economic-development-corp-city-of-la-crosse-receives-217900-state-grant-to-support-housing-construction-initiative/
— StartingBlock and seven partner groups are receiving $150,000 through the U.S. Small Business Administration’s 2023 Growth Accelerator Fund Competition.
According to a release, StartingBlock was a stage two winner and will receive funds to build strategic partnerships that will support the launch, growth and scaling of small businesses working in science, technology, engineering and math, as well as research and development.
“The award of the stage two prize to StartingBlock and our seven regional ecosystem partners again validates that the Madison region is building a thriving entrepreneurial ecosystem,” StartingBlock Executive Director Scott Mosley said in a statement. “We’re excited to move to the implementation phase of the award.”
The other partners include WiSys, the Madison Black Chamber of Commerce, the Wisconsin Latino Chamber of Commerce, MadRep, Madison College, the UW Law & Entrepreneurship Clinic and the Center for Technology Commercialization.
StartingBlock won $50,000 from the stage one category earlier this year.
See more at Madison Startups: https://www.madisonstartups.com/startingblock-wins-150k-from-sba/
#TOP STORIES#
# Oak Creek manufacturer plans to close if it isn’t sold, jeopardizing 133 jobs
# Amid UW System conflict, legislators ponder Regents appointments
# Texas firm eyes Milwaukee for massive utility-scale battery system
#TOPICS#
# AGRIBUSINESS
– USDA conservation funding available for Wisconsin farmers
http://wisconsinagconnection.com/story-state.php?Id=871&yr=2023
# CONSTRUCTION
– Veterinary center wants to build $13M clinic in Pewaukee
# EDUCATION
– Teacher prep programs not on the same page as Wisconsin’s new reading law
– A professor resigned amid grade fraud probe. Then another UW campus hired her
# ENTERTAINMENT & THE ARTS
– Fall for performing arts in Madison with ballet, theater and more
# ENVIRONMENT
– Flamingo or faux-mingo? Picture of flamingo near Menasha Dam sparks controversy on social media
# HEALTH CARE
– High-ranking Children’s Wisconsin executive to leave for career sabbatical
# LEGAL
– Wisconsin anti-abortion groups call on DAs to prosecute abortion doctors
# MANAGEMENT
– Q&A: Briggs & Stratton’s new CEO shares his vision for moving the company forward
# POLITICS
– Farm bill expiration looms uncertainty for Wisconsin farmers
http://wisconsinagconnection.com/story-state.php?Id=872&yr=2023
# REAL ESTATE
– New Land revises East Side apartment tower plans, a bit shorter but with more units
– Plan Commission opposes self-storage redevelopment of vacant former Walmart store at Midtown
# REGULATION
– Milwaukee Housing Authority complaints could overwhelm city building inspectors
# SMALL BUSINESS
– Milk Can Diner in Greendale is closing its doors
# SPORTS
– Wisconsin skateboarders see renewed hope for easing limits with bipartisan support
# TECHNOLOGY
– Microsoft’s Mount Pleasant data center plan with 1.1 million square feet approved
– WI Tech Month to feature AI in first year with Milwaukee Tech Week under same umbrella: Q&A
# TOURISM
– Appleton’s Octoberfest starts Friday. Here’s what to know if you go.
# PRESS RELEASES
<i>See these and other press releases:
https://www.wisbusiness.com/press-releases/ </i>
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