Matt Cordio, co-founder of the Wisconsin Startup Coalition, represented entrepreneurs in the early stages when he recognized the need for significant policy changes to improve the business climate and attract talent and funding to the industry. launched a venture to advocate to policy makers to improve the ecosystem of States that invest in technology.
Cordio says the imperative to starting a business is having someone give feedback very early in the company’s lifecycle to improve the initial product or service delivery. It comes from cultivating a culture of support.
“I think what’s missing is a culture of big Wisconsin companies supporting entrepreneurs and developing products,” he says. “When Wisconsin was once a manufacturing hub, big manufacturing companies like AO Smith and Allen-Bradley, now Rockwell Automation, had a history of having people. and start a new company to support the company they left. That doesn’t happen in Wisconsin today. And if we can do more to help startups find their first customers. I think it’s important to incentivize these established companies to
On the capital side, which is typically accessible to late-stage businesses, Wisconsin investors say they’ve found them somewhat risk-averse when it comes to writing an entrepreneur’s first check.
“So we are looking at policies that help de-risk very early-stage investments that are critical to startup success,” he says. “And the data shows that these first rounds are likely to be led by friends, family members, or close business ties of startup founders within 90 miles of where they live. So it’s important that we encourage that kind of activity—angel investment—here in Wisconsin.”
Talent is also important. They pay taxes and help make sure the state’s economy is strong. But Wisconsin’s population has been stagnant or even declining for the past few decades, he says.
“Part of it shows that there is an ecosystem to support early venture risk-taking and investment, as well as unique programs,” he says. “For example, at Titletown Tech in Green Bay, Wisconsin, we have Packers, Microsoft, and about 10 other companies in the Green Bay area that are investing in early-stage technology companies. It’s a model, and we need more of it in Wisconsin, where these big companies are investing in very early stage innovative companies here in the state.”
Wisconsin Startup Coalition co-founder Peter Welch says many of the conversations he’s had over the past two years as he’s grown the organization have been about understanding Wisconsin’s identity within the wider national community of startups. I say it was about that.
“A lot of our conversations are about how Wisconsin is unique compared to other markets,” says Welch. “We will never be Silicon Valley. We will never be Boston. We will never be Austin. We shouldn’t try to be.”
The second half of that conversation, he says, is learning what it means to be part of Wisconsin’s unique startup ecosystem.
“Borders become less important for investment once you’ve achieved some success with a company,” says Welch. “That early stage really is.”
Since its inception, the Coalition’s early success has been focused on educating and engaging lawmakers and policymakers on how to help early-stage entrepreneurs succeed in Wisconsin, Cordio said. says.
“We recognize that we need to work together to develop policies that are in the best interest of entrepreneurs because more entrepreneurs mean more jobs, more tax revenues, and more economic growth in Wisconsin. Because everyone understands that it leads to social prosperity.”
Cordio and Welch spoke on the Smart Business Dealmakers Podcast about the progress the organization has made since its inception in 2020 and how building a support network puts Wisconsin on the investor map. Click play to see the full interview.
