The latest edition of the MoneyTree Report, a quarterly survey by PricewaterhouseCoopers (PwC) and the National Venture Capital Association (NVCA), shows that Wisconsin companies have nearly doubled, through just nine months, the total amount of venture capital they received in all of 2013. The report, based on information gathered by Thomson Reuters, reveals that the state's startups have obtained $67.1 million, compared to $33.9 million for all of last year.
The pace of venture capital investment is on the rise throughout the nation, with $33 billion in the first three quarters, already surpassing the $30 billion total of 2013. The largest portion has gone to the software developing market, which has received $6.1 billion.
"Driven by a strong IPO market for venture-backed companies and the rise of startups in every region of the country, we continue to see a greater number of new players joining the venture game," said NVCA president and CEO Bobby Franklin. "Traditional and nontraditional venture investors alike recognize this and want to get in on the ground floor of innovation."
Wisconsin's tech sector will continue to benefit in the future from the combination of private investment and public initiatives, including the establishment of an Innovation Campus at the University of Wisconsin—Milwaukee, whose first phase, an Innovation Accelerator, has already begun operations. The aim is to connect the University, which has been increasing its focus on research & development, with private companies, leading to greater opportunities for both.
Locally based technology consulting firms also contribute to Wisconsin's economic growth by helping the state's companies take full advantage of their hardware and software capabilities and incorporate the latest innovations.
