From 30 communities statewide, 52 entries advance in 2024 Wisconsin Governor’s Business Plan Contest

27 Feb From 30 communities statewide, 52 entries advance in 2024 Wisconsin Governor’s Business Plan Contest

Fifty-two entries from 30 distinct communities have advanced to the semi-final round of the annual Wisconsin Governor’s Business Plan Contest, contest producers announced.

Contestants emerged in first-round competition involving an independent panel of about 70 judges organized through the Wisconsin Technology Council and its programs, the Tech Council Innovation Network and the Tech Council Investor Networks.

The semi-finalists are spread among four broad categories: advanced manufacturing (14), business services (11), information technology (13) and life sciences (14). Within those broad categories, plans range from industrial automation ideas to medical device and diagnosis innovation, and from food and beverage innovation to technologies to improve use of water and land.

Those 52 plans also represent the geographic diversity of Wisconsin, with 35 coming from outside the state’s two largest cities. Nine of 52 entrants are women; 16 represent people from diverse ethnic backgrounds.

“Trends reflected in the top 52 entries match up well with Wisconsin’s traditional and emerging strengths,” said Gary Frings, chairman of the Tech Council. “Good ideas come from all high-growth sectors of the economy and from all corners of the state.”

The 52 entries competing in Phase 2 of the contest will write 1,000-word executive summaries. Each summary describes the core product or service, defines the customer base, estimates the size of the market, identifies competition, lists members of the management team, and provides key financial data.

Once Phase 2 judging is complete in late March, the 52 entries may be made available for inspection by accredited investors through the Tech Council Investor Networks, which includes angel networks, early-stage funds and corporate funds, among others. About two-dozen plans will tape a 15-minute pitch deck for judges in phase 3.

The top dozen contestants will give live presentations at the annual Wisconsin Entrepreneurs’ Conference June 5 in Milwaukee. Category winners, as well as the 2024 Grand Prize Winner, will be announced June 6 during the conference.

Sponsors are contributing cash, office space, legal assistance, accounting, marketing, social media management and more. About $2.8 million in cash and in-kind prizes have been awarded over time. The Wisconsin Economic Development Corp. is a major sponsor.

Additional lead sponsors of the 2023 contest thus far include Quarles & Brady; Reinhart Boerner Van Deuren; SCORE; AmpliPhi + Spencer X Smith; Starting Block.  Associate sponsors include Aberdean Consulting and Wisconsin Technology Council. Additional sponsors are Madison Gas & Electric; Murphy Desmond; UW-Madison Office of Business Engagement and Wisconsin Alumni Research Foundation.  

Here are the 2024 semi-finalists.  Reporters wishing to contact individual contestants may do so through the Wisconsin Technology Council by calling 608-442-7557, extension 1.