New nonprofit fund will invest in startups - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

New nonprofit fund will invest in startups

Posted:

MILWAUKEE (WKOW) -- Eight investors are forming a new nonprofit foundation aimed at helping startup businesses across Wisconsin.

BrightStar Wisconsin Foundation will invest donors' money in high-growth, technology-based startup companies. Angel investor Tom Shannon says he and seven other founding donors have pledged at least $500,000 each to seed the foundation. They hope to raise at least $60 million over the next three years.

BrightStar will seek tax-deductible donations from companies, foundations and individuals instead of asking them to take an investment risk. The Journal Sentinel says a key component to the plan is approval from the Internal Revenue Service for tax-exempt status so that donations can be tax deductible.

Shannon says the foundation plans to file its application with the IRS by August 1 and will ask for fast-track treatment.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WQOW. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's pubic inspection file should contact News Director Dan Schillinger at 715-852-5920. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.