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.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Sleeping girl killed after car drives into home

    Sleeping girl killed after car drives into home

    Sunday, April 20 2014 7:42 PM EDT2014-04-20 23:42:54 GMT
    Officials say a 16-year-old Southern California girl asleep in her bed has died after a driver accused of being drunk crashed his SUV into her home.More >>
    Officials say a 16-year-old Southern California girl asleep in her bed has died after a driver accused of being drunk crashed his SUV into her home.More >>
  • Country music singer Kevin Sharp dies at age 43

    Country music singer Kevin Sharp dies at age 43

    Sunday, April 20 2014 7:33 PM EDT2014-04-20 23:33:21 GMT
    Kevin Sharp, a country music singer who recorded multiple chart-topping songs and survived a well-publicized battle with cancer, has died. He was 43.More >>
    Kevin Sharp, a country music singer who recorded multiple chart-topping songs and survived a well-publicized battle with cancer, has died. He was 43.More >>
  • Kraft recalls 96,000 pounds of Oscar Mayer wieners

    Kraft recalls 96,000 pounds of Oscar Mayer wieners

    Sunday, April 20 2014 7:42 PM EDT2014-04-20 23:42:52 GMT
    Kraft Foods is recalling 96,000 pounds of its Oscar Mayer wieners because they may mistakenly contain cheese.More >>
    Kraft Foods is recalling 96,000 pounds of its Oscar Mayer wieners because they may mistakenly contain cheese.More >>
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 Director of Station Operations Lisa Patrow 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.