Weinert Applied Ventures in Entrepreneurship (WAVE) Fund

University of Wisconsin-Madison

 

A Brief History

 

The WAVE Fund was established in 1998 through a generous contribution from Jim Weinert (UW-Madison MBA ’69).  Its purpose is to provide seed stage funding for ventures founded by MBA students majoring in Entrepreneurial Management at the University of Wisconsin-Madison School of Business.  The original gift of $800,000 was fully invested in nine student-founded ventures between 1998 and 2002.  The fund has subsequently been partially replenished through the sale of two of these businesses.  In addition, a recent million dollar endowment will provide an additional $50,000 per year for investment.

 

WAVE Investments

 

 

Year

 

Company

 

Description

Center Stake

 

Status

1998

UCLID Software

GPS Mapping Conversion Software

Equity

In Business

 

Gala Design

Protein Expression Technologies

Equity

Sold to Cardinal Health (2003)

1999

Errand Solutions

Internet Concierge Business

Equity

In Business

 

Cascade Asset Management

Computer Systems Recycling

Equity

In Business

2000

No Investments Made

 

 

 

2001

Agave Group

Entrepreneurial Consulting

Debt & Equity

In Business

 

SciBiz

Commercialization of IP

Debt & Equity

In Business

 

Power Designers

Power Systems Equalizer Technology

Equity

In Business

2002

Alto Vino

Wine Distributorship

Debt & Equity

In Business

 

Fluent Systems

Wireless Feedback System

Dept & Equity

Sold to Raven Industries (2003)

 

Lessons Learned

 

·        A fund definitely motivates existing students to dream of new ventures and is a way to continue the educational process beyond the degree program.

 

·        A fund is a great way to get external entrepreneurs/angels excited about and engaged in the entrepreneurship center.

 

·        A fund helps student entrepreneurs in locating additional resources.  Since part of our purpose is education (versus earnings), the center is less risk averse than other investors.  We also know the student entrepreneurs and technologies quite well.  Both of these factors make us attractive partners.