The Wisconsin Economic Development Corp. has hired Greg Williamson to the newly created position of senior investment director, effective June 5.
Williamson is tasked with administering the Wisconsin Investment Fund, which the WEDC created earlier this year. The fund aims to provide $50 million to support innovative, young businesses.
“I am excited to help lead the WEDC’s efforts in new business formation within Wisconsin, particularly through equity funding of new businesses formed by traditionally underserved individuals or in underserved markets,” Williamson wrote in a LinkedIn post.
The fund will partner with professional venture capital managers who will identify companies in which to invest, then match the state’s investment in each company. In particular, the venture capital program is meant to boost early-stage technology and growth startup firms.
“Managers could select very early-stage biotech companies, right out of a lab at the University of Wisconsin, software companies gaining market traction, or anything in between,” the WEDC outlined in a March blog post.
The WEDC expects to leverage more than $500 million in private small business funding over the next 10 years. It also has publicly set a target of investing 29% in companies that historically lack access to capital.
The Wisconsin Investment Fund’s initial capital injection comes from the U.S. Treasury Department’s State Small Business Credit Initiative as part of the American Rescue Plan Act. In March, the WEDC announced that once the venture capital fund managers were selected, company investments would follow.
Prior to joining the WEDC, Williamson was managing director at Exos Financial, and before that, he was head of strategy at capital market company Pluribus Labs. He also served as CIO of the American Red Cross, and prior to that position, he was the CIO and the director of trust investments at BP America.
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Tags: Diversity, Greg Williamson, senior venture investment director, start-ups, WEDC, Wisconsin Economic Development Corporation, Wisconsin Investment Fund