Building Connections to Strengthen Wisconsin’s Startup Ecosystem

Carrie Thome, Managing Director, CFA, NVNG Investment Advisors

Column by Carrie Thome, Managing Director, CFA, NVNG Investment Advisors

When we launched Nothing Ventured, Nothing Gained (NVNG) in 2019, our goal was to help strengthen Wisconsin’s venture capital ecosystem by creating more connections between investors, entrepreneurs, and innovative companies. We saw an opportunity to bring more people into venture investing, expand access to capital, and build the relationships that help startup communities grow over time.

My own path to founding NVNG began in institutional investing. I spent five years at the Wisconsin State Investment Board before joining the Wisconsin Alumni Research Foundation (WARF), where I spent nearly two decades managing investments and supporting startups emerging from the University of Wisconsin system. Through that work, I saw firsthand the incredible innovation happening across the state. I also recognized an opportunity to strengthen the networks and investment activity needed to help more companies scale and succeed.

NVNG was created to help fill that role. We began as a fund of venture capital funds, bringing together corporations, financial institutions, and strategic partners interested in supporting innovation. More recently, through support from the State Small Business Credit Initiative (SSBCI) and a partnership with WEDC, we expanded into direct investing, allowing us to back promising Wisconsin companies while continuing our broader mission of strengthening the state’s startup ecosystem.

One of the things that makes Wisconsin special is the willingness of organizations across the state to work together to support growth. Groups such as BioForward, Milwaukee Tech Hub, New North, Universities of Wisconsin, and organizations such as WEDC all play an important role in bringing people together, fostering collaboration, and creating opportunities for entrepreneurs. Those relationships help build momentum and make it easier for innovative companies to gain visibility and access resources.

What excites me most is seeing Wisconsin embrace innovation in industries where the state already has deep expertise. Some of the most interesting companies in our portfolio are combining technology with strengths in manufacturing, engineering, and other sectors that have long been part of Wisconsin’s economy. These businesses demonstrate that innovation can take many forms and that successful startups do not have to fit a traditional Silicon Valley mold.

Building a strong startup ecosystem takes time. It requires continued investment, collaboration, and a long-term commitment from both public and private partners. Programs that help connect capital with entrepreneurs create opportunities not only for individual companies, but for communities across the state.

At NVNG, we view every new investment, partnership, and connection as part of that larger effort. The progress may happen incrementally, but those small wins create the foundation for long-term growth. As Wisconsin continues to build on its strengths, I believe the future is bright for entrepreneurs, investors, and innovators across the state.