GREEN BAY (WLUK) — A new initiative is encouraging and providing funding for entrepreneurs in Wisconsin.

Governor Tony Evers made the announcement in his State of the State address Tuesday night. The money is meant to grow businesses in areas like technology and energy.

$1 million in state funds to bolster Northeast Wisconsin startups and entrepreneurs (WLUK)

“Right now, AI [artificial intelligence] and cybersecurity are growing [fast],” Cyber Works owner James Overly said.

Cyber Works in Ashwaubenon is a technology and computer services business. Overly said his company has led to the formation of other businesses by simply giving young entrepreneurs a chance in the ever-changing world of technology.

“I have four employees out of the last eight years that have all started their own companies. You know, they get some experience here, they learn what they like, what they do, they specialize. And then they want to hang a shingle for themselves,” Overly said.

Overly said the need for more skilled workers in the tech industry continues to grow, but creating a start up isn’t easy.

Ignite Wisconsin, a new initiative announced in Evers’ State of the State address, will provide more than $3.5 million in grants from the Wisconsin Economic Development Corporation (WEDC) to four consortiums aimed at supporting and strengthening some of Wisconsin’s fastest-growing startup sectors. About $1 million of that will stay in Northeast Wisconsin, going to what’s called the Cheese Wedge Consortium.

“It includes partners with private sector, with the university and with other service providers to help bolster the startup community here in the northeast part of Wisconsin,” WEDC Secretary & CEO John W. Miller said.

Miller said the money will go toward funding potential office space, places to live and other infrastructure needed for start ups.

The Cheese Wedge Consortium, led by New North, Inc., will draw on its longstanding role in Northeast Wisconsin and the Phoenix Innovation Park’s integration with UW-Green Bay to connect universities, corporations, investors and service providers into a single, cohesive platform for entrepreneurship. The consortium will deliver accelerator programming, pre-seed bootcamps and corporate engagement. Core components include equity investments, legal and housing stipends for relocating founders, co-working space and community outreach to raise Wisconsin’s entrepreneurial brand.

It will benefit not only the local economy, but UWGB students as well.

“We want every student who comes to UW-Green Bay to see entrepreneurship as part of their experience. No matter what major you are, everyone in essence is an entrepreneur, and we want to make sure that our students are having that experience while they’re here,” UW-Green Bay Chancellor Mike Alexander said.

The consortium expects to support 21 startups and 42 participants in one year, provide direct funding to 18 businesses, create 46 new jobs and generate $3.4 million in revenue.

“This collaboration is not just about connecting organizations. It is about creating a thriving region where ideas flourish and solutions to the world’s challenges are born,” said Patti Habeck, president and CEO of New North, Inc. “Together, we are driving innovation and ingenuity.”

UW-Green Bay and New North leaders spoke on campus Wednesday on this new support.

The goal is to start these companies, give them a leg up with the cash and stay in Wisconsin for years to come. Industry experts like Overly can’t wait to see how this money will improve the state’s economic development.

“I think someone has a great idea and just doesn’t know how to fund it. That great idea dies on the vine, but if they get some funding, that allows that idea to take root and grow. It’s better for everybody,” Overly said.

Initiatives funded through the grants will last between one and two years.

The other consortiums around the state are:

The Wisconsin Frontier Technology Consortium, led by the Wisconsin Technology CouncilThe Wisconsin Fusion Energy Coalition, led by the 5 Lakes Institute, Inc.The Center for Technology Commercialization’s Foundry Factory