The JPMorgan Chase Foundation has awarded $50,000 to Food and Beverage Wisconsin’s FaBcap food finance and business accelerator.
Milwaukee-based FaB Wisconsin is in the application phase for the year-long accelerator program, which will include 10 Wisconsin-based food and beverage companies with between five and 200 employees.
Participants will have the help of a personal financial and business coach, Brad Rostowfske, FaB’s director of innovation and finance. They will analyze the companies’ business models, funding and operations and evaluate ways to achieve growth. “Cappers” will also have the opportunity to meet industry experts and will receive a $10,000 award upon completion of the program.
JPMorgan Chase awarded the funds to the Milwaukee Economic Development Corp., to be used for FaBcap. The accelerator is a collaboration among the UW-Extension Food Finance Institute, and is held in partnership with the Wisconsin Economic Development Corp.
The WEDC granted $115,000 to FaBcap, and the Metropolitan Milwaukee Association of Commerce, the Milwaukee 7, Chortek LLP and Reinhart Boerner Van Deuren s.c. have provided additional support and sponsorship.
“We want to attract companies that are showing the future of the industry,” Rostowfske said. It could be a newer company gaining demand and scaling, or an existing company going through growth pains or a change in direction. If you have the equivalent of five to 200 employees and are generating revenue, we want you to stand up and say ‘look at what we are doing’ and apply.”
The application deadline is Sept. 4, and the selected participants will be announced Sept. 25. The program will begin Oct. 13 with a two-day FaBcap Kick-Off Conference at Miller Park that is expected to attract more than 150 industry professionals.
