FaB Wisconsin, a food and beverage industry cluster, plans to launch a second accelerator class in 2017 with a call for applicants planned for later this year.
The first class in the program, called FaBcap, is expected to graduate at the end of September. The 10 companies involved are on track to achieve an estimated 42 percent increase in funds raised, a 290 percent increase in annual revenue and a 500 percent increase in payroll, according to FaB Wisconsin.
Participating companies include: City Lights Brewing, East Shore Specialty Foods, Clock Shadow Creamery, Gorilly Goods, MobCraft Beer, Nikki’s Cookies, Noble View Cheese, Quigistics, Top Note Tonic and Valentine Coffee.
The one-year program is designed for companies generating revenue from food and beverage manufacturing or technologies. It is intended to help companies build capacity and capitalization.
The program is offered in collaboration with the Food Finance Institute at the University of Wisconsin-Extension and in partnership with the Wisconsin Economic Development Corporation and JP Morgan Chase. WEDC is providing $125,000 for the second year of the program and JP Morgan is providing $25,000.
The second year of the program is expected to offer more interaction between participants and program sponsors, along with having additional sponsorship from food and beverage companies.
“There’s a reason why Coke, Cargill, General Mills, MillerCoors, and Chobani have all started their own accelerators. Interacting with entrepreneurs redefining the industry is like getting a front-row seat to innovation,” said Shelley Jurewicz, FaB Wisconsin executive director. “FaBcap can offer Wisconsin’s food and beverage companies their front-row seat with direct access and interaction to our Cappers as they prepare to grow.”
The call for applicants will be made in November with the class announced in January.
