Go on a ‘speed date’ with Foxconn
As Gov. Scott Walker and the state government prepare to roll their $3 billion taxpayer-funded Brinks trucks up to the doors of the Foxconn Technology Group plant to be built in Mount Pleasant, many Wisconsin businesses have been wondering aloud:
1. “What’s in this for us?”
2. “How can we get a piece of the action?”
The best opportunity for those companies to make their case may come March 19, when the Wisconsin Technology Council conducts its 2018 Wisconsin Tech Summit at the GE Healthcare Institute in Waukesha.
Eighteen major firms, including Foxconn for the first time, will meet with emerging Wisconsin companies at the conference.
Emerging companies must apply for a chance at a sweetheart deal by Valentine’s Day to be eligible for “speed dates” with the major firms. In addition to Foxconn, the following established companies will listen to pitches from emerging firms at the conference: Accuray, American Family Insurance, AT&T, Aurora Health Care, BloodCenter of Wisconsin, Dedicated Computing, DXC Technology, Exact Sciences, GE Healthcare, Johnson Controls, Marshfield Clinic Health System, Northwestern Mutual, Promega, Rockwell Automation, TASC, WEA Trust and WIPFLi.
The process works like this: Emerging companies apply to make their pitches to the established companies at www.wistechsummit.com.
The major firms will hear from emerging companies tied to areas such as the internet of things, imaging, data storage, blockchain, software and data analytics in multiple sectors, including health care, information systems, power electronics and telecommunications.
Applications also are welcome from early stage funds that may want to introduce portfolio companies and otherwise connect with major companies.
The screening of the emerging firms will be done by the major companies and the Tech Council. Those selected may meet with multiple companies, depending upon mutual interest.
The “speed dates” on March 19 will run about 15 minutes each.
If you get the chance, take your best shot.
“Foxconn’s aim is to create and foster an 8k/5g ecosystem, which would entail working with partners to develop products and applications across sectors as diverse as health care, mobile communications, autonomous vehicles, education and entertainment,” said Tom Still, president of the Wisconsin Technology Council and contributing columnist for the Journal Sentinel. “As it prepares for its manufacturing facility in Racine County, Foxconn’s technology interests include health care imaging, digital health, data processing, storage and analytics.”
Tech Summit success story
Now in its fifth year, the Wisconsin Tech Summit has successfully matched dozens of small firms with established companies, Still said.
However, this will mark the first time Foxconn will be in the house.
“The evolving information needs of major companies may require strategic partnerships with innovative young
companies,” Still said. “Potential business relationships might include contracting for research and development, becoming part of a larger supply chain, and pursuing investment or acquisition strategies.”
Dave Grandin, president and CEO Kiio Inc., a Madison-based health care software company, can vouch for the Wisconsin Tech Summit, which he has
attended in each of the past three years. Ultimately, the speed dates at the conference resulted in Kiio receiving nearly $1 million in investments from TASC, a Madison-based third-party benefits administrator.
“We met TASC on a speed date in 2015, which led to more detailed presentations and meetings subsequent to the Summit. TASC is owned by the Rashkes, and in early 2016, Dan and Patty Rashke did an investment deal with Kiio for nearly $1 million,” Grandin said.
“Dan subsequently joined the Kiio board of directors and has been extremely helpful as a director and ambassador for the company,” Grandin said. “Emerging companies should absolutely look at the Technology Summit as an opportunity to network and learn. Larger companies can assist in many ways, including advice, partnering, mentoring, sales and distribution channels, supply chain and, of course, investment. Entrepreneurs should be prepared to share their vision and clearly state their value proposition. The goal is to find a good fit and get the next meeting.”
In addition to the speed dating, the conference will feature keynote addresses by University of Wisconsin-Milwaukee Chancellor Mark Mone, who is leading the Regional Talent Partnership sparked by the Milwaukee 7 economic development group, and Erik Iverson, managing director of the Wisconsin Alumni Research Foundation.
Steve Jagler is the business editor of the Milwaukee Journal Sentinel. C-Level stands for high-ranking executives, typically those with “chief” in their titles.