University of Wisconsin - Extension

MENOMONIE, Wis. ¿ Feb. 7, 2003 ¿ The Wisconsin Small Business Development Center (SBDC) today launched a partnership with the University of Wisconsin-Stout to bring a more comprehensive array of business development services to entrepreneurs statewide.

The Wisconsin SBDC, a division of the University of Wisconsin-Extension, provides business counseling and education to entrepreneurs at 13 UW campuses and through a statewide small-business telephone hotline.

Today, the Center for Innovation and Development (CID) at UW-Stout officially becomes part of the statewide Small Business Development Center network. The center will provide a unique combination of technical, market and business development expertise to help entrepreneurs bring innovative products and technologies to market.

By reallocating existing state and federal funding, the SBDC will link UW-Stout¿s CID with education and services now provided by local SBDC counselors. The CID will serve as a ¿specialty center,¿ building upon the market research expertise of the SBDC¿s other specialty center, the Wisconsin Innovation Service Center (WISC) at UW-Whitewater.

SBDC counselors work with a wide variety of entrepreneurs, representing businesses at various stages of development. They help owners develop sound business plans, obtain financing, and acquire basic management skills. The UW-Whitewater WISC specializes in new product and invention assessments and market expansion feasibility studies for innovative manufacturers, technology businesses and independent inventors. The Center for Innovation and Development provides the next step ¿ actual product engineering and design, prototype development, and product evaluation.

¿After a favorable market assessment, our clients can receive assistance in developing and commercializing their prototypes, with the continued support from their local SBDC counselor,¿ said Kevin P. Reilly, chancellor of UW-Extension. ¿This partnership completes our portfolio of services for small businesses. More important, it enables us to leverage more university resources to cultivate an entrepreneurial climate in Wisconsin where new businesses can thrive.¿

¿Even in this difficult economy, companies with effective product development programs have managed to improve profitability,¿ notes Erica Kauten, State Director of the SBDC. ¿The addition of the CID¿s capabilities confirms our commitment to facilitating innovation and creating a seamless entrepreneurial support system for high-impact companies.¿

"I have often said that the UW System is the engine that drives the state economy. Here is an excellent example of how we can serve the state by providing another link between the resources of higher education and the private sector,¿ said Charles W. Sorensen, chancellor of UW-Stout. ¿This is critical in these tough economic times and our path to healthy recovery for Wisconsin."

"This new resource will help innovative manufacturers and entrepreneurs develop new products," said Cory L. Nettles, secretary of the Department of Commerce. "We look forward to building on our partnership with the SBDC to nurture and grow new businesses in Wisconsin."

The University of Wisconsin-Extension brings university knowledge to the places where people live and work. In addition to the SBDCs, this is accomplished through 72 Cooperative Extension offices, 26 campus-based Continuing Education programs, and the networks of Wisconsin Public Radio and Wisconsin Public Television. For more information, see http://www.uwex.edu .

For more information about the Small Business Development Center, call the toll-free Business AnswerLine at 1-800-940-SBDC or see http://www.wisconsinsbdc.org

UW-Stout, the first university in the nation to receive the Malcolm Baldrige National Quality Award, offers more than 8,000 students a unique hands-on, minds-on education. UW-Stout's programs prepare students for productive careers in business, industry, technology, education, human development, and art and design. For more information, see http://www.uwstout.edu .