University of Wisconsin - Extension

MADISON, Wis. - May 20, 2004 - The University of Wisconsin-Extension and the Wisconsin Department of Commerce celebrated "Small Business Week" today by unveiling a new educational program that lets entrepreneurs learn from each other.

The Wisconsin PeerSpectivesTM Network, now offered through the network of Small Business Development Centers on UW campuses, brings together small groups of entrepreneurs to address important business issues. Through confidential roundtable discussions led by specially trained facilitators, CEOs, presidents and business owners learn from each other's experiences and offer problem-solving ideas about a variety of business and leadership issues unique to growing companies.

The peer-to-peer training model complements a portfolio of educational services offered by the 13 UW Small Business Development Centers. Since 1977, local SBDCs have helped more than 200,000 Wisconsin residents start and grow their business. The success of these entrepreneurial ventures is enhanced through one-to-one business counseling and a variety of professional development programs and business management classes.

Last year alone, SBDC client businesses created more than 650 new jobs and generated $2.4 million in additional state tax revenue.

"Everyone recognizes the link between educational achievement and economic success. This is one more way we can focus university expertise on the specific needs of small business owners," said Kevin P. Reilly, chancellor of UW-Extension. "Our university has a tradition of teaching new skills, disseminating up-to-date research and convening open discussions on important topics. Through PeerSpectives, we can apply those skills in a new way, facilitate a rich exchange of ideas, and help Wisconsin businesses thrive."

"Wisconsin's quality of life and prosperity depend increasingly on the success of our small businesses and entrepreneurs," said Governor Jim Doyle. "Earlier this year, I identified the Wisconsin PeerSpectives Network in my Grow Wisconsin plan as a key strategy for creating a stronger economic base. I encourage entrepreneurs to take advantage of the unique idea-sharing and problem-solving sessions that it offers."

The Wisconsin PeerSpectives Network is the result of a new collaboration between UW-Extension, the Department of Commerce and the Edward Lowe Foundation, a leading not-for-profit operating foundation whose mission is to "champion the entrepreneurial spirit." This collaboration signifies an important new way to reach a critical, but often under-served audience - owners of growing second-stage companies.

Second-stage companies are established, growing businesses that are beyond "start-up" but not yet large corporations. Typically, these businesses face issues of growth rather than survival, and are already generating between $750,000 and $50 million in annual revenue, or have that range of working capital in place. Mark Lange, executive director of the Edward Lowe Foundation, explained that a serious educational gap exists for businesses that fall between start-ups and large corporations.

"These companies are key drivers of regional economies because they supply new, sustainable jobs," explained Lange. "Second-stage business owners don't really have time to get information in traditional ways, such as classes and seminars. They need information in a just-in-time fashion the same way business problems and opportunities occur. Peer-learning roundtables offer an excellent format to help these entrepreneurs make better decisions and build stronger companies."

Wisconsin PeerSpectives Network will be offered throughout Wisconsin beginning in the fall. Participants will meet regularly in small groups for 10 sessions over a 12-month period, at an annual cost of $1,500 per participant. In the first year of the program, qualified participants can obtain partial scholarships from the Bureau of Entrepreneurship of the Wisconsin Department of Commerce

For more information, contact Erica Kauten, state director of the Wisconsin Small Business Development Center, at (608) 263-7794 or peerspectives@uwex.edu. On the Web, see http://www.wisconsinsbdc.org/peerspectives for more information.