With Wisconsin’s manufacturing sector getting a shot in the arm through Microsoft’s move to the state, TitletownTech is making a concerted effort to aid the industry both through helping manufacturers succeed and in finding opportunities for investment.
TitletownTech, the Green Bay-based venture capital fund formed through a partnership between Microsoft and the Green Bay Packers in 2017, will join the tech-giant as it creates its AI Co-Innovation Lab on the UW-Milwaukee campus. This will be done through a full-time office, TitletownTech-Milwaukee, that will be embedded into the space.
“[The lab] creates a unique opportunity for us to extend the work we've done in the manufacturing sector, which has been one of our verticals from the beginning, to really overlay the technology and AI capabilities into it,” TitletownTech managing partner Craig Dickman told the Milwaukee Business Journal. “We'll be working inside alongside the lab itself, really looking at ideas that may be able to be commercialized or ways to connect existing companies with startups or create connections across the ecosystem.”
How TitletownTech-Milwaukee will work
TitletownTech’s plan for the space is to collaborate with both Microsoft and the companies coming in, defining the companies’ problems, scoping out solutions and brainstorming ideas. The end goal would be for the company to leave with a working prototype they can use whether to test in the marketplace or inside their own facility.
“The idea is how to take the problem and solution, bring it to life with AI and then leave with something that can be deployed that's of value,” Dickman said.
As a venture capital fund, the organization also hopes to find investment opportunities through its connections at the facility, investing capital and resources much like it does from its headquarters in Green Bay.
“It would certainly be our hope that people, organizations going into the lab would create opportunities for investment,” Dickman said. “If we have opportunities to invest in new startups or spinouts, from other organizations that decide they want to commercialize a technology or a part of the business, the opportunity to invest in them would really be exciting.”
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Due to the broader range of potential outcomes, Dickman wouldn’t consider the office the same as a venture studio, which creates startups, rather an asset both existing companies and startups can use to find solutions.
“Maybe it’s a midsize manufacturer who's struggling with an issue inside and they want to figure out how they can be more competitive to compete in the global manufacturing marketplace so they may come in and work on that particular problem,” Dickman explained.
Staff focused on manufacturing
This makes the staffing for the space more interesting as the talent will need to be well-versed in several different manufacturing concerns. TitletownTech envisions having two full-time employees at the Milwaukee office, though in a yet unknown capacity.
“I think the important part is we're going to have talent that I think can provide value on a wide range of things,” Dickman said. “And each engagement will be a little bit of one size fits one.”
The Wisconsin Economic Development Corp. committed a $500,000 grant to assist TitletownTech with establishing its new office. Dickman said the organization plans to move into the office by June, though a space has not been determined yet.
TitletownTech has already received interest from companies that want to take advantage of the facility's capabilities. While the unit will be popular, Dickman said there will be a very curated application process to advance to utilize the lab.
“I think interest is very, very high, demand is high, need is recognized so I think that will really enable us to hit the ground running,” Dickman said.
TitletownTech-Milwaukee, like its Green Bay counterpart, will have a strong investment focus on manufacturing companies in Wisconsin and the region, rather than outside the United States. However, Dickman did admit the possibilities are tantalizing.
“We will always have a Wisconsin bias in part because we think some of the best talent is right in our neighborhood,” Dickman said. But, boy, the more that we can engage and show the rest of the world about the unique capabilities that are here, it only helps the economy.”
