A Chippewa Economic Development Corp. event discussing the use of A.I. in business development. (Submitted photos)

What keeps many would-be entrepreneurs from succeeding – or even trying to succeed – is fear of failure, says Charlie Walker, president and CEO of the Chippewa Economic Development Corp.

And helping entrepreneurs overcome that fear is one of the goals of the Chippewa EDC, which for decades has been laser-focused on cultivating the investment of talent and capital in Chippewa County.

It’s a goal that’s closer than ever, thanks to CEDC programs to encourage, mentor, and incentivize the entrepreneurial spirit across the Chippewa Valley.

“The purpose of our entrepreneur program is to connect entrepreneurial idea people with the local people who want to take a risk and make an investment, and they don’t necessary have to go to New York or elsewhere to do that,” says Walker, who has led the organization since 2006.

“In the last five or six years, I’ve seen the Chippewa Valley actually embrace more risk-taking,” Walker says. “I think it’s because they’ve watched others succeed.”

HATCH winners.

Some of those successes have come thanks to the CEDC’s annual competition, HATCH: A Business Pitch Event. The regional Shark Tank-style competition was launched in 2018 and is supported by key sponsors M3 Insurance and Security Finance Bank. HATCH was held most recently in November as part of Wisconsin Startup Week, and judges chose Christina Funk of MetabolicCareNP as winner of the grand prize, which includes $5,000 and an appearance on the CEDC’s “BEAR Discussion Podcast.”

But HATCH isn’t really about the prize money, Walker says: It’s about the networking opportunities and the chance to celebrate entrepreneurship and innovation in the Chippewa Valley. “There’s a lot of entrepreneurs who it takes them years to get the confidence up that their product or their service is actually viable,” Walker explains. “We form a safety net that keeps pushing them up, saying ‘You can do this, you can compete.’ ”

Of course, there’s no guarantee of safety in the world of entrepreneurship: There is no reward without risk.

“The purpose of the HATCH is to communicate to the public at large that we have a thriving entrepreneur ecosystem and supporting failures, quite frankly,” Walker explains. “Entrepreneurs fail many times before they get the right spot. So we’re building an ecosystem that understands that failures in business aren’t necessarily a bad thing.”

In early December, the CEDC was recognized by its peers in the Mid-America Economic Development Council during that group’s annual Economic Development Awards. CEDC received an Entrepreneurial Award in the medium division for its HATCH competition. According to the Mid-America Economic Development Council, the Economic Development Awards “recognize and stimulate the creative use of quality marketing by economic development organizations throughout he 13-state Mid-America region in promoting their respective communities.” The award winners, including CEDC, will also be recognized in the January issue of Site Selection magazine.

Charlie Walker.

“When your peers across the country think you’re doing some cool stuff, it’s gratifying to know we’re on the right track,” Walker said of the award. Since the announcement, economic development agencies in Georgia, Texas, and elsewhere have reached out to CEDC to learn about starting similar programs themselves.

In the coming year, the CEDC aims to increase opportunities for mentoring and coaching for start-ups. The CEDC already has two coaching peer groups, and also refers entrepreneurs to other agencies – such as the Small Business Development Center – and potential investors. In past years, for example, HATCH judges have taken promising applications to local angel investors who might be able to provide start-up capital.

“There are different funding mechanisms,” Walker says. “If your idea is good enough, there are these avenues that you can launch that business.”

Walker is confident that the region’s start-up spirit is strong, and noted that entrepreneurs in health- and wellness-related fields have begun to blossom in the wake of closures announced last year among local health care institutions.

“I think entrepreneurs are going to be the ones that save us,” he says.

Chippewa Economic Development Corp.

770 Technology Way, Chippewa Falls • (715) 723-7150 • chippewa-wi.com • staff@chippewa-wi.com • @ChippewaEconomicDevelopmentCorp on Facebook

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