Packer fans are probably in need of some good news especially when Aaron Rodgers is out for the season due to an injury during last week’s game. Yesterday, the Packers announced a partnership with Microsoft to boost economic growth and job creation in Green Bay.
The two organizations announced the launch of TitletownTech. The initiative aims to bring world-class digital innovation and expertise to Green Bay. Operating from a state-of-the-art workspace in the Titletown development next to Lambeau Field, TitletownTech will help the region’s emerging and existing businesses define and build new digital products, transform their operations through technology and, in some cases, provide capital to launch new ventures.
Read more below.
From the press release:
TitletownTech will initially focus on three areas:
TitletownTech Accelerator. The Accelerator will work with startups and young companies to incubate or accelerate and bring to market new digital technology products and services. The employees of participating companies will spend 18 weeks working at TitletownTech and with its advisors and mentors on technology and business development projects.
TitletownTech Venture Capital Fund. The Venture Capital Fund will invest in and provide capital to help launch new companies that participate in the TitletownTech Accelerator. The Packers and Microsoft are the first two entities to commit investments to this fund, with an opportunity for participation by additional investors.
TitletownTech Labs. The Labs will enable established businesses to send employee teams to work at TitletownTech for 18 weeks to develop new digital technology products and services. These employee teams will also work with TitletownTech’s advisors and mentors. The Labs will create new opportunities for local firms involved in manufacturing, the paper industry, agriculture, sports, healthcare, insurance, and other parts of the regional economy to develop innovative technology solutions they can take back into their own enterprises.
Microsoft and the Packers are each planning to commit $5 million in TitletownTech over the next five years and have pledged to donate all profits and capital returns from the Venture Capital Fund to philanthropy and economic development.
In addition, Microsoft is creating a new TitletownTech Mentorship Program that will enable its employees in the Seattle area and elsewhere to volunteer and serve as mentors working with the companies participating in the TitletownTech Accelerator and Labs programs. These mentors will include engineering and technical experts as well as employees from other business fields. They will work with the participating companies via high-speed video connections and can spend time volunteering in person at TitletownTech.
The new building that will house TitletownTech will open next fall. The Packers and Microsoft are collaborating on the design of the facility, bringing the latest advances in technology development facilities globally. The Titletown District is a major new development intended to spur additional regional economic growth and complement the Greater Green Bay area’s draw as a prime location to live and work.
Microsoft’s participation in TitletownTech is part of the company’s TechSpark program, which is developing new digital initiatives in six local U.S. communities outside major metropolitan cities to foster job creation and economic growth. Microsoft TechSpark Wisconsin is focused on northeastern Wisconsin and will be based at TitletownTech.