Bunker Labs wins $95,000 WEDC grant

Bunker Labs Wisconsin, which helps military veterans start and grow businesses, said Tuesday it has received a $95,000 matching grant from the Wisconsin Economic Development Corp.

The grant will contribute to funding for the Innovator Academy, which will help entrepreneurs across the state, said Michael Ertmer, Bunker Labs Wisconsin's executive director. The program will accept at least 10 teams and individuals with prior military service into its inaugural class this fall, he said.

The WEDC money matches contributions from JPMorgan Chase & Co., AT&T Wisconsin and University Research Park, Ertmer said.

After World War II, 49% of all veterans started their own businesses, according to the Institute for Veterans and Military Families at Syracuse University. Today, while 25% of the current generation of veterans say they want to start or own a business, only 6% do so, the institute says.

Bunker Labs Wisconsin is one of 12 chapters of Chicago-based Bunker Labs, a nonprofit that supports veteran-led start-ups. Its Madison operation opened in January.

Polco, a Madison start-up whose online products help local governments collect citizens' views, is Bunker Labs Wisconsin's first company-in-residence, Ertmer said. Polco last week won the Greater Madison Chamber of Commerce's "Pressure Chamber" pitch contest and an all-expenses-paid trip to Silicon Valley, Calif.

Polco moved to Madison this year after starting in Texas.

"Bunker Labs has been absolutely integral to our company relocating to Madison and the success that we’ve had," said Nick Mastronardi, a Polco co-founder.

Military personnel who have moved around geographically during their years of service often need to re-establish roots in a community, Mastronardi said.

"So it's really difficult to have that community backing firing on all cylinders, but Bunker Labs helps us make that transition," said Mastronardi, who is in the Air Force Reserve.

Bunker Labs Wisconsin is taking applications through Sept. 6 for its first class. The class will be held in Madison, but organizers hope to attract veterans with an entrepreneurial bent from around the state, Ertmer said. Participants will receive mentoring, access to investment capital and help in acquiring paying customers. They will also have the opportunity to receive seed funding of as much as $10,000, Ertmer said.