Even those who work in the world of economic development acknowledge that the alphabet soup of resources available to entrepreneurs – from the EDC to DECI to the SBDC – can be confusing. And although novice entrepreneurs may get tongue-tied, they’re lucky that the Chippewa Valley offers so many options to give them a boost.

A fairly new item on the local economic assistance menu is the Innovation Foundation of Western Wisconsin, a nonprofit, Eau Claire-based group whose stated goal is “advancing innovation-based companies through strategic placement of human and financial capital.”

In plain language, that means the foundation links people who have big new ideas with the seasoned pros and the cash they need to get off the ground.

“The foundation identifies skill sets and the gaps in management teams and works side by side with a company to advance a project,” explained Brian Doudna, executive director of the Eau Claire Area Economic Development Corp., one of the driving forces behind the foundation.

Other agencies might provide assistance with a business plan or offer management advice, but they aren’t as actively involved in start-ups as the Innovation Foundation is, Doudna said.

The foundation is designed to help the creators of innovative products and services that could meet large, addressable markets and whose businesses could locate or expand in western Wisconsin. One example: A local resident developed an idea for a new product for the salon industry, but needed support to develop a prototype, file a patent, and pursue manufacturing. The foundation helped the entrepreneur with a matching grant.

The cost of outside assistance brought in to help client businesses is split 50-50 between the foundation and the clients themselves. In 2012, the foundation worked with nine clients and awarded more than $75,000 in innovation funding, which was more than matched by clients.

The foundation was created in 2011 and officially received status as a nonprofit organization last year. It has received $95,000 from the Otto Bremer Foundation as well as $100,000 in October from the Wisconsin Economic Development Corp., the state’s public-private economic development entity.

The foundation, which will soon hire an executive director, has the backing of a variety of regional economic development groups, community foundations, and businesses. Its board is loaded with CEOs and entrepreneurs from numerous local firms, including RealityWorks, Xcel, American Phoenix, and Market & Johnson.

To learn more about the Innovation Foundation of the Chippewa Valley, visit ifww.org or call 715-894-7209.