The Wisconsin Economic Development Corporation announced today it is pledging $300,000 in operating funding for the newly formed BrightStar Wisconsin Foundation, a proposed non-profit equity investment fund.

“The non-profit nature of BrightStar will provide opportunities for philanthropists to support the growth of Wisconsin entrepreneurs,” Reed Hall, secretary and CEO of WEDC, said in a statement. “This is an innovative investment resource to leverage additional private funding dedicated to helping early stage Wisconsin companies grow and succeed.”

The Milwaukee-based BrightStar will invest in technology-based, high growth early stage businesses in Wisconsin. It will receive the money after it obtains its non-profit status from the IRS.

According to a release, WEDC will require companies, as a condition of receiving an investment from the fund, to provide the foundation with information on employment, salaries and wages and capital leverage on a periodic basis for five years after receiving the investment.