NFL American football franchise the Green Bay Packers and US technology company Microsoft have teamed up to launch a new digital-focused initiative near the team’s Lambeau Field stadium.
TitletownTech will form part of the Titletown complex next to Lambeau Field (pictured). The project will initially focus on three areas: TitletownTech Accelerator, TitletownTech Venture Capital Fund and TitletownTech Labs.
The Accelerator part of the venture will work with start-ups and young companies on digital technology products and services, with participating companies to spend 18 weeks working at the complex.
The Venture Capital Fund will provide investment for new companies that participate in the Accelerator. So far the fund has been backed by the Packers and Microsoft, and additional investors have been invited to support the project.
The Labs aspect of the partnership will enable established businesses to send teams of employees to work at TitletownTech for 18 weeks to develop digital technology products and services. The Labs will create opportunities for firms involved in the manufacturing, paper, agriculture, sports, healthcare, and insurance industries, among others.
“Titletown has gained a tremendously impactful partner in Microsoft,” said Mark Murphy, president and chief executive of the Packers. “Economic development is the key to our region’s future, and Microsoft, with its array of tools and expertise, will help grow new businesses as well as assist our existing companies to use technology to realise greater success.”
Microsoft president Brad Smith added: “The latest digital tools, technology expertise, and capital are critical to starting and running a successful business in the 21st century. By combining the Green Bay Packers’ deep engagement in this community and our expertise in helping businesses digitally transform, we believe TitletownTech will be a valuable resource for Wisconsin and a model for fostering economic development in other parts of the country.”
Both the Packers and Microsoft will commit $5m (£3.8m/€4.3m) to TitletownTech over the next five years, with all profits and capital returns from the Venture Capital Fund to be given to philanthropic efforts and economic development.
TitletownTech will be situated in a new building that will open in autumn next year.