MILWAUKEE – BrightStar
Wisconsin Foundation Inc. on Monday said it has received federal
approval to operate as a tax-exempt organization.
With the Internal Revenue Service approval, BrightStar can begin
investing the $7 million it has already collected from donors
and begin raising more, according to a company statement.
The earnings and returns from the foundation’s portfolio
companies will be re-invested as part of the foundation’s
mission to create high-quality jobs and spur continued growth in
Wisconsin, the statement said.
“We are extremely pleased to have been granted the tax-exempt
status that is at the heart of our novel, philanthropic approach
to job creation and economic development,” said Jeff Harris,
BrightStar Wisconsin’s co-founder and chairman. “We can now
officially begin our work to engage donors, raise funds and
invest capital in the Wisconsin early-stage companies that are
poised for the most growth and job creation.”