Baucus: Montana-Based Venture Capital Partner is Good News for Business
Senators 5th Economic Development Summit Inspires Venture Capital Firms Commitment to Montana
Posted: Wednesday, December 7, 2011
Posted: Wednesday, December 7, 2011
(Washington, D.C.) - Montana's senior U.S. Senator Max Baucus applauded a national venture capital firm's efforts to create jobs and boost economic development in Montana. Following Baucus' 5th Montana Economic Development Summit, Flywheel Ventures , a seed and early stage venture capital firm, announced it has hired its first Montana-based Venture Partner, Clyde Neu, to look for new ways to support and invest in Montana-based start-up companies. Neu is a veteran investor and founder of four start-up companies.
"This is what the Montana Economic Development Summit was all about: bringing the right people together to create solutions to grow the economy and create good-paying jobs," said Baucus. "I am pleased to see Flywheel putting boots on the ground in Montana - especially someone as qualified as Clyde. I look forward to working with Clyde and all of Flywheel's partners to help build even more business and opportunities for Montanans."
"We've been continuously impressed not only with the caliber of entrepreneurs that we've found in Montana but also with the dedication we've seen to the tech industry by Senator Baucus," said Trevor Loy, General Partner at Flywheel Ventures. "Attending the Montana Economic Development Summit and other such events over the last several years has really provided us with a sense of the exciting things happening in Montana. Bringing Clyde on as a Venture Partner allows us to continue to develop the relationships we have with Montana's R&D institutions and its entrepreneurs."
In addition to his work in the private sector as a technology and business strategy consultant, Neu was a professor of business management at The University of Montana for nineteen years where he taught business and technology strategy, financial management, and entrepreneurship.
"I am optimistic of locating appropriate seed and early stage ventures in Montana for consideration by Flywheel," said Neu. "Flywheel's focus on information technology and technology innovations in such fields as physics, chemistry, and material sciences matches with the research interests of scientists and entrepreneurs in our state."
Flywheel has also announced a new round of investment into Montana-based media company New West New West. The connection was reaffirmed at Baucus' jobs summit in September.
New West CEO and publisher Lynn Ingham says the news is a great step forward. "It is an exciting time to be leading an entrepreneurial endeavor in Montana. We've got great talent and a growing tech infrastructure and that, coupled with the support of the tech industry from Senator Baucus, creates great opportunities for entrepreneurs across the state," said Ingham, a Butte, MT native. "We are delighted to have secured the backing of investors like Flywheel Ventures and are looking forward to establishing NewWest.Net as an essential news and information source for Rocky Mountain residents and visitors."
More than 2,000 people attended Baucus' 2010 Montana Economic Development Summit with success stories including:
-SeaCast Inc, a Butte manufacturing company, connected with GE to make jet engine parts. The two entities are working on ambitious plans to ramp up business in the next five years. Read more HERE.
-Goldwind Science and Technology is now considering a wind energy manufacturing plant in Montana. Click HERE for more.
-UM business students were invited to study with Warren Buffett in Omaha. Read more HERE.
The Montana Economic Development Summit is just one of many ways Baucus is fighting to create the right conditions to move Montana's economy forward. In September, Baucus' Small Business Jobs Act of 2010 was signed into law clearing the way for more than $12 billion in small business tax relief and giving small businesses additional incentives to help them grow and hire employees.
As the chairman of the powerful Senate Finance Committee, which has sole jurisdiction over the tax code, Baucus is working on ways to reduce the tax burden for middle-class Montanans while sparking new opportunities for businesses to grow.
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