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Office of Governor
Scott Walker 
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IMPORTANT: As of July 1st, 2011, functions once performed by the Wisconsin Department of Commerce have been moved to other state agencies and the Wisconsin Economic Development Corporation. The former Commerce web site will continue to exist for the next several months as resources are moved to new web site locations. We will make every attempt possible to direct our users to the new locations as web resources are moved.
Governor Doyle Announces Rural Economic Development Loan - Shared Medical Technology, Inc.
For Immediate Release: October 23, 2008 MADISON - Governor Jim Doyle today announced that Shared Medical Technology, Inc. in Rice Lake will receive a $100,000 in Rural Economic Development (RED) loan from the Department of Commerce. "To continue to stay ahead of the competition, Wisconsin's manufacturers must invest more in research and development to improve existing products and develop new ones," Governor Doyle said. "And our state must continue to invest in companies like Shared Medical Technology that are committed developing high end products that will help us compete in a global economy." Shared Medical Technology, Inc. (SMT), founded in 1977 and based in Barron County, provides medical imaging services to hospitals and clinics unable to afford in-house equipment. SMT will use the funds to help design, develop and commercialize a prototype of a fetal magnetocardiography (fMCG). The mobile fMCG system is designed to help care for pregnant women with fetuses suffering from cardiac disease and other at-risk conditions. Total cost of the project is $3.2 million. "The Wisconsin Entrepreneurial Network (WEN) provided hands-on assistance to help the SMT team compete for this funding," said Pat Dillon, Northwest Regional Director of WEN. "This partnership was critical to the development and commercialization of the first ever mobile fMCG system." SMT, through a collaborative effort with WEN, recently received a $3.2 million Small Business Innovation Research (SBIR) Fast Track Award. The federal SBIR program provides federal research and development awards to small businesses. SBIR funds alleviate start-up and development costs and encourage commercialization of new technology. WEN, formed by the Governor's Act 255 legislation, can help entrepreneurs obtain SBIR grants. For more information on WEN, visit www.wenportal.org. The RED Program, administered by Commerce, helps small rural businesses start up and expand their operations. For more information on Commerce programs and services, contact the Commerce area development manager at http://commerce.wi.gov/BD/BD-AreaDevManagers.html. -30- |
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