The Wellmark Community Venture Capital Fund was put into place by Wellmark Blue Cross and Blue Shield who has committed up to $5 million to assist in the funding of Iowa start up businesses. Applications are reviewed, and applicants may borrow up to $50,000 as debt, which may be converted into equity in the future. A history of the Wellmark Venture Fund is available for viewing.

Wellmark and Equity Dynamics announce $5 Million in Venture Funding for Iowa Businesses   Pictured (l to r): Tom Vilsack, Governor of Iowa; John Forsyth, Chairman and CEO of Wellmark Blue Cross Blue Shield; Labh Hira, Dean of the ISU College of Business; John Pappajohn, President of Equity Dynamics Inc.; and Steve Carter, Director of the ISU Pappajohn Center for Entrepreneurship.

Wellmark Community Venture Capital Fund

Press Release (September 2002)

Regional Application and Assistance Process
Venture projects will be identified, investigated and recommended to Wellmark by the John Pappajohn Entrepreneurial Centers in four locations. The centers are available to both receive applications and to assist companies applying for funding. Assistance may also be obtained at any of the 15 Iowa Small Business Development Centers. Entrepreneurs may submit applications to one of the four regional centers:

• Iowa State University, Ames
• University of Iowa, Iowa City
• University of Northern Iowa, Cedar Falls
• North Iowa Area Community College, Mason City

Iowa State University Criteria

Each regional center may impose additional criteria as each Center best feels meets the needs for their particular region. Although all kinds of projects will be considered for Wellmark funding through the Iowa State University Pappajohn Center, projects with the following characteristics will be given higher priority:

• Technological advancement in the areas of biotechnology, materials science, optics, electronics, nanotechnology, human or animal health and nutrition, agriscience, information technology, computer hardware or other science and technology areas.
• Intellectual property (patents or trade secrets) that will create barriers to entry for competitors. Businesses that within five years have the potential to be regional, national or international in scope.
• Projects that have the characteristics to attract private equity capital at some point in the future.