Milwaukee’s 2024 Tech Forecast: A City on the Rise
As we step into 2024, Milwaukee is emerging as a key player on the national stage. This bustling Midwestern city is not only a hub of cultural and economic activity but also a thriving center for technological innovation, offering endless opportunities for tech professionals and entrepreneurs. Not only that, Milwaukee will host the Republican National Convention this year, shining a spotlight on our great city. See what exciting things are coming up for Milwaukee and its tech scene this year.
Milwaukee’s Tech Landscape
Milwaukee’s tech scene thrives, driven by a blend of established corporations and groundbreaking startups. Milwaukee has nurtured the growth and success of global powerhouses, including Northwestern Mutual, Fiserv, Manpower, Baird, and FIS, whose impact spans the globe. This multifaceted tech landscape is not just contributing to Milwaukee’s economic development but is also setting a benchmark for tech hubs nationwide.
2024 Republican National Convention: What Does This Mean for Tech?
This year, Milwaukee is proud to host the Republican National Convention from July 15-18, a prestigious event expected to draw in 50,000 people and significantly boost the local economy. Set against the backdrop of Milwaukee’s scenic lakefront and vibrant city life, the RNC is more than a political milestone; it’s a testament to Milwaukee’s growing appeal as a prime destination for both business and leisure.
RNC Chairwoman Ronna McDaniel said it was a combination of the summer weather, the lakefront, the facilities, and warm hospitality, beating out Nashville for hosting the event this year. This RNC is poised to spotlight Milwaukee, with many TV cameras around, offering an unparalleled opportunity for local businesses and the tech community to engage with a national audience awaiting the Republican nominee announcement.
Fintech: Fueling Milwaukee’s Economic Engine
Milwaukee’s fintech scene is a key player in the city’s economic landscape, with giants like Northwestern Mutual, Fiserv, and Manpower leading the charge. The city’s financial services sector, employing 7% of the region’s workforce, is second only to Boston. Startups like Investii are revolutionizing personal finance with AI to help people identify, save, and invest based on their income and expenses, offering innovative solutions that underscore Milwaukee’s role as a fintech powerhouse.
Further cementing Milwaukee in fintech, FIS, the world’s largest processing and payment company, recommitted itself to Milwaukee with the opening of its new headquarters downtown in 2022. This means retaining and creating more jobs in the city in the payments, banking, and investment fintech software space in the years to come.
Health Tech: Advancing Personalized Medicine
Wisconsin received a regional tech hub designation from the federal government focused on the state’s growing biohealth section, with President Joe Biden saying he thinks work being done in the state will save lives. This recognition not only highlights Wisconsin’s capacity for medical research commercialization but also enhances its competitiveness for federal grants, with a focus on building technology that supports personalized medicine through tests, treatments, and therapies specifically tailored to a patient’s genetic code and medical records. This designation helps Wisconsin gain national recognition for its biohealth sector and puts the state in a better position to compete for more federal grants in the future.
Strengthening Tech Through Education
An essential element of Milwaukee’s tech growth is its educational infrastructure, particularly the growing tech programs at local colleges and universities. Institutions like the Milwaukee School of Engineering (MSOE) and the University of Wisconsin-Milwaukee (UWM) are at the forefront of cutting-edge technologies and methodologies in their curricula, ensuring that graduates are not only well-versed in theoretical knowledge but also in practical, real-world applications. You can study everything from Computer Science to User Experience, Biomedical to Electrical Engineering, and Chemical and Biomolecular Engineering to Software Engineering. These programs are crucial for sustaining the city’s tech ecosystem, providing a steady stream of talent ready to contribute to innovation and growth.
Scaling the Innovation System
Milwaukee’s startup scene is gaining national attention, with significant growth in early-stage investment and venture capital funding. The city’s success is epitomized by gener8tor, a top-ranked startup accelerator that has played a crucial role in nurturing scalable ventures. This vibrant ecosystem is further supported by initiatives like Milwaukee Venture Mentoring, which pairs entrepreneurs with seasoned mentors to fuel growth, innovation, and to establish long-term relationships, creating more successful startups in Milwaukee.
Milwaukee’s tech forecast for 2024 is bright, marked by national recognition, groundbreaking innovations, and a supportive community. The Republican National Convention presents a unique opportunity to showcase our city on the national stage. With advancements in fintech, health tech, and a thriving startup ecosystem, Milwaukee is actively shaping the future, representing a land of opportunity, innovation, and growth for tech professionals and entrepreneurs. As we look to 2024 and beyond, Milwaukee stands ready to lead the way in technology and innovation, proving that this city is much more than just a cultural gem—it’s a future tech powerhouse.