Employee and Consumer Confidence Remains Top Concern in Spring Business Survey

FOR IMMEDIATE RELEASE (March 25, 2021)

Contact: Erik Greenfield, Greater Madison Chamber of Commerce, 608-669-7884
Rob Gard, Destination Madison, 608-441-3958
Jason Ilstrup, Downtown Madison, Inc., 608-512-1330
Jessica Cavazos, Latino Chamber of Commerce, 608-712-3522

Employee and Consumer Confidence Remains Top Concern in Spring Business Survey
Third community partners survey, of 368 Greater Madison businesses, shows declining revenue and spending, most planning return to pre-pandemic work model

MADISON – Today the Greater Madison Chamber of Commerce; Destination Madison; Downtown Madison, Inc.; Madison Black Chamber of Commerce and Latino Chamber of Commerce released the results of a Spring 2021 Business Survey, which yielded responses from 368 Greater Madison businesses representing a diverse, mostly small or locally owned, cross-section of industries, as well as a significant percentage of women- and minority-owned businesses. The survey was conducted in partnership with the DeForest Windsor Area Chamber of Commerce, Fitchburg Chamber Visitor + Business Bureau, Middleton Chamber of Commerce and Verona Area Chamber of Commerce.

Among the survey’s key findings are:

— 60 percent rated consumer and employee confidence as a top need, closely followed by a related need for more customers at 55 percent;

— 70 percent experienced a decline in revenue in 2020 compared to 2019, with 24 percent losing more than half their revenue;

— While businesses have worked to insulate their employees from experiencing negative impact, 52 percent have still had a reduction in employee benefits or workforce;

— While there are positive trends and fewer businesses predicting closure, 31 percent have already closed or expect to close in the next 12 months if local public health orders are unchanged;

— The most common local spending reductions were on entertainment (71 percent), meetings and events (69 percent), restaurants (67 percent), catering (48 percent) and hotels (43 percent);

— 54 percent are utilizing at least some remote work, up from 27 percent pre-pandemic;

— 18 percent rate Dane County’s business climate as above average or excellent;

— 28 percent rate local elected officials’ performance during the pandemic as above average or excellent.

“While there are reasons for optimism in this data, challenges clearly persist that demand immediate attention and action,” said Greater Madison Chamber of Commerce President Zach Brandon. “We know Greater Madison will recover from this pandemic, but the speed and equitable impact of our recovery relies on strong public-private partnerships and maintaining an equilibrium among economic needs, health concerns and instilling public confidence.”

“With the wider distribution of the vaccine and continued promotion of the safety guidelines from Dane County Public Health, we hope that consumer confidence will start to return and both residents and visitors will feel comfortable dining out, shopping, visiting attractions and attending events which help our local economy recover from the pandemic,” said Destination Madison President and CEO Ellie Westman Chin.

“Our economic recovery will not reach its full potential unless that recovery is inclusive and equitable,” said Latino Chamber of Commerce President and CEO Jessica Cavazos. “Our businesses and members of our community are determined to take on the challenges ahead, but collaboration and urgent and strategic action are needed to achieve long-term success.”

“The root of a vibrant, welcoming and successful downtown is activity generated by the hundreds of thousands of employees, residents and visitors who congregate downtown each day. As we see from the survey, employee and consumer confidence continue to be significant barriers to activating downtown,” said Jason Ilstrup, President of Downtown Madison, Inc. “However, there are signs of hope with many employers wanting to return to pre-pandemic work models and consumers gaining confidence as the vaccine rollout continues.”

Among the 368 survey respondents, 81 percent have 50 or fewer employees, 89 percent are headquartered in Dane County, 73 percent have locations only in Dane County, 41 percent are women- or other gender-owned or -led, and 16 percent are owned or led by an individual who is non-white.

This is the third survey conducted since the beginning of the pandemic to collect information regarding current business operations, challenges and potential opportunities. The results of the Spring 2021 survey will be used to inform policymakers and continue a predictable path forward balancing the needs of health, the economy and public confidence.

Topline survey results are available upon request by emailing Erik Greenfield at erik@madisonbiz.com.

About the Greater Madison Chamber of Commerce: 
The Greater Madison Chamber of Commerce is the voice of business with more than 1,200 organizations – ranging from one-person shops to corporations with more than 10,000 employees – working to bring the Greater Madison area to its full potential. The Greater Madison region is a leader in innovation. From cutting-edge technologies to distinctive retail shops to inventive services and products, our members vary greatly but are united by the region’s entrepreneurial spirit. More information can be found at madisonbiz.com.

About Destination Madison:
Destination Madison is honored to play a key role in supporting the thousands of Dane County jobs supported by tourism. Promoting tourism in Madison since 1972, Destination Madison continues to work strategically to expand upon the more than $1.4 billion generated by visitor spending in Dane Country in 2019. For the most up-to-date information, visit our website at visitmadison.com.

About the Madison Black Chamber of Commerce:
The Madison Black Chamber of Commerce is a group of community members working to empower African American/Black people to cultivate and expand entrepreneurship. We believe that Black-owned businesses contribute significantly to the economic well-being of Madison. Learn more at madisonblackchamber.com.

About the Latino Chamber of Commerce:
Founded in 2003, the Latino Chamber of Commerce represents the Latino and non-Latino business community in the Greater Madison area and surrounding cities. We assist and promote the interests of our members and community through advocacy and programs that make an overall impact to Dane County’s economic growth. The diverse relationship of our active members and partners is an ideal mixture of small business owners, corporate representatives and government leaders. Learn more at lccwi.org.

About Downtown Madison, Inc.:
Downtown Madison, Inc. (DMI) is committed to sustaining, planning for, and growing downtown Madison as a vibrant regional economic engine that offers a best-in-class quality of life for businesses, downtown workers, residents and visitors. Learn more at downtownmadison.org.

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Community Partners Release Fall Business Survey Results

FOR IMMEDIATE RELEASE (Dec. 1, 2020)

Contact:
Erik Greenfield, Greater Madison Chamber of Commerce, 608-669-7884
Rob Gard, Destination Madison, 608-441-3958
Jason Ilstrup, Downtown Madison, Inc., 608-512-1330
Camille Carter, Madison Black Chamber of Commerce, 608-729-1238
Jessica Cavazos, Latino Chamber of Commerce, 608-712-3522

Community Partners Release Fall Business Survey Results
Declining revenues, a changing regulatory landscape and public confidence among top concerns in survey of 503 Greater Madison businesses

MADISON – Today the Greater Madison Chamber of Commerce; Destination Madison; Downtown Madison, Inc.; Madison Black Chamber of Commerce and Latino Chamber of Commerce released the results of a Fall 2020 Business Survey, which yielded responses from 503 Greater Madison businesses representing a diverse, mostly small or locally owned, cross-section of industries, as well as a significant percentage of women- and minority-owned businesses. The survey was conducted in partnership with the DeForest Windsor Area Chamber of Commerce, Fitchburg Chamber Visitor + Business Bureau and Middleton Chamber of Commerce.

Among the survey’s key findings are:

• 66 percent rated consumer and employee confidence as their most pressing need, with many citing inconsistent and fearful messaging about the safety of workplaces;
• 78 percent have experienced a decline in revenue, with 30 percent losing more than half their revenue;
• While businesses have insulated their employees, 53 percent have still experienced a reduction in employee benefits or workforce;
• Three percent of businesses have already closed, with an additional one percent potentially closing in the next month and another 30 percent expecting to close by June 2021, if existing government regulations are unchanged;
• 91 percent have reduced spending locally;
• 57 percent are utilizing at least some remote work, up from 28 percent pre-pandemic;
• 13 percent rate Dane County’s business climate as above average or excellent, compared to 81 percent pre-pandemic; and
• 25 percent rate local elected officials’ performance during the pandemic as above average or excellent.

“The results of this survey – featuring strong, cohesive data collected from local, highly impacted and diverse businesses – confirm the urgency of the situation for the many businesses that make up the fabric of Greater Madison,” said Greater Madison Chamber of Commerce President Zach Brandon. “We have said all along that we must find an equilibrium among economic needs, health concerns and instilling public confidence. Doing so will require a true partnership between the public and private sectors to reverse these troubling trends and put us on a path to an accelerated economic recovery.”

“As the pandemic continues, it is critical for us to have hard data to determine the impact these last months have had on our partners,” said Deb Archer, President and CEO of Destination Madison. “Their responses shed light on what businesses have experienced and help public officials and our organizations design a course of action as we strive to support local businesses and their workers.”

“Our members strongly believe it is important to protect our community, but they need consistent messaging that highlights their efforts to keep employees and customers safe in order to keep their doors open,” Madison Black Chamber of Commerce President and CEO Camille Carter. “During such a difficult time, we all need to work together and send a clear signal to businesses that they are not alone and they are valued.”

“Many of our businesses are struggling not only because of the pandemic more generally but also because of language-based barriers to accessing necessary resources,” said Latino Chamber of Commerce President and CEO Jessica Cavazos. “While we have worked hard to adapt to the challenges we have faced over the past several months, additional support is needed for our community to come back strong.”

“The survey clearly shows the existential issues many local businesses are struggling with right now.  Without innovative solutions to ensure our communities health and economic well-being, many businesses and their employees will not be able to survive the winter,” said Jason Ilstrup, President of Downtown Madison, Inc. “Now is the time for our whole community to work together and think creatively to keep everyone safe and every business open.”

Among the 503 survey respondents, 79 percent have 50 or fewer employees, 86 percent are headquartered in Dane County, 68 percent have locations only in Dane County, 40 percent are women-owned or -led and 20 percent are owned or led by an individual who is non-white.

This survey was a follow-up to a March 2020 survey that collected information on regional employer response strategies at the outset of the pandemic and was critical to early advocacy with elected and public officials at all levels of government. The results of the Fall 2020 survey will be used to inform policymakers about current business challenges and the need for a predictable and effective path forward balancing the needs of health, the economy and public confidence.

Topline survey results are available upon request by emailing Erik Greenfield at erik@madisonbiz.com.

About the Greater Madison Chamber of Commerce: 
The Greater Madison Chamber of Commerce is the voice of business with more than 1,200 organizations – ranging from one-person shops to corporations with more than 10,000 employees – working to bring the Greater Madison area to its full potential. The Greater Madison region is a leader in innovation. From cutting-edge technologies to distinctive retail shops to inventive services and products, our members vary greatly but are united by the region’s entrepreneurial spirit. More information can be found at madisonbiz.com.  

About Destination Madison:
Destination Madison is honored to play a key role in supporting the thousands of Dane County jobs supported by tourism. Promoting tourism in Madison since 1972, Destination Madison continues to work strategically to expand upon the more than $1.4 billion generated by visitor spending in Dane Country in 2019. For the most up-to-date information, visit our website at visitmadison.com.

About the Madison Black Chamber of Commerce:
The Madison Black Chamber of Commerce is a group of community members working to empower African American/Black people to cultivate and expand entrepreneurship. We believe that Black-owned businesses contribute significantly to the economic well-being of Madison. Learn more at madisonblackchamber.com.

About the Latino Chamber of Commerce:
Founded in 2003, the Latino Chamber of Commerce represents the Latino and non-Latino business community in the Greater Madison area and surrounding cities. We assist and promote the interests of our members and community through advocacy and programs that make an overall impact to Dane County’s economic growth. The diverse relationship of our active members and partners is an ideal mixture of small business owners, corporate representatives and government leaders. Learn more at lccwi.org.

About Downtown Madison, Inc.:
Downtown Madison, Inc. (DMI) is committed to sustaining, planning for, and growing downtown Madison as a vibrant regional economic engine that offers a best-in-class quality of life for businesses, downtown workers, residents and visitors. Learn more at downtownmadison.org.

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Chamber Applauds Partnership to Support Greater Access to Childcare

FOR IMMEDIATE RELEASE (Sept. 3, 2020) 

Contact: Erik Greenfield, Communications Manager, 608-443-1952 (office), 608-669-7884 (cell)

MADISON – Today the Greater Madison Chamber of Commerce called on businesses to give to the newly created Child Care Scholarship Fund, an initiative jointly announced this week by the City of Madison, Madison Metropolitan School District (MMSD) and United Way of Dane County. With most schools in Dane County beginning this fall with virtual instruction, the $400,000 the fund aims to raise will provide scholarships for approximately 150 children to attend full-time childcare.   

“We often talk about Greater Madison’s economy as a tent, with major industries representing tent poles. Standing these poles up requires critical supports, and one of those is childcare,” said Chamber President Zach Brandon. “We will never be able to stand our economy back up without greater access to childcare.”

To provide solutions for a portion of MMSD’s 14,000 elementary students, the City, the district, Madison School and Community Recreation (MSCR) and other organizations are offering childcare and virtual learning support in elementary schools and community sites across the City. While MMSD and the City have covered much of the cost of operating these sites, the fund is needed to cover the gap in scholarships available to offset costs for families attending non-MSCR elementary-aged childcare sites that have limited ability to provide free or reduced prices for parents.

Funds will be distributed directly to non-profit organizations, neighborhood centers or childcare centers providing childcare for low-income elementary school children and virtual learning support to MMSD students. Organizations will be invited to apply for funding in September 2020, and funds will be distributed on a reimbursement basis. The formula to allocate funds to all eligible programs that apply will consider factors including number of low-income children served, amount of funding requested, total requests received, constituency served and geographic location.

“We join our partners in asking our members and the community to take this opportunity to meet this community challenge and accelerate our economic recovery,” added Brandon.

To donate, visit: unitedwaydanecounty.org/childcarefund

About the Greater Madison Chamber of Commerce: 
The Greater Madison Chamber of Commerce is the voice of business with more than 1,200 organizations – ranging from one-person shops to corporations with more than 10,000 employees – working to bring the Greater Madison area to its full potential. The Greater Madison region is a leader in innovation. From cutting-edge technologies to distinctive retail shops to inventive services and products, our members vary greatly but are united by the region’s entrepreneurial spirit. More information can be found at madisonbiz.com.  

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Chamber Announces 2020 Pressure Chamber Finalists

FOR IMMEDIATE RELEASE (July 30, 2020)

Contact: Erik Greenfield, Communications Manager, 608-443-1952 (office), 608-669-7884 (cell)

MADISON – Today the Greater Madison Chamber of Commerce announced the five finalists competing in this year’s Pressure Chamber startup initiative, which returns Aug. 14 during Forward Festival, an eight-day celebration of entrepreneurship and innovation in Madison.

At Pressure Chamber, emerging companies will pitch to a panel of national investors and regional business audience in a virtual setting, in compliance with physical distancing best practices and government guidelines.

The 2020 Pressure Chamber finalists are:

• Cultured Decadence (Madison) – Develops novel methods to make crustacean products using cell culture and tissue engineering techniques, allowing the company to create crustacean products directly from the animals’ cells (no shell, no organs, no waste).
• Last Lock (Madison) – Allows homes and businesses to transform any mechanical lock system into a highly secure smart lock.
• Pyran (Madison) – Uses renewable crop resources to produce key ingredients used in paints and coatings at 25-40 percent lower costs than competing oil-based chemicals.
• RehabPath (Madison) – Builds platforms that present trusted, helpful resources to people looking for addiction and mental health treatment, while providing an effective and ethical advertising channel for treatment providers competing in a $35 billion-a-year industry (U.S. alone) and already spending more than $250 million a year in Google Ads.
• Talent Bandit (Madison) – A centralized hub for Staffing Agencies, Hiring Managers and Candidates to communicate and share information in a simple, frictionless and bias-free manner.

“Now more than ever, we are thrilled to provide this important platform to showcase emerging companies that are helping drive the future of Greater Madison’s economy,” said Chamber President Zach Brandon. “It is encouraging to see the tremendous innovation occurring in our region, even during challenging times, and a good sign for our economic recovery.”

The winning company receives the coveted “golden suitcase,” representing a reserved spot in the Chamber’s exclusive Greater Madison startup meetings with top Silicon Valley investment firms this October. Past Pressure Chamber winners have credited the initiative for helping their company close successful funding rounds. Additionally, Pressure Chamber has been recognized by both the International Economic Development Council and Steve Case’s Rise of the Rest Summit as an entrepreneurship and economic development best practice.

To register for Pressure Chamber, visit madisonbiz.com/pressure-chamber.

Pressure Chamber is presented by Michael Best & Friedrich, with support from the State of Wisconsin Investment Board, Wisconsin Alumni Research Foundation, Wisconsin Economic Development Corporation, American Family Ventures, Baird Capital, 4490 Ventures, HealthX Ventures and Rock River Capital Partners.

Pressure Chamber finalists are available for interviews upon request.

For more information about Forward Fest, visit forwardfest.org.

About the Greater Madison Chamber of Commerce:
The Greater Madison Chamber of Commerce is the voice of business with more than 1,200 organizations – ranging from one-person shops to corporations with more than 10,000 employees – working to bring the Greater Madison area to its full potential. The Greater Madison region is a leader in innovation. From cutting-edge technologies to distinctive retail shops to inventive services and products, our members vary greatly but are united by the region’s entrepreneurial spirit. More information can be found at madisonbiz.com.

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Chamber Accepting Applications for Seventh Annual Pressure Chamber Competition

FOR IMMEDIATE RELEASE (July 6, 2020)

Contact: Erik Greenfield, Communications Manager, 608-443-1952 (office), 608-669-7884 (cell)

MADISON – The Greater Madison Chamber of Commerce announced today it is accepting applications for this year’s Pressure Chamber startup initiative, which returns Aug. 13 during Forward Festival, an eight-day celebration of entrepreneurship and innovation in Madison. The popular program – which this year will be broadcast virtually to comply with physical distancing best practices and government guidelines – includes participation and support from active regional investment firms, as well as the Wisconsin Alumni Research Foundation and Wisconsin Economic Development Corporation.

Applicants for Pressure Chamber go through a screening process that may include presentations with prominent Wisconsin investors. From there, a select number of companies will be chosen to pitch to a panel of out-of-state investors, business executives and a virtual audience during Forward Fest. In addition to receiving the coveted “golden suitcase,” the winning company will also get a reserved spot in the Chamber’s exclusive Greater Madison startup meetings with top Silicon Valley investment firms this October.

“Now more than ever, we need to provide Pressure Chamber as an important platform for new and emerging companies to promote their work and make investor connections,” said Chamber President Zach Brandon. “We are excited about the opportunity to ensure a unique, valuable experience for our companies, sponsors and audience while enhancing the health and safety of everyone involved.”

Past Pressure Chamber winners have credited the initiative for helping their company close successful funding rounds. Additionally, Pressure Chamber has been recognized by both the International Economic Development Council and Steve Case’s Rise of the Rest Summit as an entrepreneurship and economic development best practice. Participating companies have included EatStreet, Propeller Health, Redox, Datica, Fetch Rewards, HealthMyne, Cardigan, AkitaBox, Moxe, American Provenance, LÜM, DotCom Therapy, Fishidy, bluDiagnostics, POLCO and more.

Pressure Chamber is open to any industry, as long as the company meets the following requirements:

• Must be a member of the Greater Madison Chamber of Commerce (startup memberships available) or support local entrepreneurial partner organizations
• Must be located in Dane County or plan to locate to Dane County by Aug. 13, 2020
• Must have raised at least $25,000, excluding personal investment by company founders
• Application must be received by 8 a.m. on Monday, July 20, 2020

The full application can be accessed at: bit.ly/Pressure20

Pressure Chamber is presented by Michael Best & Friedrich, with support from the State of Wisconsin Investment Board, Wisconsin Alumni Research Foundation, Wisconsin Economic Development Corporation, American Family Ventures, Baird Capital, 4490 Ventures, HealthX Ventures and Rock River Capital Partners.

For more information about Forward Fest, visit forwardfest.org.

About the Greater Madison Chamber of Commerce:
The Greater Madison Chamber of Commerce is the voice of business with more than 1,200 organizations – ranging from one-person shops to corporations with more than 10,000 employees – working to bring the Greater Madison area to its full potential. The Greater Madison region is a leader in innovation. From cutting-edge technologies to distinctive retail shops to inventive services and products, our members vary greatly but are united by the region’s entrepreneurial spirit. More information can be found at madisonbiz.com.

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