Milwaukee tech hub: harnessing the power of disruption

By James Hischke - Senior Director - Tech Advancement & Outreach, Northwestern Mutual

Technology is rapidly accelerating the pace of change across many industries, and Northwestern Mutual is being impacted just as much as anyone. When it comes to providing our customers financial security, they expect a digitally driven experience.

A few years ago, Northwestern Mutual began a digital transformation, accelerating our business strategy, elevating the focus of tech skills in our workforce, and increasing investments in innovation, technology and startups to provide more value for not only our clients, but also our employees and our community.

Northwestern Mutual wasn’t the only business affected by technology disruption. We were hearing the same issues from other local companies. Northwestern Mutual decided to step up and be the catalyst to help move this region forward collectively. Advocate Aurora Health quickly stepped in as a corporate partner and we decided to work together to raise the tide, so we can lift all boats.

We quickly realized that several organizations were accomplishing amazing things related to tech and innovation. Gener8tor, Startup Milwaukee, Rockwell Automation, The Commons, Milwaukee 7 Economic Development Partnership (M7), the Greater Milwaukee Committee (GMC), The Water Council, local universities, and many others were creating and investing in programs, events, and partnerships that were having positive impacts. However, all these good things were not coming together as a cohesive story nor were they having the impact at a scale and a speed needed to compete with other regions.

To understand the existing tech ecosystem and to begin to change the narrative around what “tech” meant to the Milwaukee region, Northwestern Mutual and Advocate Aurora Health partnered with several area organizations to conduct the region’s first technology talent impact study. The study found that tech talent dependent industries contributed $27.6 billion in gross regional product to the Milwaukee regional economy in 2017.

$27.6B Economic impact from tech dependent industries - nearly one quarter of the total regional economic output of $119.2B

31,000+ tech job openings projected over the next five years

That is one quarter of the economic output for the region. The study also found that the term “tech talent” applies to almost 76,000 workers that support more than 140 industries in our seven-county region. Most alarming, the study projected that there will be 31,000 tech job openings in this region over the next five years. (Source: Milwaukee’s Tech Talent Impact Study, June 2018.)

The technology talent impact study helped redefine what technology means for Milwaukee employers. Technology is the common thread that is disrupting every major Milwaukee industry.

The mission of the Milwaukee Tech Hub is to transform the region into a thriving, innovation-based economy where technology, entrepreneurship, and innovation are core to our success. The strategy is based on three key pillars: talent, innovation, and identity; and requires support from industry, education, civic leaders, and the community.

Progress is being made, but more needs to be done to ensure Milwaukee’s future success. Investments such as Northwestern Mutual’s Cream City Venture Capital, Advocate Aurora Health’s InvestMKE, gBETA Milwaukee, Startup Milwaukee Week, Rockwell’s Connected Systems Institute, 88Nine Labs, and the Wisconn Valley Venture Fund are only a few of the many positive developments and signs of the growing tech culture in Milwaukee.

At Northwestern Mutual, we believe Milwaukee has the talent, resources and entrepreneurial spirit to be a vibrant 21st century city. It is going to take the work of organizations, entrepreneurs and startups to establish a vibrant and innovative technology ecosystem in Milwaukee, and we are only just getting started.

Learn more about the Milwaukee Tech Hub movement at MKEtech.org.