Potawatomi Ventures’ CEO and tribal member joins the U.S. Department of Commerce, Minority Business Enterprise Advisory Council
More than two decades ago, the Forest County Potawatomi Community (FCPC) established Potawatomi Ventures (formerly Potawatomi Business Development Corporation) as the tribe's economic development and income diversification engine, wholly owned by the tribe and its 1,700 members. Headquartered in Milwaukee, the company quickly became a leading minority-owned business in the region and has been ranked as a top minority-owned business since 2006.
With more than $110 million in equity among subsidiary companies and passive investments, Potawatomi Ventures is seen as a shining example of successful economic diversification among Indian country. That achievement was confirmed recently when Kip Ritchie, the company's chief executive officer and an enrolled Forest County Potawatomi tribal member, was named to the U.S. Department of Commerce, Minority Business Enterprise Advisory Council.
The council was created to advise and assist the Minority Business Development Agency (MBDA) in its mission to promote the growth of minority-owned businesses nationwide and is a critical lever of MBDA's role as a leading authority for minority and underserved businesses.
"It's an incredible honor to represent Potawatomi Ventures, the FCPC and all of Indian country in this capacity with MBDA," said Ritchie, who has worked with Potawatomi Ventures since it was formed in 2002. "This is a true testament of our success as a holding company, and I look forward to helping create policy and sharing best practices to support the growth of other minority-owned businesses."
Ritchie acknowledges that the company has learned many lessons along the way, some of them difficult, but has purposefully shared best practices with others through various leadership roles including The National Center for American Indian Enterprise Development, Forest County Potawatomi Foundation, New Mexico Community Capital, Gun Lake Investments, Froedtert Menomonee Falls Hospital Foundation and the Medical College of Wisconsin, and Wisconsin Women's Business Initiative Corporation.
"I feel a deep sense of responsibility to help others so they can take a direct path to prosperity. Being able to do this on a national level is very gratifying, and I am proud that Potawatomi Ventures can help support others," said Ritchie.
As a holding company, Potawatomi Ventures provides strategy and support to its subsidiary companies. "Strategic diversification comes from intentionally entering a variety of industries to provide balanced, profitable economic growth," said Paul Hoesly, Potawatomi Ventures chief financial officer and chief strategy officer. "We've been very purposeful in selecting a variety of industries to support and grow over the years, and we are seeing incredible response to this approach."
Subsidiaries drive Potawatomi Ventures' success
Potawatomi Ventures pursues diverse passive investments in a variety of industries including local leaders like Wangard Partners, Irgens, VC 414 and Character VC. The company has also launched and supports six subsidiary companies including:
Potawatomi Business Development Corporation Federal Group. This collection of 14 active small businesses specializes in providing services to the federal government, supplying IT, training, program/operation support, medical, manufacturing/distribution and construction management services.
Greenfire. As a leading full-service construction management firm headquartered in Milwaukee, Greenfire manages the entire scope of a project on behalf of their clients from concept to completion. With 14 years of experience, Greenfire supports a unique suite of services dedicated to supporting clients and delivering complex projects of a variety of sizes throughout the Midwest.
Data Holdings. Wisconsin's premier Tier III+ commercial data center is a purpose-built, highly secure facility that supports critical business data and applications for customers with 24/7 staffing, monitoring and support services. Data Holdings is located on the Near West Side and is one of the few data centers on tribal trust land.
fireside MARKET. This new concept of modern markets is designed to rethink retail in the Midwest, with stores in northern Wisconsin and future locations planned to open throughout southeastern Wisconsin in 2025 and beyond. fireside MARKET will create exceptional experiences by combining genuine people, high-quality made-to-order foods and innovative technology.
Sagewind Development. Sagewind is a real estate development firm that sponsors, develops and manages profitable real estate projects with a focus on multifamily, mixed-use, retail and industrial assets in southeastern Wisconsin. Sagewind is currently developing the Residences of Greeneway in Kenosha on the former Dairyland Greyhound location.