Next Level Ventures
Helping build Iowa's Innovation Economy
Next Level Ventures
Helping build Iowa's Innovation Economy
The Pivotal Moment
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Iowa’s startup ecosystem lacked the funding structure needed to support innovation and early-stage growth
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BrownWinick helped build Iowa’s first Certified Innovation Fund — sharing risk and shaping the legal path forward alongside Next Level Ventures
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More than a decade later, the partnership has helped fuel 50+ startups, multiple investment funds, and a stronger innovation economy in Iowa and beyond
The Challenge
In the early 2010s, Iowa’s startup and venture capital ecosystem was still in its infancy. Access to early-stage investment capital remained limited, and the legal framework necessary to support scalable innovation funds had yet to fully evolve.
Around 2012, entrepreneur and investor Craig Ibsen approached BrownWinick with an ambitious vision: help create Iowa’s first Certified Innovation Fund and establish a structure capable of supporting long-term startup investment growth throughout the region.
The challenge extended beyond forming a traditional investment vehicle. Existing laws and regulatory structures were not fully designed for the type of innovation-focused fund Next Level envisioned.
BrownWinick attorneys worked alongside Next Level Ventures to help shape and navigate the legislative and rule-making changes necessary to support the creation of the fund and its long-term strategy.
The partnership also required shared risk. BrownWinick invested time, strategy, and legal guidance into the initiative during the early stages of the project before success was guaranteed.
The effort succeeded, and the impact continues more than a decade later.
Next Level Ventures became Iowa’s first Certified Innovation Fund, helping create new pathways for startup investment and entrepreneurial growth throughout the region.
The Impact
- Iowa’s first Certified Innovation Fund
- 50+ startups supported through the funds
- 10+ year partnership
- Multiple funds launched, including Next Level Ventures Funds I–III and Curql Funds I–II
BrownWinick's Role
From Single Fund into Strategic Partnership
What began with the launch of a single fund evolved into a long-term strategic partnership.
Over more than a decade, BrownWinick has guided Next Level Ventures through fund formations and closings, portfolio investments, transaction negotiations, compliance matters, governance questions, and ongoing business operations.
“This was more than a legal engagement — it was a shared belief in what Iowa’s innovation economy could become. “Some of the most meaningful client relationships begin before success is guaranteed. This was one of those moments where collaboration, trust, and a shared vision helped create something that continues to generate impact more than a decade later.”
— Chris Sackett, Member Attorney, BrownWinick
"BrownWinick took a real risk with us in those early days, and that shared commitment set the tone for everything since. Over more than a decade, they've been part of nearly every meaningful decision we've made. That kind of continuous partnership is hard to find and even harder to replace."
— Craig Ibsen, Founder, Next Level Ventures
The Bigger Picture
The story reflects BrownWinick’s broader approach to client partnerships: not simply providing legal services, but helping organizations navigate uncertainty, build new opportunities, and create long-term economic impact. What began as a high-risk idea ultimately became a catalyst for entrepreneurial growth, investment, and innovation in Iowa and beyond.