Under a bipartisan bill proposed by state legislators, the state would create a venture capital fund, which would receive $25m in state funding and another $50m from private investors.
The proposal, which is backed by governor Scott Walker, pictured, drew criticism from two Democratic representatives who said it was not bold enough, according to the Milwaukee Journal Sentinel.
If launched the new vehicle will target Wisconsin-based funds investing in the agriculture, IT, engineering, manufacturing and medical devices sectors.
Co-chairwoman of the Wisconsin Senate’s budget committee Alberta Darling said, “We think this sends a strong message to the whole state that we’re serious about job creation. Some will say is it enough? We’ll see.”
President of the Wisconsin Growth Capital Coalition Steve Lyons said that the “most important thing is that we’re talking about it” and the initiative would have been dead on arrival a year ago, according to the publication.
Back in March the State of Wisconsin Investment Board and Wisconsin Alumni Research Foundation established a $30m fund focused on early-stage companies primarily in the state.
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