Gov. Scott Walker announced Tuesday his official Feb. 20 budget will include a $25 million venture capital initiative, which would provide funding for small start-up companies.
Walker originally planned to give $400 million to venture capital in his budget two years ago, but that proposal failed in the state Legislature.
The governor said, in a statement Tuesday, venture capital is an important area for the state to invest in because it generally receives limited national funding. Walker also said the budget investment would help to create more jobs statewide.
State Sen. Julie Lassa, D-Stevens Point, said in a statement Walker’s proposal may be a beneficial step toward an venture capital program, but the funding would fall short of what business leaders requested.
“It is … interesting to note that the $25 million in investment capital called for by the governor is far below the amount that business groups … have said is necessary to grow our state’s economy,” Lassa said in the statement.
