A bipartisan group of state lawmakers announced a new venture capital bill Wednesday intended to increase investment in Wisconsin start-up businesses.
The legislation mirrors a provision in Gov. Scott Walker’s latest budget proposal and comes after two years of work by the bipartisan Venture Capital Commission. It would create a $25 million state investment in a fund overseen by a manager selected by the non-partisan State of Wisconsin Investment Board.
The fund would also require a 2-to-1 private match on the part of the receiving firm, meaning a company would have to provide twice as much as it receives from the investment fund.
State Sen. Alberta Darling, R-River Hills, said in a statement she supports the venture capital measure due to the benefits it will have on the state.
“This legislation will help make sure good ideas stay in Wisconsin,” Darling said in a statement. “It also makes sure taxpayers are protected by providing accountability and transparency.”
State Sen. Julie Lassa, D-Stevens Point, and Assembly Minority Leader Peter Barca, D-Kenosha, also announced Wednesday they will introduce their own bill they say more closely represents the work of the Venture Capital Commission.
Notable differences in their bill would include an increase in the state investment fund and a Wisconsin residency requirement for the fund manager.
Both bills have yet to pass the state Legislature.
