• Home
  • News
    • Politics / Govt
    • Legislature
    • Crime / Courts
    • Health / Medicine
    • Archives
  • Sports
    • Badgers
    • Packers
      • Titletown Report
    • Brewers
  • Contact Us
    • Reporters
  • Affiliates
    • Affiliate Support

Wisconsin Radio Network

Wisconsin News and Sports

You are here: Home / Business / Venture capital bill advances

Venture capital bill advances

June 7, 2013 By Andrew Beckett

The state Assembly has signed off on a bill that could help start-up businesses access the money they need to grow.

The legislation approved Thursday sets up a “fund of funds” using $25 million in taxpayer funding and at least $50 million from the private sector. State Representative Mike Kuglitsch (R-New Berlin) says the money will help target companies in five key areas, which include businesses dealing with agriculture, information technology, engineering, advanced manufacturing, and medical devices.

Kuglitsch says he believes the bill is “something that is going to keep our best and brightest minds in the state of Wisconsin.

The legislation was approved with bi-partisan support, although some Democrats voiced concerns that the fund is too small to be sustainable in the long term. However, state Representative Fred Clark (D-Baraboo) says some funding is better than none and it “will help move the bar” in areas that have the potential for great job creation.

The bill has also drawn concerns because biotechnology companies, which have seen rapid growth in the state, were excluded from being eligible for funding. Sponsors of the bill deny the decision was based on politics, rather arguing that those companies often take time to mature and add jobs. Kuglitsch says the goal of the fund is to see job creation happen quickly, which is why it targets industries that often require less investments to get off the ground.

AUDIO: Rep. Mike Kuglitsch (:15)

The bill passed Thursday on a 91-2 vote. It now goes to the Senate.

Share this:

  • Facebook
  • Twitter

Filed Under: Business, Legislature



Featured Stories

Packers season comes to an end in NFC Championship

Legendary Hank Aaron passes away

Ted Thompson passed away at age 68 (AUDIO)

Big Ten suspends Wisconsin’s Ahcan

Bucks lose tight battle with Nets

TwitterFacebook

Listen Now | More from Titletown »

Sports Headlines

Packers season comes to an end in NFC Championship

Legendary Hank Aaron passes away

Bucks drop second straight, fall at home to Lakers

Hockey Badgers grab series opener at Penn State

Wisconsin’s Mark Johnson named WCHA 1970’s Player of the Decade

More Sports

Tweets by @WRN

Get our news delivered to your inbox:

Enter your email address:

Delivered by FeedBurner

Copyright © 2021 · Learfield News & Ag, LLC