UPDATE: Wis. Lawmakers Back $25 Million for Startup Fund

UPDATED Wednesday, April 24, 2013 --- 3:44 p.m.

MADISON, Wis. (AP) -- A group of state lawmakers are putting forward a plan to help fund startups and companies that are growing in Wisconsin.

The bipartisan legislation sponsored by Republican Rep. Mike Kuglitsch, of New Berlin, would put $25 million into a fund that invests in agriculture, technology, energy and other targeted industries. The fund also will include $50 million in investments from private sources.

Lawmakers and business owners said at Wednesday a news conference that Wisconsin has lagged behind other states in creating private sector jobs and the $25 million would provide initial funding to boost economic growth.

The $25 million also was included in Gov. Scott Walker's proposed budget.

Copyright 2013: Associated Press


Posted Wednesday, April 24, 2013 -- 7:57 a.m.

MADISON, Wis. (AP) -- Wisconsin lawmakers are set to unveil a bill that will detail how a proposed new venture capital fund will operate.

Gov. Scott Walker has proposed investing $25 million in a funding framework that helps startups and emerging companies. Private entities who are interested in investing need to pitch in a total of $50 million to match the state contribution.

The proposal from Republican Rep. Mike Kuglitsch of New Berlin has gained bipartisan support. Rep. Fred Clark is a Democrat from Sauk City. He says the bill would detail how to leverage Walker's proposed investment to benefit private businesses and create jobs.

Walker's venture capital plan is included in his budget proposal.

Copyright 2013: Associated Press

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