Panel to vote on bill that helps startups

Bipartisan group wants to spend $25 million

Published On: May 10 2013 07:21:16 AM CDT
MADISON, Wis. -

A bill that would put $25 million in state money into Wisconsin startups is up for a vote in a legislative committee.

The bipartisan legislation from Republican Rep. Mike Kuglitsch of New Berlin would put the money into a fund that invests in agriculture, technology, energy and other industries. The fund also would get at least $50 million from private sources.

Business owners applauded the plan at a Capitol hearing last week, saying it will bring certainty to state's entrepreneurial environment. They told that lawmakers many companies left Wisconsin because the state didn't have enough capital to help them get through an early growth stage.

But the legislation has drawn concerns from two Democrats who say a one-time investment is not enough to guarantee any long-term return.