MADISONB, Wis. -

Gov. Scott Walker defended the number of new businesses being created in Wisconsin after a report from the Kauffman Foundation listed the state 45th in entrepreneurship in 2013.

Walker spoke to the Wisconsin Entrepreneur’s Conference Wednesday touting the $25 million the state invested in venture capital in the last budget, and said the state needs to prove there is demand for the money.

“We’re going to make investments as we have with our technical colleges and our university system, and if we see the demand and see the number of deals pending grow, and we see that impact, certainly we’ll grow in the next budget,” Walker said.

Walker was asked whether Biotech First would be included in future venture capital efforts, as they were left out of this budget.

He said it would be considered in the future.