The bill, which drew bipartisan support in the state legislature, provides $25 million dollars to startup companies in Wisconsin. Unlike other states, though, this bill was specifically for tech startups vs biotechnology and life sciences. In most states it’s harder for general tech companies to draw this kind of support from the government.
In the case of the Wisconsin bill, startups in agricultural technology, information technology, engineered products, advanced manufacturing, medical devices, and imaging are all eligible for the new funding.
While biotechnology and life sciences companies can create jobs over a much longer period of time, Wisconsin is looking for companies that can create jobs quicker.
“The $25 million allocated for this program in the state budget will help grow private sector jobs by investing in start-up companies,” Walker said in a statement. “One hundred percent of the funds from this program will go to Wisconsin-based businesses, and there are a number of measures in place to ensure accountability and transparency for the hard-working taxpayers.”
Fox11online.com reports that the $25 million dollars in tax payer money will be matched with $50 million in private donations.
“I hope that once success is shown, it will lead to additional measures to increase the amount of capital for new businesses and more Wisconsin jobs,” Walker said in a statement.