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Wisconsin Creates State Technology Council
Last Friday, Governor Tommy Thompson signed into law Senate Bill 429, establishing the Wisconsin Technology and Entrepreneurs Council (WITEC). The nonprofit corporation is to promote and support the creation, development, and retention of science-based and technology-based businesses “through the establishment and implementation of programs that focus on various elements that are important for the success of high-technology firms, such as entrepreneurs, seed and venture capital, universities and state government."
The Wisconsin Department of Commerce is required to organize and assist in maintaining WITEC, including providing a one-time grant of $50,000 for start up expenses. Commerce may provide additional funding on a matching basis. The total maximum Commerce contributions to WITEC are limited to $250,000 in any fiscal year.
WITEC will be governed by a board of directors comprised of at least 11 members who represent entrepreneurs, high tech firms, venture capitalists, investment banking, universities and technical colleges, local government, and professionals experienced in providing services to science and technology-based businesses.
A copy of the bill can be found at: http://www.legis.state.wi.us/1999/data/SB429.html
Wisconsin