Wisconsin Legislature Considers High Tech Corporation

In his recent State of the State address, Wisconsin Governor Tommy Thompson called for the establishment of a new High Tech Corporation to assist in the development of companies for the New Economy. Toward that end, a bill has been introduced in both houses of the Wisconsin Legislature to establish the corporation.

The bill requires the Wisconsin Department of Commerce to develop and maintain a nonprofit corporation to promote and support the creation, maturation, and retention of science and technology-based businesses in the state. The High Tech Corporation would be responsible for designing and implementing programs that focus on various elements of high-technology company development such as entrepreneurship, seed and venture capital, university involvement, and state government involvement.

The corporation would be overseen by a nine-member board that would supervise the activities of the corporation and raise a total of $250,000 per year in private sector funding.

In addition to private funds, the High Tech Corporation would be funded through the Wisconsin Department of Commerce. A one-time grant of $50,000 would be used for start-up and administrative expenses. Additional grants would be made upon the Corporation’s request for project funds with at least half of individual project funding coming from private sources. The legislation establishes a maximum of $250,000 per year to be allotted to the High Tech Corporation.

For more information or to view the full text of the legislation, visit: http://www.legis.state.wi.us/billtext.html   and select “Senate Bill 429 1999 Regular Session”