SSTI Digest

Legislation to create investment tax credits and a technology commercialization grant and loan program was approved by the Wisconsin Assembly just before the close of the legislative session. Intended to encourage high-tech industry and entrepreneurship in the state, Senate Bill 261 is designed to create approximately $62 million in new funding for start-ups. A recent study from Competitive Wisconsin, Inc., a nonpolitical lobbying group of agriculture, business, education and labor leaders, reported that the state is losing ground on key economic indicators of financial, employment and knowledge-based strengths. Venture capital (VC) disbursements per worker in 2002 were down nearly 75 percent from their peak in 2000, the study shows. To help give small businesses the tools they need to be successful and create jobs, SB 261 offers assistance in  three areas: An angel investment tax credit of 25 percent over a two-year period for investments made directly in qualifying new businesses; An early-stage seed investment tax credit for investments of up to $500,000 in start-ups certified…

The Wisconsin Department of Commerce named Pamela Christenson as the first director for the new Bureau of Entrepreneurship.

Jennifer Alexander is the new president of the Greater Madison Chamber of Commerce.

Gov. Jim Doyle last week unveiled his plan to jumpstart the Wisconsin economy. The plan, "Grow Wisconsin," calls for a series of executive actions, private sector partnerships and legislative steps to create high-wage jobs and achieve other goals. Some of the tech-based economic development items outlined in "Grow Wisconsin" are: A new Manufacturing Competitiveness Program. The governor proposes $10 million to the Department of Commerce – leveraged with other private funding and existing resources from the University of Wisconsin System, the Wisconsin Technical College System, the Milwaukee School of Engineering, and the Manufacturing Extension Partnerships – to provide grants to 50 manufacturers to improve their productivity through training, consulting and application of technology. Gov. Doyle also will convene a Manufacturing Summit later this year. Creation of a $300 million fund to invest in venture capital. Gov. Doyle proposes to leverage a minimum of $300 million over the next decade to invest in seed and early-stage companies. To accomplish this, the governor proposes creating…

After 30 years as leader of the Greater Madison Chamber of Commerce, Robert Brennan is leaving to become a consultant to the new Office of Corporate Relations at the University of Wisconsin-Madison.

Phillip Z. Sobocinski has accepted a new position as Assistant Director of the new Office of Corporate Relations in the Office of the Chancellor, University of Wisconsin-Madison. The new initiative will be led by Charles Hoslet.

The Wisconsin Venture Network (WVN) in Milwaukee has folded into the Wisconsin Innovation Network (WIN) Foundation in Madison, and the combined WIN entity has become a subsidiary of the Wisconsin Technology Council. Members of both the WVN and WIN approved the merger in separate votes last week. The merger means WIN now is formally a part of the Tech Council and there are two WIN chapters — one in Milwaukee and another in Madison. The Madison WIN will be administered through the Tech Council, but the Milwaukee chapter will retain a local board of directors and control of its monthly programs. Over time, WIN hopes to form chapters in other Wisconsin cities where technology-based economic development is a priority. The WIN Foundation was formed in 1984 and has focused on technology-based economic development efforts in the Madison area. It assists companies and individuals in the areas of capital, networking, information and business consultation referrals. WIN programs include the Wisconsin Life Sciences Venture Conference and monthly High-Tech Consortium luncheons. With…

The Center for Advanced Technology and Innovation (CATI) Partnership Board and the Gateway Technical College Board of Directors recently held a groundbreaking to begin construction of the new 40,000-square-foot facility located in Sturtevant’s Renaissance Park. The Center for Advanced Technology and Innovation (CATI) of Racine County was formed to promote business development, workforce development, and technology innovation in southeastern Wisconsin. CATI is a partnership among more than a dozen local and regional educational institutions, business development  organizations, and local industries. The effort is spearheaded by the Racine County Economic Development Corp. Once completed, the new facility will allow CATI to offer students and entrepreneurs: A technology incubator, where new and developing firms can cost effectively develop and market new technology products and services. A technology transfer office to help leverage research and development resources at local and regional educational institutions, businesses, and industries. An education program…

Thomas Still has been selected at the new president of the Wisconsin Technology Council. Still, currently associate editor of the Wisconsin State Journal, will fill the vacancy created by Larry Kline's departure this past spring.

Larry Kline has resigned as president of the Wisconsin Technology Council to take a position as chief financial officer and vice president for business development with a biotech firm.

The Wisconsin Legislature presently faces two bills which could greatly boost venture capital funds in the state.  Clearing the Senate October 26, Senate Bill (SB) 296 requires the state investment board to invest up to $50 million in venture capital investment firms and to provide a high-technology business development corporation a grant of up to $2.5 million in FY 2001-02. Intended to help place Wisconsin at the fore of biotechnology, the bill supports the creation, development and retention of science- and technology-based businesses.  Receiving passage by House representatives on October 17, Assembly Bill (AB) 579 would provide capital investments totaling $100 million to companies with a 100 employees or less and a net worth of $5 million or less. The bill would require that the companies also be located in and have their headquarters in Wisconsin.  SB 296 and AB 579 await passage by the House and Senate, respectively. More information on both is available under 2001 Legislative Activity at the Wisconsin…

On July 16, both houses of Wisconsin’s state Legislature passed a state budget including numerous incentives for technological development. The budget covers state spending for a two-year period that began July 1. Gov. Scott McCallum has until August 30 to approve the budget; several of the tech-related items were in the Governor's first state of the state and executive budget addresses. See the February 23, 2001 issue of the SSTI Weekly Digest for a related story: http://www.ssti.org/Digest/2001/022301.htm Highlights include: $18 million in bonding authority for the University of Wisconsin-Madison’s BioStar Initiative through June 2003, with potential for another $140.5 million through July 2009. This money would help finance a new genome center and genetics laboratory and three new buildings for microbial sciences, biochemistry and interdisciplinary biology at UW-Madison. Nearly $8.7 million for information technology and biotechnology courses for the Chippewa Valley Initiative and 10 UW System campuses. $1.5 million for TechStar, a consortium of universities, businesses…