Gov. Scott Walker on Monday announced his two-year budget will provide $25 million for use on investment capital initiatives.
According to the governor’s office, Wisconsin holds 2.11 percent of national patent filings, ranking 12th in the country, and 2.15 percent of the country’s academic research spending, for the 13 spot. But the state’s venture capital investments make up only 0.36 percent of the national total.
There is a critical need for investment capital in Wisconsin, Walker said. With investment, startups and innovations can grow throughout the state.
“Our main focus is on growing our economy through investing in our priorities,” Walker said. “Studies show the majority of net new jobs come from businesses less than five years old, and the most limiting factor in developing these opportunities is the availability of new capital. We need to show we’re serious about growing the economy in Wisconsin by ensuring startups have access to capital.”
Venture capital bill proposals in the state Legislature had proposed state investments of $200 million or more over four to six years.