MADISON, Wis. (AP) -- The state Assembly has passed a bill that would invest millions of dollars in state and private money in Wisconsin startups.
The venture capital fund would contain $25 million from the state and at least $50 million in private money. It will be overseen by the Department of Administration, with the goal of helping young companies grow and create jobs.
Republican Rep. Mike Kuglitsch put the bill forward and says it will give the state's entrepreneurs some stability. But some Democrats say a one-time investment isn't enough to guarantee a long-term return.
The Assembly passed the measure 91-2 on Thursday. It now goes to the Senate where a companion bill has been introduced.
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