"Certified bioscience company" means a person certified by the board under 2
s. 555.03 (2).
"Qualifying company" has the meaning given in s. 73.17 (1), except that 4
"qualifying company" does not include a business that has as its principal business 5
activity the operation of a hospital as defined in s. 50.33 (2).
"Fund" means the Wisconsin next generation reserve fund established 7
under s. 25.90.
8555.02 Wisconsin next generation reserve fund. (1)
Executive director. 9
The board shall employ an executive director who has expertise in private equity 10
investment. In reviewing candidates for executive director, the board shall consider 11
all of the following:
(a) The extent of the candidate's experience and expertise in private equity 13
(b) The candidate's investment experience related to start-up bioscience 15
(c) The candidate's experience related to seed or early stage business 17
(d) Any other criteria the board considers relevant.
19(2) Grants, loans, and investments
. (a) From the appropriation under s. 20
20.195 (1) (q), the board may make a grant or loan to a certified bioscience company, 21
or the board may make an investment directly in a certified bioscience company.
(b) Before the board makes a grant, loan, or investment under par. (a), the 23
board shall contract with the certified bioscience company. In addition to any other 24
terms required or negotiated by the board, that contract shall include all of the 25
1. The certified bioscience company shall use a grant, loan, or investment 2
provided by the board for research and development related to biotechnology or 3
bioscience or bioscience research methods, as determined by the board by rule.
2. The certified bioscience company shall match the amount of the board's, 5
grant, loan, or investment with moneys the company has raised from other sources.
3. Unless approved by the board, the certified bioscience company may not 7
relocate its headquarters outside of this state during the term of the contract under 8
(c) Any moneys paid to the board by a certified bioscience company shall be 10
deposited in the fund.
11555.03 Certified bioscience companies. (1) Application.
Any person may 12
apply to the board on a form prescribed by the board for certification under this 13
section. The application shall include all of the following:
(a) The name, address, and tax identification number of the person.
(b) A description of the principal business activities of the person and the 16
locations at which those activities are conducted.
(c) The person's principal business activity code under the North American 18
Industry Classification System, 2007 edition, published by the federal office of 19
management and budget.
(d) Any other information the board requires.
The board may certify a person that submits an application 22
under sub. (1) to be eligible to receive a grant, loan, or investment under s. 555.02 23
if the board determines after conducting an investigation that the person meets all 24
of the following conditions:
(a) The person is a qualifying company.
(b) The person is headquartered in, and has its principal business operations 2
located in, this state.
(c) The person, including any affiliate, employs at least 75 percent of its 4
employees in this state.
(d) The person is in need of capital.
(e) The person is developing biotechnology or bioscience or bioscience research 7
methods, as determined by the board by rule and the person demonstrates to the 8
board's satisfaction that the person has the potential to generate high levels of 9
successful investment performance and to increase employment in this state.
(h) The person meets any other conditions established by the board.
11(3) Application fee.
The board may charge a fee to an applicant for certification 12
under this section. The fee shall be deposited in the fund.
13555.04 Contracting authority.
Notwithstanding ss. 16.70 to 16.78, the 14
board may enter into any contract with the investment board as provided in s. 25.17 15
(72) and (73), including any contract relating to the furnishing of personnel or office 16
space, to be paid as provided in s. 25.17 (72) and (73), may procure insurance, and 17
may execute any other contract necessary or convenient to the performance of the 18
board's powers and duties under this chapter.
In subsections (2) and (3), "board" means the Wisconsin next 21
generation reserve board.
(a) Notwithstanding the requirement of advice and consent of the senate under 24
section 15.07 (1) (a) of the statutes, the initial members of the board nominated by 25
the governor may be provisionally appointed by the governor, subject to later senate
confirmation. Any provisional appointment shall be in full force until withdrawn by 2
the governor or acted upon by the senate, and if confirmed by the senate shall 3
continue for the remainder of the unexpired term of the member and until a successor 4
is appointed and qualifies. A provisional appointee may exercise all the powers and 5
duties of board membership to which the person is appointed during the time in 6
which the appointee qualifies.
(b) A provisional appointment made under paragraph (a) that is withdrawn by 8
the governor shall, upon withdrawal, lapse and create a vacancy for provisional 9
appointment of another initial member of the board. Any provisional appointment 10
made under paragraph (a) that is rejected by the senate shall, upon rejection, lapse 11
and create a vacancy for provisional appointment of another initial board member.
(c) Notwithstanding the lengths of terms specified in section 15.77 (2) of the 13
statutes, as created by this act, the initial members of the board shall be appointed 14
for the following terms:
1. The member appointed by the governor under section 15.77 (1) (a) of the 16
statutes, as created by this act, and one member appointed by the governor under 17
section 15.77 (1) (b) of the statutes, as created by this act, for terms expiring on July 18
2. One member appointed by the governor under section 15.77 (1) (b) of the 20
statutes, as created by this act, and the member appointed by the governor under 21
section 15.77 (1) (c) of the statutes, as created by this act, for terms expiring on July 22
3. The members appointed by the governor under section 15.77 (1) (d) and (e) 24
of the statutes, as created by this act, for terms expiring on July 1, 2016.
4. The members appointed by the governor under section 15.77 (1) (f) and (g) 2
of the statutes, as created by this act, and the member appointed by BioForward, Inc., 3
under section 15.77 (1) (h) of the statutes, as created by this act, for terms expiring 4
on July 1, 2017.
(3) Position authorization.
There is authorized for the board 1.0 FTE SEG 6
executive director position and 1.0 FTE SEG administrative assistant position to be 7
funded from the appropriation under section 20.195 (1) (q) of the statutes, as created 8
by this act, or from any loan under subsection (4
), or both.
Investment board loan.
The investment board may loan money to the 10
Wisconsin next generation reserve board for general program operations and 11
administrative expenses of the Wisconsin next generation reserve board. All loan 12
terms shall be specified by written agreement between the investment board and the 13
Wisconsin next generation reserve board.