SB55-ASA1-AA114,1,8
3"
(1c) Wisconsin investment in special technology. No later than 90 days after
4the effective date of this subsection, the investment board shall submit to the
5legislature for distribution under section 13.172 (2) of the statutes recommendations
6regarding the structure, operations, funding, and governance of a new program to
7be known as the Wisconsin investment in special technology program. The key
8features of this program shall include all of the following:
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9(a) A privately managed corporation to be called the WISTECH Investment
10Corporation will be created and will be required to design an investment strategy to
11make capital investments in biotechnology and high technology businesses that are
12organized in this state.
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1(b) The biotechnology and high technology businesses that will be provided
2capital under the program must be businesses that are identified by WISTECH
3Investment Corporation as innovative and technology-based, and have the potential
4for a higher than average rate of investment return. In addition, any such business
5must commit as a condition of receiving the funding to expand its workforce.
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6(c) Under the program, for every $3 invested by private individuals and
7organizations in a biotechnology or high technology business that meets the criteria
8specified under paragraph (b), WISTECH Investment Corporation would be able to
9invest $1. Any biotechnology or high technology business that would receive capital
10funding from WISTECH Investment Corporation would have to commit, as a
11condition of receiving the funding, to retain its operations in this state for a period
12specified by WISTECH Investment Corporation.
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13(d) Under the program, the state would provide annual funding for the
14investments made by WISTECH Investment Corporation. This funding would be in
15the form of a loan to be repaid from investment returns earned by WISTECH
16Investment Corporation from investing in the biotechnology and high technology
17businesses.".
