560.21(1)(b)
(b) "Equity investment" means the purchase of common or preferred capital stock or the purchase of an option or other right to acquire common or preferred capital stock.
560.21(2)
(2) The department shall deposit in the general fund all interest and principal received in repayment of loans under s.
560.20 (3), 1999 stats., any proceeds from equity investments made by the community development finance company under s.
234.965, 1991 stats., that are received by the department or the community development finance company, and any unencumbered grant funds returned to the department under
1993 Wisconsin Act 437, section 9115 (1t).
560.21(3)
(3) The community development finance company shall transfer to the department any proceeds that the company receives from equity investments made by the community development finance company under s.
234.965, 1991 stats.
560.21 History
History: 2001 a. 109 ss.
481,
482,
498,
503,
504.
560.25
560.25
Manufacturing extension center grants. 560.25(1)(a)
(a) "Biotechnology" means technology related to life sciences.
560.25(1)(b)
(b) "Business" means a company located in this state, a company that has made a firm commitment to locate a facility in this state or a group of companies at least 80% of which are located in this state.
560.25(1)(d)
(d) "Technology-based nonprofit organization" means a nonprofit corporation, as defined in
s. 181.0103 (17), or an organization described in section
501 (c) (3) of the Internal Revenue Code that is exempt from federal income tax under section
501 (a) of the Internal Revenue Code, and that has as a mission the transfer of technology to businesses in this state.
560.25(2)
(2) Grants. Subject to
sub. (4), the department may make a grant from the appropriation under
s. 20.143 (1) (fj) to a technology-based nonprofit organization to provide support for a manufacturing extension center if all of the following apply:
560.25(2)(a)
(a) The technology-based nonprofit organization submits to the department a plan detailing its proposed expenditures and performance measures related to the project.
560.25(4)
(4) Limit on grants. Beginning with fiscal year 2004-05, the department may award $1,500,000 in grants under this section in each fiscal year.
560.27
560.27
High-technology business development corporation. 560.27(1)(a)(a) The department shall organize and assist in maintaining a high-technology business development corporation as a nonstock, nonprofit corporation under
ch. 181 for the exclusive purpose of promoting and supporting the creation, development and retention of science-based and technology-based businesses in the state. In furtherance of its purpose, the corporation shall establish and implement programs focused on key elements necessary for the success of high-technology firms, including entrepreneurs, businesses, professional services, seed and venture capital, universities and state government.
560.27(1)(b)
(b) From the appropriation under
s. 20.143 (1) (d), the department shall make a one-time grant of $50,000 in fiscal year 2000-01 to the high-technology business development corporation for start-up capital and reasonable administrative expenses of the corporation.
560.27(2)(a)(a) The high-technology business development corporation shall be governed by a board of directors, consisting of the secretary, or his or her designee, the president of the University of Wisconsin System, or his or her designee, the director of the technical college system board, or his or her designee, the president of the Wisconsin Association of Independent Colleges and Universities, or his or her designee, and at least 11 other members, one or more of whom represents each of the following categories:
560.27(2)(a)7.
7. Professionals in the state who are experienced in providing services to persons specified in
subds. 1. to
6.
560.27(2)(b)
(b) The members who are representatives of the categories under
par. (a) 1. to
7. shall serve 5-year terms. Of the initial members who are representatives of the categories under
par. (a) 1. to
7., one shall be appointed by the senate majority leader, one shall be appointed by the speaker of the assembly, one shall be appointed by the senate minority leader, one shall be appointed by the assembly minority leader and at least 7 shall be appointed by the governor. The high-technology business development corporation, in its bylaws, shall specify the method for electing new members who are representatives of the categories under
par. (a) 1. to
7. and for filling vacancies.
560.27(3)(a)(a) Subject to
par. (c), the department may make a grant to the high-technology business development corporation, from the appropriation under
s. 20.143 (1) (d), if all of the following apply:
560.27(3)(a)1.
1. The corporation submits an expenditure plan to the department detailing the proposed use of the grant proceeds and the secretary approves the plan.
560.27(3)(a)2.
2. The corporation enters into a written agreement with the department that specifies the conditions for the use of the grant proceeds, including reporting and auditing requirements.
560.27(3)(a)3.
3. The corporation provides matching funds equal to 50% of the grant proceeds.
560.27(3)(a)4.
4. The corporation provides to the department information requested by the department about private funding the corporation has received or will receive for the purposes detailed in the expenditure plan under
subd. 1.
560.27(3)(a)5.
5. The corporation agrees in writing to submit to the department the report required by
par. (b) by the time required under
par. (b).
560.27(3)(b)
(b) If the corporation receives a grant under this subsection, the corporation shall submit to the department, within 6 months after spending the full amount of the grant, a report detailing how the grant proceeds were used.
560.27(3)(c)
(c) The department may not make grants under this subsection that exceed $200,000 in total in fiscal year 2000-01, or that exceed $250,000 in total in any fiscal year thereafter.
560.27(4)
(4) Annually, the high-technology business development corporation shall provide a report on its activities to the appropriate standing committees of each house of the legislature in the manner provided under
s. 13.172 (3) and to the governor.
560.27(5)
(5) The assets transferred to, and the assets and liabilities of, the high-technology business development corporation shall be separate from all other assets and liabilities of the state, of all political subdivisions of the state and of the department. Neither the state, any political subdivision of the state nor the department guarantees any obligation of or has any obligation to the high-technology business development corporation. Neither the state, any political subdivision of the state nor the department is liable for any debt or liability of the high-technology business development corporation.
560.27 History
History: 1999 a. 106.
560.275
560.275
Technology commercialization grant and loan program. 560.275(1)(1)
Definition. In this section, "Project costs" means the total cost of a project financed, at least in part, by a grant or loan under
sub. (2), calculated as provided by rule of the department.
560.275(2)(a)(a)
Early stage planning grants and loans. The department may make a grant or loan from the appropriation under
s. 20.143 (1) (c) or
(ie) for the purpose of funding professional services related to completing an application to be submitted to the federal government for the purpose of obtaining early stage research and development funding or for the purpose of funding professional services that are required to accomplish specific tasks established as a condition of receiving early stage financing from 3rd parties that is necessary for business development.
560.275(2)(b)1.1. The department may make a grant or loan from the appropriation under
s. 20.143 (1) (c) or
(ie) for the purpose of funding professional activities related to developing a proposed technologically innovative product, process, or service, if the applicant has received a grant from the federal government for a substantially similar purpose.
560.275(2)(b)2.
2. The department may make a grant or loan from the appropriation under
s. 20.143 (1) (c) or
(ie) for the purpose of funding professional activities related to the accelerated commercialization of a technologically innovative product, process, or service, if the federal government has notified the applicant that the applicant will receive a grant from the federal government for a substantially similar purpose.
560.275(2)(c)
(c)
Bridge grants and loans. The department may make a grant or loan from the appropriation under
s. 20.143 (1) (c) or
(ie) to a person who has received early stage financing from 3rd parties or a grant from the federal government to fund early stage research and development and who has sought additional early stage financing from 3rd parties or applied for an additional grant from the federal government to fund early stage research and development. A grant or loan under this paragraph shall be for the purpose of funding professional activities necessary to maintain the project research and management team and funding basic operations until the applicant's additional 3rd-party financing request or federal grant application is approved or denied.
560.275(2)(d)
(d)
Venture capital grants and loans. The department may make a grant or loan from the appropriation under
s. 20.143 (1) (c) or
(ie) for the purpose of enhancing the applicant's ability to obtain early stage financing from 3rd parties.
560.275(2)(e)
(e)
Entrepreneurial and technology transfer center grants. The department may make a grant from the appropriation under
s. 20.143 (1) (c) or
(ie) for the purpose of supporting any entrepreneurial and technology transfer center that satisfies all of the following criteria:
560.275(2)(e)2.
2. The center provides assistance, other than financial assistance, to entrepreneurs to facilitate business development.
560.275(2)(e)3.
3. The center reviews and analyzes entrepreneurial business plans and offers advice concerning the improvement of the plans.
560.275(2)(e)4.
4. The center provides advice to entrepreneurs concerning patent, trademark, and copyright issues.
560.275(2)(e)5.
5. The center provides appropriate referral services to entrepreneurs.
560.275(3)(a)(a)
Early stage planning grants and loans. In determining the amount of a grant or loan under
sub. (2) (a), the department shall consider all of the following, in addition to any other information the department considers relevant:
560.275(3)(a)1.
1. The amount of economic impact the applicant, if successful, will have in this state.
560.275(3)(a)4.
4. The applicant's record of obtaining early stage financing in the past.
560.275(3)(b)
(b)
Matching grants and loans. In determining the amount of a grant or loan under
sub. (2) (b), the department shall consider all of the following criteria, in addition to any other information the department considers relevant:
560.275(3)(b)2.
2. The likelihood that the applicant will successfully commercialize technology.
560.275(3)(b)4.
4. The amount of economic impact the applicant, if successful, will have in this state.
560.275(3)(b)5.
5. The applicant's record of obtaining early stage financing in the past.
560.275(4)
(4) Limitations on grant and loan amounts. 560.275(4)(a)(a)
Early stage planning grants and loans. A grant or loan under
sub. (2) (a) may not exceed $15,000.
560.275(4)(b)
(b)
Matching grants and loans. A grant or loan under
sub. (2) (b) may not exceed 20 percent of the project costs or $250,000, whichever is less.
560.275(4)(c)
(c)
Bridge grants and loans. A grant or loan under
sub. (2) (c) may not exceed 75 percent of the project costs or $100,000, whichever is less.
560.275(4)(d)
(d)
Venture capital grants and loans. A grant or loan under
sub. (2) (d) may not exceed 50 percent of the project costs or $250,000, whichever is less.
560.275(4)(e)
(e)
Entrepreneurial and technology transfer grants. The total amount of grants under
sub. (2) (e) may not exceed $600,000 in any fiscal year.
560.275(5)
(5) Eligibility. The department may make a grant or loan under
sub. (2) (a) to
(d) to an applicant only if all of the following apply:
560.275(5)(a)1.
1. Is a small business, or individual entrepreneur who intends to form a small business, that is completing a grant application to be submitted to the federal government for the purpose of obtaining early stage research and development funding, except that if the application is for a grant under
sub. (2) (b), the requirement that the applicant be completing a federal grant application does not apply; or
560.275(5)(a)2.
2. Is an individual who is starting or developing a business which has significant growth potential, as evidenced by the potential to attract and receive early stage financing from 3rd parties, but who needs assistance with a specific facet of starting or developing the business.
560.275(5)(b)
(b) If the applicant seeks a grant or loan under
sub. (2) (a), the applicant has sufficient funding from sources other than the state to finance at least 25% of the project costs.
560.275(5)(c)
(c) The applicant has or will have a business location in this state.
560.275(5)(d)
(d) If the application relates to a product, the product will be manufactured substantially in this state.
560.275(5)(e)
(e) If the application relates to a service, the principal place of business from which the service will be sold will be located in this state.
560.275(6)
(6) Grant and loan distribution plan. No later than December 1 of each even-numbered year, the department shall develop a biennial plan for awarding grants and loans under
sub. (2) and shall submit the plan to the governor and to the chief clerk of each house of the legislature, for distribution to the appropriate standing committees under
s. 13.172 (3).
560.275(7)(a)(a)
In-kind grants of services. The department may contract with, and pay the proceeds of any grant under
sub. (2) (a) to
(d) directly to, any person who provides services which the grant is intended to fund.
560.275(7)(b)
(b)
Rules. The department shall promulgate rules to administer this section. The rules shall establish application, reporting, auditing, and monitoring requirements.
560.275(9)
(9) Distressed Areas. The department shall award not less than 35 percent of the total amount of grants and loans made under this section to businesses in distressed areas, as defined in
s. 560.605 (7).
