State Codes and Statutes

Statutes > Wisconsin > 560 > 560.277

560.277

560.277 Wisconsin venture fund.

560.277(1)

(1) Definition. In this section, "eligible institution" means a research institution or nonprofit organization involved in economic development.

560.277(2)

(2) Capital connections grants. From the appropriation under s. 20.143 (1) (bk), the department may award a grant to an eligible institution to fund a project that does any of the following:

560.277(2)(a)

(a) Expands access for Wisconsin business ventures and entrepreneurs to existing capital networks.

560.277(2)(b)

(b) Creates or runs a network to connect Wisconsin business ventures and entrepreneurs with available capital.

560.277(2)(c)

(c) Creates an activity, event, or strategy to connect Wisconsin business ventures and entrepreneurs with available capital.

560.277(3)

(3) Venture seed grants.

560.277(3)(a)

(a) From the appropriation under s. 20.143 (1) (bk), the department may award a grant to an eligible institution to match funds raised by the institution for funding a new business or determining proof of concept and feasibility of a new business idea, if the department determines the award of a grant will increase the amount of funding for new businesses or will leverage private investment and facilitate the creation of jobs in this state.

560.277(3)(b)

(b) The proceeds of a grant awarded under this subsection shall be used to provide funding as proposed by the institution in the institution's application.

560.277(4)

(4) Rule making. The department shall promulgate rules for the administration of this section.

560.277(5)

(5) The department shall establish by rule a Wisconsin venture fund advisory council, which shall make recommendations to the department regarding all of the following:

560.277(5)(a)

(a) A process by which the department, the department of financial institutions, and other qualified persons may review proposals.

560.277(5)(b)

(b) The maximum amount of a grant awarded under sub. (2) or (3).

560.277(5)(c)

(c) Requirements that applicants for grants under subs. (2) and (3) secure funding from sources other than the state to match a portion of the amount of a grant awarded under sub. (2) or (3).

560.277(5)(d)

(d) Monitoring of projects funded by grants under sub. (2) or (3), including monitoring of job creation.

560.277 - ANNOT.

History: 2009 a. 28.