State Codes and Statutes

State Codes and Statutes

Statutes > Wisconsin > 560 > 560.27

560.27

560.27 High-technology business development corporation.

560.27(1)

(1)

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(1)(c)

(c) Annually, beginning in fiscal year 2010-11, the department shall award a grant of $100,000 from the appropriation under s. 20.143 (1) (d) to the high-technology business development corporation. The department shall enter into an agreement with the high-technology business development corporation requiring the grant proceeds to be used for employing a grant writer to assist businesses to apply for federal small business innovation research grants. The department shall submit annually to the legislature under s. 13.172 (2) a report detailing the number of grant applications assisted by the grant writer, the number of applications assisted by the grant writer that won grants and the total amount of the grants, and the number of any jobs created as a result of the grant writer's activities.

560.27(2)

(2)

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)1.

1. Entrepreneurs in the state.

560.27(2)(a)2.

2. High-technology businesses in the state.

560.27(2)(a)3.

3. The state's venture capital industry.

560.27(2)(a)4.

4. The state's investment banking industry.

560.27(2)(a)5.

5. Local governments in the state.

560.27(2)(a)6.

6. The state's business development community.

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)

(3)

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 $750,000 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 - ANNOT.

History: 1999 a. 106; 2009 a. 265.