Committee signs off on venture capital bill - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Committee signs off on venture capital bill

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MADISON (WKOW) -- A bill that would put $25 million in state money into Wisconsin startups passed its first hurdle in the Assembly despite controversy surrounding Gov. Scott Walker's jobs-creation agency. 

The Assembly Committee on Jobs, Economy and Mining approved the bill on an 8-6 vote Friday. 

The legislation from Republican Rep. Mike Kuglitsch would put the money into a fund that invests in young Wisconsin companies. It would require the Wisconsin Economic Development Corp. to contract with a fund manager to manage the investments. 

Some Democrats say the state shouldn't trust the WEDC after a scathing audit found the agency didn't adequately track loans it awarded and gave money to unqualified companies. 

Kuglitsch says those complaints are political. 

The full Assembly will take up the bill Tuesday. 

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