Senate Passes Venture Capital Bill

The state Senate has passed a $25-million venture capital bill, but even its supporters say more should be done to help foster new businesses.

The Republican author of the bill, Sen. Alberta Darling, R-River Hills, says she would have liked to put more money in the new venture fund; she still calls it a first step in preventing a “brain drain, ” a scenario in which people with good job-creating ideas leave the state.

“We rank really high in patents [and] ideas. But these people with all these great ideas…can’t find investors or they can’t find capital. So what do they do? They leave!”

The legislature has tried and failed to pass a venture capital bill several times over the past four years. One of the obstacles this year was a provision that prevents the use of state funds to help biotechnology companies that plan to make products from stem cells. Sen. Julie Lassa, D-Stevens Point, tried to get the Senate to remove the prohibition, arguing that anti-abortion groups that oppose the use of fetal stem cells shouldn’t be dictating the state’s fiscal policies.

“We need to make sure that businesses in the state – no matter which industry they’re in – if they have the opportunity to succeed and have a positive impact on our state’s economy, that we give them that chance.”

Lassa’s amendment failed on a party line vote, and Lassa eventually voted for the legislation. The bill passed by a wide margin, with only two Democrats and one Republican voting against it.