Business
La Crosse investment company included in $100 million state project aimed at funding start-up businesses
The state of Wisconsin has started a new fund to put millions of dollars into businesses that are getting off the ground, and a La Crosse company will be one of the firms distributing that cash.
The Wisconsin Investment Fund (WIF) was announced in Madison by Gov. Tony Evers and by Missy Hughes, the secretary of the WEDC development agency. WIF will make $100 million available to companies that need start up capital.
The state is providing money to five capital management firms, including the Idea Fund of La Crosse, which will invest in software and technology companies in the tri-state area.
A release from the governor’s office says the Idea Fund will receive $5 million for distribution.
Thirty-one fund managers applied for the first round of contributions, and a sixth could be chosen grim that pool soon.
Other venture capital firms involved in the project are located in Madison, Milwaukee, and Champaign, Illinois.
At least $27 million of the state money for the initial funding will be allocated to biohealth companies.
Libertarian Guy
May 30, 2024 at 3:17 pm
And where did the state get these millions of dollars to give to startup businesses? Why… The taxpayers of Wisconsin no doubt. So this money was confiscated from taxpayers so that it could be given to people who want to start businesses. Statistically, more than 50% of new, startup businesses fail. Will this be money well spent? Will the taxpayer be satisfied with having money taken out of their hands to be given to people who are starting a business that will either make that business owner lots of money or maybe completely wasted if the business fails? you decide.