SB 508

This bill creates the Wisconsin Next Generation Reserve Board (Reserve

Board). The Reserve Board is an independent agency in the executive branch of state

government. The primary functions of the Reserve Board are to make grants and

loans to, and make direct investments in, Wisconsin bioscience companies.

Wisconsin Next Generation Reserve Board

The Reserve Board is composed of 12 members as follows:

1. One member, appointed by the governor for a four-year term, who has

expertise in agriculture and who is recognized for outstanding knowledge and

leadership in bioscience or bioscience research.

2. Three members, appointed by the governor for four-year terms, who serve

in senior management positions at Wisconsin bioscience companies and have

responsibilities related to the financing of their respective companies, two of whom

are from companies that employ less than 50 employees, and one of whom is from a

company that employs 50 or more employees.

3. Two members, appointed by the governor for four-year terms, who serve in

senior management positions at Wisconsin companies that develop or manufacture

medical devices and have responsibilities related to the financing of their respective

companies, one of whom is from a company that employs less than 50 employees, and

one of whom is from a company that employs 50 or more employees.

4. One member, appointed by the governor for a four-year term, who either has

at least five years of experience directly investing in bioscience companies in

Wisconsin, or represents a group of individual investors that has that experience as

a group.

5. One member, appointed by the governor for a four-year term, who has at

least three years of experience in the merger and acquisition of bioscience companies.

6. One member who is appointed by BioForward, Inc., a private bioscience

association in Wisconsin, for a four-year term.

7. Two nonvoting members who have expertise in bioscience or bioscience

research, one of whom is appointed by the Board of Regents of the University of

Wisconsin System and serves at the pleasure of the Board of Regents, and one of

whom is appointed by the Wisconsin Association of Independent Colleges and

Universities and serves at the pleasure of the association.

8. The executive director of the Investment Board, or his or her designee, who

serves as a nonvoting member.

The bill requires that the Reserve Board hire an executive director who has

expertise in private equity investment. The executive director and all of the

members of the Reserve Board are subject to state ethics laws.

The bill authorizes the Reserve Board to execute any contract necessary or

convenient to the Reserve Board's exercise of its powers and duties, including a

contract with the Investment Board for the Investment Board's advice and services