SB 94

Wisconsin venture capital authority

This bill creates an authority to be known as the "Wisconsin Venture Capital

Authority" (authority) to oversee programs related to venture capital investment in

Wisconsin businesses.

Composition and General Operation

Board of Directors

Under the bill, the authority is governed by a seven-member board of directors

(board) that consists of the chief executive officer of the Wisconsin Economic

Development Corporation; four members from the private sector nominated by the

governor and appointed with the advice and consent of the senate; one member

appointed by the speaker of the assembly; and one member appointed by the senate

majority leader. The members of the board appointed by the governor, the speaker

of the assembly, and the senate majority leader serve staggered three-year terms

and must have experience that qualifies them to serve on the board. The members

of the board may not be compensated, but the members may be reimbursed for actual

and necessary expenses, including travel expenses, incurred in the performance of

their duties.

The bill gives the board the powers necessary or convenient to carry out its

duties, as well as specific powers to conduct its corporate business. Under the bill,

the authority is a participating employer in the Wisconsin Retirement System. The

board may hire an executive director. The members of the board appointed by the

speaker of the assembly and the senate majority leader, the executive director, if any,

and the manager of the badger jobs fund administered by the authority are subject

to state ethics laws.

Transitional Administration by the Department of Commerce and the

Wisconsin Economic Development Corporation

Under the bill, the Department of Commerce administers the programs created

under the authority until the board is in place and the authority has adequate

personnel to carry out its duties or until the effective date of the 2011-13 biennial

budget act, whichever is later. If as of the effective date of the 2011-13 biennial

budget act the authority has not assumed administration of its programs, the

authority's programs are to be administered by the Wisconsin Economic

Development Corporation until the authority is prepared to assume administration

of those programs.

General Reporting Requirements

Under the bill, the authority must submit an annual report to the legislature

and to the governor that contains all of the following information:

1. An assessment of the success to date of each program administered by the

authority.

2. An accounting of the financial status of each program administered by the