lawmakers to jettison the $100 million public venture capital fund included in Gov.Tony Evers’ biennial budget proposal. Giving the state control over a venture capital fund is a bad idea, as allowing governments to pick winners and losers always is.The coalition — which includes the Badger Institute, Americans for Prosperity-Wisconsin, the MacIver Institute, the Wisconsin Institute for Law & Liberty and Empower Wisconsin — notes that venture capital is risky enough in the marketplace, where experienced, deliberate investors use their own money to get behind a project once they’ve determined that a sound plan and potential earnings justify an investment.
“State government has no such expertise in determining the likely success of new ventures. Of even greater concern, the investments are made with taxpayers’ money,” the letter states...
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Ken Notes: Am I missing something, the people who determined that Foxconn and Kestral would be successful and gave millions if not billions are now saying government should stay away. Pot kettle??? We need venture capitol in the state and as I mentioned before we need due diligence and to use incentives that are not there if the businesses do not materialize. (100 Million is about $30 dollars per tax payer, I`m in) We threw money away in the case of Kestral (56.4 Million actually) we have not "fronted" as much with Foxconn but communities have infrastructure and land investments.
Why not create the advisory board and add a matching private component to the funding to improve due diligence. We could offset interest, provide tax credits, and match some startup funds. There will be winners and losers because this is business but creating a public private team is a good thing. Oh and then keep score...
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- - Volume: 9 - WEEK: 22 Date: 5/27/2021 8:06:16 AM -