MILWAUKEE – Marquette University’s vice president for research and innovation on Tuesday testified before a state Senate committee in favor of a Senate bill that would create a state innovation fund to advance economic development.
Dr. Jeanne Hossenlopp addressed the Senate Committee on Economic Development, Commerce and Local Government regarding Senate Bill 525, the Wisconsin Workforce and Innovation Network for Success (WINS) Act.
The legislation would create a $500 million fund to support private sector industry groups who are looking to help their member companies grow their industrial clusters, through partnerships with educational institutions for industry-specific research and skills training, start-up support and rapid prototyping of new products and services.
‘Making an investment in creating this Innovation Fund will greatly assist higher education, in partnership with existing and emerging ventures, to continue playing an important role in supporting economic growth,’ Hossenlopp told the committee.
In addition, the legislation supports challenge grants, where the Wisconsin Economic Development Corp. will make a grant available to help develop new technological solutions to current problems. The WEDC then will seek proposals for research and development activities aimed at producing new products and services to solve those problems.