Gov. Tony Evers recently announced his 2021-23 budget will provide $100 million in a new venture capital program to jumpstart innovation and startup growth in Wisconsin.

“Over the past year, our small businesses have seen the effects of this pandemic firsthand,” Gov. Evers said in a statement. “These investments will ensure our main street businesses, our workers and our state bounce back and better than before … while investing in new innovation and startups.”

According to a release, the Wisconsin Economic Development Corporation will direct the VC program, which will be a fund of funds. VC funds receiving investment from the fund of funds program must commit to investing that amount in the state.