According to a recent story in the Milwaukee Journal Sentinel, a Minnesota bio-tech firm is moving shop to Wisconsin.

VitalMedix Inc.—the developer of a drug that could improve the chance of survival for victims of traumatic injury—was enticed by Wisconsin’s incentives for investments in high-growth companies.  

“This sort of deal is better understood by investors in Wisconsin,” [company president Jeffery M.] Williams said. “Angel groups in Wisconsin are not only more aggressive, there are just a lot more of them.”

In February, Gov. Jim Doyle and the Legislature expanded the state investment tax credit. Wisconsin doubled the cap on the amount of credits that a qualified business may use to $8 million, raised the cap on eligible angel investments to $4 million and tripled the total credits available each year to $37 million.

Assembly Majority Leader Tom Nelson said this of VitalMedix Inc.’s move to Wisconsin:

“There is little question that this move will help boost our state’s economy and strengthen our workforce, which is a direct result of the work we have done to create incentives for start-up companies to come to Wisconsin. More and more, Wisconsin is becoming known for our network of aggressive venture investing groups, and this news shows how critical it is that we continue to support venture investors.”

Wired Wisconsin supports creating a favorable environment for high-tech job creation and industry development within the state. The fact that high-tech companies are choosing Wisconsin over other states shows that the right investments—even in troubled times— can pay dividends.  Wisconsin needs more proactive thinking on high-tech job creation in other sectors.