Move over Silicon Valley, Wisconsin is positioning itself to become a designated Regional Tech Hub. With the backing of several high profile groups, it could become a reality and lead to a nice chunk of change.
Here’s Five Fast Facts About Wisconsin’s Regional Tech Hub:
- 🔬 A What Now? - A Regional Tech Hub Designation would allow the state to access $50M to $75 in federal funds from the CHIPS Act, designed to encourage technological and employment growth. Senator Tammy Baldwin is leading the push.
- 🧬 High Tech - The money would focus on our growing biohealth industry and an emphasis on what they’re calling “personalized medicine.” It uses patient data, including genomic sequence and environmental conditions, to better diagnose and treat patients. It would also advance research and studies for treatment of diabetes, cancer, and Alzheimer’s.
- 🧪 Where? - The formal Hub would include Madison and Milwaukee and the surrounding areas.
- 💊 How Big of a Deal Is This? - In 2021, our biohealth sector had a $32B economic impact and created $1.2B in state and local taxes. The designation would allow biotech companies to scale up their operations, share data, create more local jobs, and bring in even more money.
- 💉 But Who? - For example, GE HealthCare has facilities in Waukesha, Milwaukee, Wauwatosa, Pewakee, Oak Creek in Madison. They produce imaging technologies like CAT Scans, PET Scans, and CT scans.
🔥Bottom line: More money? Good. More jobs? Good. More healthcare solutions? Good. You can’t argue with any of those unless you’re a professional contrarian. The added prestige that comes with this kind of designation is the icing on the cake. Of course, that’s if it passes.
Do you think this is good for Wisconsin?
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