MADISON (WKOW) -- According to a study released earlier this year by the Kauffman Foundation, 46 states are ahead of Wisconsin in developing start-up businesses.
Tammy Baldwin wants to help change that with her first piece of legislation in the U.S. Senate.
Senator Baldwin (D-Wisconsin) is meeting with entrepreneurs across the state this week to discuss what would help them and encourage others to start their own companies.
Isomark LLC, a Madison-based company, is working on getting FDA approval for a groundbreaking medical device.
"We have a breath-based biomarker that through examining exhaled breath we can detect if someone has a severe infection or not," said Joe Kremer, Chief Executive Officer for Isomark.
But getting that device from the development stage to the marketplace can be challenging for start-up businesses like Isomark.
"We have issues attracting capital to our company because we really don't have enough investment capital available for startups," said Kremer.
"I think we could be leading the nation if these young entrepreneurs, these new innovators, get the support that they ought to have," said Sen. Baldwin.
Sen. Baldwin's Small Business Innovation Act of 2013 aims to do that by expanding the Small Business Administration's authority to provide an extra $4 billion to Small Business Investment Companies. SBIC's use their own capital and money from the SBA to invest in small start-up companies.
"We've got to create a better environment for entrepreneurship and I'm glad to be able to introduce a bill and push a bill that would focus right on that," said Sen. Baldwin.
The program could be self-sustaining as well, because the SBIC's are traditionally funded with fees paid into the SBA.