A bipartisan group of state legislators introduced Wednesday a widely anticipated $25 investment capital bill.

“Wisconsin has the basic ingredients needed to create a more vibrant startup economy – ideas, innovation, intellectual property and talent,” Rep. Mike Kuglitsch (R-New Berlin), the bill’s lead author, said in a statement. “What’s needed now is more capital targeted to companies that are likely to grow and create jobs over time.”

Kuglitsch is joined by Assembly Majority Leader Scott Suder (R-Abbotsford), Rep. Fred Clark (D-Sauk City), Sen. Alberta Darling (R-River Hills) and Sen. Tim Cullen (D-Janesville) in proposing the bill, which would require a 2-to-1 private investment match over time.

Several groups, including Wisconsin Manufacturers & Commerce and the Greater Madison Chamber of Commerce, lauded the announcement.

“This bipartisan legislation aligns the public and private sector around the same goal with a simple formula: To grow jobs and wages, we must help companies start, stay and grow,” Zach Brandon, president of the chamber, said in a statement.

Gov. Scott Walker had previously earmarked the $25 million in his 2013-15 state budget. A $400 million venture capital bill failed to pass in the previous legislative session.