A consortium of 15 state colleges, nonprofits and health companies are working together to vie for millions of dollars in federal money and a designation of Wisconsin as a regional tech hub.

If the federal Economic Development Administration selects Wisconsin for the status, the state could be one of at least five to receive $50 million to $75 million in federal funding under the CHIPS and Science Act passed last year.

The money would be a boon for Wisconsin’s already growing innovation industry, bolstering the state’s economy, increasing its workforce and expanding development of personalized medicine and biohealth technology.