DES MOINES — What to do about the Iowa economy has been on the minds of several state officials this week. The Iowa Values Fund is one way they hope to “fix” the “broken” economy.

“We need to start with the premise that the Iowa economy is broken and the tax system is broken,” said Mike Blouin, Gov. Tom Vilsack’s new director of economic development, at a summit addressing Iowa’s economic future on Monday.

The summit, attended by more than 150 people, was sponsored by the Iowa Women in Public Policy.

Blouin said Iowa can either “give up or grow the economy.”

He said the governor’s decision not to run for a third term, coupled with his desire to work with the Legislature, should help move the discussion on economic development forward.

The Iowa Values Fund is the center of Vilsack’s plan to jump-start Iowa’s economy. Iowa State will benefit directly from a portion of the $50 million taken from the $500 million that will make up the fund.

“A large percentage will go to Iowa State University, but it hasn’t been broken down directly yet,” said Rep. Jane Greimann, D-Ames.

The University of Iowa and a proposed Sioux Center Animal Sciences Center will also be recipients of a portion of the $50 million, Blouin said.

The source of the money for the Iowa Values Fund is still unknown.

“The governor will give his budget to us this [on Friday],” said Rep. Carmine Boal, R-Ankeny. “We hope he will lay out specific details as to the funding stream for this concept.”

Greimann said funding will be decided by the Legislature throughout the session.

“The governor is suggesting bonds be made available for people to purchase as an investment to provide the working capital to fund the program,” she said.

Blouin stressed the bipartisan mood in Iowa regarding economic development. He said Vilsack looks forward to working with the legislators to help make Iowa a high growth and high wage state.

“Making more venture capital available in Iowa will make our job easier,” said Steven Carter, president of the ISU Research Park and director of the Pappajohn Center for Entrepreneurship. The Pappajohn Center is located at the ISU Research Park and is committed to helping new companies get off the ground, he said.

Blouin said Iowans should not be afraid to think in new ways concerning economic growth.

“We need to step outside of our comfort zones,” Blouin said. “We need to risk like we’ve never risked before.”