(a) The CTNext board of directors shall award a one-time grant-in-aid in an amount up to five hundred thousand dollars to a policy institute, institution of higher education or research organization to conduct the assessments, audits and reports required under this section. Such institute, institution or organization shall have significant experience in evaluating public innovation and entrepreneurship initiatives and assessing state-wide innovation and entrepreneurship performance generally. The assessments, audits and reports required under this section shall be submitted to the CTNext board of directors and to the joint standing committees of the General Assembly having cognizance of matters relating to commerce and finance, revenue and bonding in accordance with the provisions of section 11-4a. For the purposes of this section, “CTNext” means the subsidiary established pursuant to section 32-39f, “CTNext board of directors” means the board established pursuant to section 32-39f, “grant recipient” means the entity to whom the one-time grant authorized by this section is awarded, and “serial entrepreneur” means an entrepreneur having brought one or more start-up businesses to venture capital funding by an institutional investor.
(b) The grant recipient shall submit a baseline assessment of innovation and entrepreneurship in the state on or before June 1, 2017, to the CTNext board of directors and to the joint standing committees of the General Assembly having cognizance of matters relating to commerce and finance, revenue and bonding in accordance with the provisions of section 11-4a. Such baseline assessment shall set forth baseline data for program measures. Such program measures may include, but not be limited to, (1) the increase or decrease of (A) start-up businesses in this state, (B) software developers in the state, (C) start-up businesses in this state that have reached the growth stage, and (D) serial entrepreneurs in the state; (2) job growth within growth stage businesses; (3) the amount of private venture capital invested in start-up and growth stage businesses; (4) employee turnover at start-up and growth stage businesses; (5) the amount of research related to entrepreneurship and innovation that is currently funded by institutions of higher education in the state; (6) the rate at which businesses enter the market in the state compared to the rate at which businesses exit such market; and (7) the rate of hiring in the state in excess of job creation and the rate of separations from employment in excess of job loss. The grant recipient shall submit an updated assessment of such measures biennially thereafter for a period of four years.
(c) The grant recipient shall conduct audits and analyses of (1) the programs and initiatives within CTNext which shall include, but not be limited to, (A) an analysis of whether such programs and initiatives are enhancing the measures set forth in subsection (b) of this section, and (B) recommendations for legislative or programmatic changes to (i) improve the measures set forth in subsection (b) of this section, and (ii) increase new business formation; (2) activity at The University of Connecticut that encourages or discourages entrepreneurship, including, but not limited to, an analysis of patenting and intellectual property licensing policies and hiring of faculty with entrepreneurial experience; and (3) activity that would increase the likelihood of new business formation.
(d) The grant recipient may conduct a one-time policy audit of state legislation and regulations affecting innovation and entrepreneurship in the state with recommendations for improvements thereto.
(e) The grant recipient may prepare a report (1) evaluating intrapreneurship models used by business organizations to stimulate creativity and innovation at such businesses, (2) detailing what, if any, such models are applied by businesses in the state, and (3) with recommendations for promoting the application of such models by businesses in the state.
(f) The CTNext board shall prescribe the manner in which a policy institute, institution of higher education or research organization shall submit an application for a grant-in-aid awarded pursuant to subsection (a) of this section, provided such application procedure shall include a request for proposals to conduct the assessments, audits and reports required under this section. Any such response to such request for proposal shall be submitted to CTNext on or before January 1, 2017.
(May Sp. Sess. P.A. 16-3, S. 25.)
History: May Sp. Sess. P.A. 16-3 effective July 1, 2016.
Structure Connecticut General Statutes
Title 32 - Commerce and Economic and Community Development
Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated
Section 32-32. - Short title: Innovation Capital Act of 1989.
Section 32-33. - Legislative finding.
Section 32-35. - Connecticut Innovations, Incorporated.
Section 32-36. - Perpetual succession. Termination.
Section 32-37. - Board of directors.
Section 32-38. - Chief executive officer.
Section 32-39. - Corporate purpose; powers.
Section 32-39d. - Guarantees of corporation made investment securities.
Section 32-39f. - CTNext. Purposes. Board of directors. Executive director.
Section 32-39g. - CTNext. Powers.
Section 32-39h. - CTNext. Procedures.
Section 32-39i. - CTNext Fund established. Uses.
Section 32-39j. - Definitions.
Section 32-39k. - Innovation place program. Purposes.
Section 32-39p. - Connecticut 500 Project. Goals. Solicitation of bids.
Section 32-39w. - Assistance with state strategic economic planning.
Section 32-39x. - Entrepreneurs-in-Residence program. Proof of concept fund.
Section 32-39y. - Recapitalization of innovation place program. Bond authorization.
Section 32-40. - Applications for financial aid.
Section 32-41aa. - Connecticut Bioscience Innovation Fund. Definitions.
Section 32-41b. - Bond issue for high technology products. Loan interest rates.
Section 32-41bb. - Bioscience Innovation Advisory Committee.
Section 32-41dd. - Bond authorization for Connecticut Bioscience Innovation Fund.
Section 32-41g. - Short title: Technology Deployment Act of 1993.
Section 32-41h. - Legislative finding.
Section 32-41i. - Definitions.
Section 32-41j. - Manufacturing application center program.
Section 32-41k. - Deployment research program.
Section 32-41l. - Energy and environmental technologies deployment center program.
Section 32-41m. - Connecticut educational and job training technologies deployment center programs.
Section 32-41n. - Critical technologies grant program.
Section 32-41nn. - Bond authorization for Regenerative Medicine Research Fund.
Section 32-41o. - Bond issue for technology deployment.
Section 32-41oo. - Program to incentivize formation of new venture capital funds.
Section 32-41p. - Workplace center of excellence program.
Section 32-41q. - Critical industries development account. Purpose. Regulations.
Section 32-41qq. - Plan to collect data re crumbling concrete foundations.
Section 32-41r. - Short title: Economic Recovery Act of 1996.
Section 32-41t. - High technology research and development program: Definitions.
Section 32-41u. - High technology research and development program: Establishment and purpose.
Section 32-41v. - Connecticut New Opportunities Fund.
Section 32-41w. - Early-stage venture capital program.
Section 32-41x. - Preseed financing account and program.
Section 32-41z. - Bond issue for the Connecticut Bioscience Collaboration program.
Section 32-42. - Examination. Audits.
Section 32-43. - State pledge.
Section 32-44. - Powers to be interpreted broadly.
Section 32-45. - Inconsistent provisions of law.
Section 32-46. - Tax exemption.
Section 32-47. - Personal liability of directors or persons acting on behalf of the corporation.