§ 32-39f — Definitions. Use of funds available in CTNext Fund.

Connecticut § 32-39f

• Jurisdiction: Connecticut
• Title 32: Commerce and Economic and Community Development
• Ch. 581: Innovation Capital Act of 1989. Connecticut Innovations, Incorporated

Text

(a) As used in this section and sections 32-39g, 32-39i, 32-39k to 32-39o, inclusive, 32-39t, 32-39x and 32-39y, unless the context otherwise requires: (1) “Anchor institution” means an entity having a significant and stable presence in the community, including, but not limited to, an institution of higher education, hospital, major corporation, research institution, business incubator or business accelerator; (2) “Commissioner” means the Commissioner of Economic and Community Development; (3) “Department” means the Department of Economic and Community Development; (4) “Designated innovation place” means an area designated as an innovation place pursuant to section 32-39m ; (5) “Entity” means a corporation, association, partnership, limited liability company, benefit corporation, nonprofit organization, municipality, institution of higher education or any other similar entity; (6) “Growth stage business” means a business (A) that has been incorporated for ten years or less, (B) that has raised private capital, and (C) whose annual gross revenue has increased by twenty per cent for each of the three preceding income years of such business; (7) “Innovation entity” means an entity whose application for innovation place designation is approved by the commissioner pursuant to section 32-39m ; (8) “Innovation place” has the same meaning as described in section 32-39k ; (9) “Master plan” means the plan submitted to the commissioner pursuant to subsection (c) of section 32-39 l ; (10) “Municipality” means any town, city, consolidated town and city or consolidated town and borough; (11) “New Haven Line” means the rail passenger service operated between New Haven and intermediate points and Grand Central Station, including the Danbury, Waterbury and New Canaan branch lines; (12) “Public transit” means the New Haven Line, Shore Line East, the New Haven-Hartford-Springfield rail line and the New Britain to Hartford busway and any planned expansion of such busway; and (13) “Shore Line East” means the rail service operating between New Haven and New London. (b) The department may use any funds available in the CTNext Fund established under section 32-39i for the following purposes: (1) To foster and oversee the growth and continuous improvement of a state-wide entrepreneurial ecosystem and infrastructure that is supportive of Connecticut innovators and entrepreneurs and to initiate changes to practices that the commissioner deems to be outdated to improve such ecosystem and infrastructure; (2) To maintain an active and conspicuous presence at all nodes of such ecosystem and infrastructure and continuously increase connections between such nodes; (3) To regularly reassess the health of such ecosystem and infrastructure, identify their changing needs, adopt initiatives or adapt existing initiatives to meet such needs and regularly inform the General Assembly of such needs by proposing recommended legislation deemed necessary or desirable by the commissioner; (4) To support the growth of start-up and growth stage businesses; (5) To promote entrepreneur community-building; (6) To connect start-up and growth stage business entrepreneurs with other start-up and growth stage business entrepreneurs and with state, federal and private resources; (7) To facilitate the establishment of innovation places and incubator facilities and the development, growth and evolution of innovation places and incubator facilities individually and in mutually supportive connections to other innovation places and incubator facilities; (8) To facilitate mentorship for start-up and growth stage business entrepreneurs; (9) To provide technical training and resources to start-up and growth stage businesses and entrepreneurs; (10) To facilitate innovation and entrepreneurship at institutions of higher education; and (11) To identify areas in which current practices and policies at such institutions of higher education are not realizing their full potential.

Legislative History

(May Sp. Sess. P.A. 16-3, S. 1; P.A. 17-212, S. 3; P.A. 18-178, S. 46; June Sp. Sess. P.A. 21-2, S. 246; P.A. 24-149, S. 5.) History: May Sp. Sess. P.A. 16-3 effective June 2, 2016; P.A. 17-212 made technical changes in Subsec. (b), effective July 10, 2017; P.A. 18-178 substantially amended Subsec. (a) including by designating existing provisions re purposes of CTNext as Subdivs. (1) and (2), adding provisions re state-wide entrepreneurial ecosystem, adopting and adapting initiatives, informing the General Assembly, supporting growth of start-up and growth stage businesses, promoting entrepreneur community-building, facilitating development, growth and evolution of innovation places, and identifying areas in which current practices and policies at institutions are not realizing their full potential, and adding Subdiv. (3) re CTNext to do all things necessary and proper to carry out purposes of Subdivs. (1) and (2), designating existing provisions re CTNext not an employer as Subdiv. (4), amended Subsec. (c) by deleting provision re first meeting of the board, and adding provision re chairperson of the board, and chief executive officer of Connecticut Innovations, Incorporated to remain member of board, and amended Subsec. (j) by adding provision notwithstanding the general statutes, replacing “complies with all applicable provisions of chapter 10, except as provided in this subsection” with “shall abstain from deliberation, action or vote by the board in specific respect to such person, firm or corporation”, and made technical and conforming changes, effective July 1, 2018; June Sp. Sess. P.A. 21-2 amended Subsec. (b) by replacing “eleven” with “twelve” re members and “a majority” with “at least half” re serial entrepreneurs, and adding reference to Chief Workforce Officer and making conforming changes in Subdiv. (9), effective July 1, 2021; P.A. 24-149 amended Subsec. (a) to delete provision in introductory language re establishment of CTNext, add new Subdivs. (1) to (4) defining “anchor institution”, “commissioner”, “department” and “designated innovation place”, add Subdivs. (5) to (13) defining “entity”, “growth stage business”, “innovation entity”, “innovation place”, “master plan”, “municipality”, “New Haven Line”, “public transit” and “Shore Line East”, redesignate existing Subsec. (a)(1) as Subsec. (b)(1) to (3) and existing Subsec. (a)(2) as Subsec. (b)(4) to (11), delete former Subsec. (a)(3) re CTNext do all things to carry out purposes and delete former Subsec. (a)(4) re CTNext not an employer, added new Subsec. (b) re CTNext Fund may be used for certain purposes, replaced references to “CTNext board of directors” with references to “commissioner” in redesignated Subsec. (b)(1) and (3), deleted provision re primary purpose of CTNext in redesignated Subsec. (b)(1), added references to infrastructure in redesignated Subsec. (b)(1) to (3), deleted provision re further purposes of CTNext in redesignated Subsec. (b)(4), changed “growth stage entrepreneurs” to “growth stage business entrepreneurs” in redesignated Subsec. (b)(6) and (8), added references to incubator facilities in redesignated Subsec. (b)(7), added “of higher education” in redesignated Subsec. (b)(11), deleted former Subsecs. (b) to (h) and (j) re CTNext board of directors and deleted former Subsec. (i) re continuation and termination of CTNext and made technical and conforming changes throughout, effective July 1, 2024.