Connecticut § 32-39x Entrepreneurs-in-Residence program. Proof of concept fund.

Connecticut Statutes

§ 32-39x — Entrepreneurs-in-Residence program. Proof of concept fund.

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

(a)The commissioner may establish and operate an Entrepreneurs-in-Residence program that may replace and incorporate any similar program run by the department prior to July 1, 2018. Such program may identify highly experienced entrepreneurs who have been involved in the successful creation of innovation-based start-up companies and early-state venture deals and retain their services to match them with entrepreneurs and companies in the department's network to provide advice and assistance. Such retention may be on a paid or volunteer basis, as agreed to by the entrepreneur-in-residence and the commissioner, except that an employee of the department who serves as an entrepreneur-in-residence shall serve on a voluntary basis.

(b)The commissioner may establish jointly with the chief executi

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(a) The commissioner may establish and operate an Entrepreneurs-in-Residence program that may replace and incorporate any similar program run by the department prior to July 1, 2018. Such program may identify highly experienced entrepreneurs who have been involved in the successful creation of innovation-based start-up companies and early-state venture deals and retain their services to match them with entrepreneurs and companies in the department's network to provide advice and assistance. Such retention may be on a paid or volunteer basis, as agreed to by the entrepreneur-in-residence and the commissioner, except that an employee of the department who serves as an entrepreneur-in-residence shall serve on a voluntary basis. (b) The commissioner may establish jointly with the chief executive officer of Connecticut Innovations, Incorporated a proof of concept fund to make investments or provide grants of up to one hundred thousand dollars to support commercialization activities that are relevant to key industries in the state. Preference may be given to (A) such activities that are based on research conducted at institutions of higher education in the state, (B) making investments in companies involved in such research or commercialization efforts, or (C) both. Such investments or grants shall be awarded on a competitive basis and any applicant for an investment or a grant under this subdivision shall demonstrate, in a form and manner prescribed by the executive director in consultation with the chief executive officer, such applicant's intent to commercialize aspects of such research. A grant under this subdivision may be awarded directly to the applicant or to a company involved in such research or commercialization efforts.

Connecticut § 32-39x (Entrepreneurs-in-Residence program. Proof of concept fund.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

(P.A. 18-178, S. 48; P.A. 24-149, S. 13.) History: P.A. 18-178 effective July 1, 2018; P.A. 24-149 replaced references to “executive director of CTNext” with references to “commissioner” throughout and amended Subsec. (a) to replace references to “CTNext” with references to “the department”, change references to “CTNext network” to references to “department's network” and replace references to “CTNext board of directors” with references to “commissioner”, effective July 1, 2024.