Connecticut § 32-40b State funding for advanced technology centers; considerations in approval process by Connecticut Innovations, Incorporated.

Connecticut Statutes

§ 32-40b — State funding for advanced technology centers; considerations in approval process by Connecticut Innovations, Incorporated.

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

In approving the application of an advanced technology center, as defined in section 32-34, for state funding, Connecticut Innovations, Incorporated, shall assess scientific, economic, management and financial factors, including, but not limited to the following:

(1)The likelihood that the research proposal will result in fundamental technological advances transferable to commercial application and the means that the center proposes to make these transfers;

(2)The potential of the research proposal to stimulate technological advances in existing businesses, new business creation and long-term job growth in Connecticut;

(3)Evidence of significant financial commitment by academic and industrial participants and the likelihood that the center will become self-sufficient by the end of the s

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In approving the application of an advanced technology center, as defined in section 32-34, for state funding, Connecticut Innovations, Incorporated, shall assess scientific, economic, management and financial factors, including, but not limited to the following: (1) The likelihood that the research proposal will result in fundamental technological advances transferable to commercial application and the means that the center proposes to make these transfers; (2) The potential of the research proposal to stimulate technological advances in existing businesses, new business creation and long-term job growth in Connecticut; (3) Evidence of significant financial commitment by academic and industrial participants and the likelihood that the center will become self-sufficient by the end of the state's financial commitment period; (4) Evidence that the state will receive a financial return commensurate with its investment in the center; (5) The level of representation by all financial participants in the center's proposed management structure; (6) The planned involvement of small businesses and academic institutions in the center's activities; (7) The center's plan to involve minority students and minority-owned businesses in its activities; and (8) The adequacy of the center's proposed mechanisms for evaluating its progress.

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