§ 53H-16-402 — Organization of Utah innovation fund -- Powers and purposes -- Use of investment proceeds.

(1) (1)(a) The institute shall organize, and be the sole member and manager of, the Utah innovation fund.
(1)(b) The Utah innovation fund shall be organized as a limited liability company.
(1)(c) The Utah innovation fund may:
(1)(c)(i) engage consultants and legal counsel;
(1)(c)(ii) invest and expend funds;
(1)(c)(iii) use funds for operations of the Utah innovation fund;
(1)(c)(iv) enter into contracts;
(1)(c)(v) insure against loss;
(1)(c)(vi) hire employees; and
(1)(c)(vii) perform any other act necessary to carry out the purposes of the Utah innovation fund.
(2) The Utah innovation fund shall, subject to investment committee approval, make qualified investments in a manner and for the following purposes:
(2)(a) to advance innovative technologies developed in Utah;
(2)(b) to strengthen Utah's economy and facilitate job creation;
(2)(c) to help qualified businesses gain access to capital;
(2)(d) to attract entrepreneurs and innovation to Utah;
(2)(e) to facilitate the commercialization of technologies discovered, advanced, or developed at institutions of higher education;
(2)(f) to advance the competitiveness of Utah businesses in the global economy;
(2)(g) to ensure that the Utah innovation fund remains financially self-sustaining; and
(2)(h) to encourage other investors to invest in qualified businesses alongside the Utah innovation fund.
(3) The Utah innovation fund shall hold and manage qualified investments made by the Utah innovation fund and the proceeds of those qualified investments.
(4) The Utah innovation fund may charge a fee on assets under management in the Utah innovation fund to pay for reasonable and necessary costs of the Utah innovation fund, including the costs of the annual audit required under Section 53H-16-407.

Legislative History

Renumbered and Amended by Chapter 8, 2025 Special Session 1