Conn. Gen. Stat. § 32-32
Short title: Innovation Capital Act of 1989
This chapter shall be known as and may be cited as the “Innovation Capital Act of 1989”.
General Statutes of Connecticut Chapter 581 — Innovation Capital Act of 1989. Connecticut Innovations, Incorporated
Connecticut · statute · Conn. Gen. Stat. ch. 581 · 71 active provisions
Conn. Gen. Stat. § 32-33
Legislative finding
It is found and declared that there exists in the state a great and growing need for industrial and commercial development and activity to provide and maintain employment and tax revenues; that the creation of new technology-based businesses represents an important source of new jobs for the economy of the state; that…
Conn. Gen. Stat. § 32-34
Definitions
As used in this chapter, the following terms shall have the following meanings unless the context clearly indicates another meaning and intent: (1) “Corporation” means Connecticut Innovations, Incorporated as created under section 32-35; (2) “Entrepreneur” means any person who seeks to organize, operate and assume the…
Conn. Gen. Stat. § 32-35
Connecticut Innovations, Incorporated
(a) There is hereby created a body politic and corporate to be known as “Connecticut Innovations, Incorporated”. Such corporation is constituted a public instrumentality and political subdivision of the state and the exercise by the corporation of the powers conferred in this chapter shall be deemed and held to be the…
Conn. Gen. Stat. § 32-36
Perpetual succession. Termination
The corporation shall have perpetual succession and shall adopt, amend and repeal bylaws for the conduct of its affairs. Such succession shall continue until the existence of the corporation is terminated by law, provided no such termination shall affect any outstanding contractual obligation of the corporation to assi…
Conn. Gen. Stat. § 32-37
Board of directors
(a) The powers of the corporation shall be vested in and exercised by the board of directors. Eight members of the board shall constitute a quorum and the affirmative vote of a majority of the members present at a meeting of the board shall be necessary and sufficient for any action taken by the board. No vacancy in th…
Conn. Gen. Stat. § 32-38
Chief executive officer
The board shall appoint a chief executive officer of the corporation who shall not be a member of the board and who shall serve at the pleasure of the board and shall receive such compensation as shall be determined by the board. The chief executive officer shall direct and supervise administrative affairs and the gene…
Conn. Gen. Stat. § 32-39
Corporate purpose; powers
The purposes of the corporation shall be to stimulate and encourage the research and development of new technologies, businesses and products, to encourage the creation and transfer of new technologies, to assist existing businesses in adopting current and innovative technological processes, to stimulate and provide se…
Conn. Gen. Stat. § 32-39c
Limitation on liability of Connecticut Innovations, Incorporated and certain officers with respect to affiliates of the corporation
(a) With respect to any affiliate created pursuant to section 32-39, liability shall be limited solely to the assets and revenues or other resources of any such affiliate and without recourse liability to Connecticut Innovations, Incorporated, its other funds or any other assets of the corporation, except to the extent…
Conn. Gen. Stat. § 32-39d
Guarantees of corporation made investment securities
Guarantees issued by Connecticut Innovations, Incorporated, and all equity instruments and obligations, any of which include a guarantee of a return of capital or principal by the corporation, under the provisions of this chapter, are hereby made securities in which all public officers and public bodies of the state an…
Conn. Gen. Stat. § 32-39e
Development of new or experimental technologies, products or processes. Procurement for state agencies. Program to recognize state agencies
(a) If, in the exercise of its powers under section 32-39, Connecticut Innovations, Incorporated (1) finds that the use of a certain technology, product or process (A) would promote public health and safety, environmental protection or economic development, or (B) with regard to state services, would promote efficiency…
Conn. Gen. Stat. § 32-39f
Definitions. Use of funds available in CTNext Fund
(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, h…
Conn. Gen. Stat. § 32-39g
Powers of the commissioner for certain purposes
For the purposes enumerated in subsection (b) of section 32-39f, the commissioner may: (1) Make and enter into all contracts and agreements necessary or incidental to the performance of the commissioner's duties and the execution of the commissioner's powers under this section, including contracts and agreements for su…
Conn. Gen. Stat. § 32-39h
CTNext. Procedures
Section 32-39h is repealed, effective July 1, 2024.
Conn. Gen. Stat. § 32-39i
CTNext Fund established. Uses
(a) For the purposes of this section, “administrator” means Connecticut Innovations, Incorporated in its capacity as administrator of the CTNext Fund established pursuant to this section. (b) There is established a CTNext Fund, to be held, administered, invested and disbursed by the administrator. The fund shall contai…
Conn. Gen. Stat. § 32-39j
Definitions
Section 32-39j is repealed, effective July 1, 2024.
Conn. Gen. Stat. § 32-39k
Innovation place program. Purposes
The commissioner may establish an innovation place program within the department. If such program is established, the purpose of such program shall be to (1) foster innovation and entrepreneurship by facilitating the designation and establishment of innovation places consisting of one or more compact geographic areas w…
Conn. Gen. Stat. § 32-39l
Planning grants-in-aid. Innovation place designation. Applications. Public hearing
(a) Connecticut Innovations, Incorporated may post on its Internet web site an application form, prescribed by Connecticut Innovations, Incorporated, for planning grants-in-aid awarded pursuant to subsection (b) of this section. If posted, such application form shall state that applications for planning grants-in-aid s…
Conn. Gen. Stat. § 32-39m
Innovation place designation applications approval. Award of grants-in-aid. Considerations. Report
(a) Through the innovation place program described in section 32-39k, the commissioner may: (1) Review and evaluate applications for innovation place designation submitted by entities pursuant to section 32-39l. (2) (A) Approve applications for innovation place designation and designate such approved applications as an…
Conn. Gen. Stat. § 32-39n
Venture or investment agreements entered into by Connecticut Innovations, Incorporated
Notwithstanding any provision of the general statutes, any venture agreement, investment agreement or other similar agreement entered into by Connecticut Innovations, Incorporated on or after June 2, 2016, shall involve one or more private partners, except any such agreement involving the Connecticut Bioscience Innovat…
Conn. Gen. Stat. § 32-39o
Forgiveness of received state assistance for participation in mentorship network
The Commissioner of Economic and Community Development may forgive a portion of any state assistance received by a technology-based business and owed to the state if such business participates in a mentorship network established by the department. The commissioner shall develop a formula to calculate such state assista…
Conn. Gen. Stat. § 32-39p
Connecticut 500 Project. Goals. Solicitation of bids
Section 32-39p is repealed, effective July 1, 2023.
Conn. Gen. Stat. § 32-39t
Higher Education Entrepreneurship Advisory Committee. Membership. Applications. Recommendation of approval
(a) The commissioner may establish a Higher Education Entrepreneurship Advisory Committee within the department. If established, such committee shall consist of members appointed by the commissioner, including, but not limited to: (1) An equal number of representatives of public and private institutions of higher educa…
Conn. Gen. Stat. § 32-39x
Entrepreneurs-in-Residence program. Proof of concept fund
(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…
Conn. Gen. Stat. § 32-39y
Bond authorization. Proceeds used for purposes of CTNext Fund
(a) For the purposes described in subsection (b) of this section, the State Bond Commission shall have the power from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate two hundred thousand dollars. (b) The proceeds of the sale of s…
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