Title 32 — Title 32: Commerce and Economic and Community Development

Sec. 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”. (1972, P.A. 248, S. 1; P.A. 89-245, S. 6.) History: P.A. 89-235 renamed chapter as the Innovation Capital Act of 1989. Constitutionali…

Sec. 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 repre…

Sec. 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…

Sec. 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 …

Sec. 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 ter…

Sec. 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 nece…

Sec. 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 exe…

Sec. 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 adopt…

Secs. 32-39a and 32-39b. Powers re investments during early stage of ventures. Powers re financial aid for marketing innovative services. Sections 32-39a and 32-39b are repealed. (P.A. 86-255, S. 1; P.A. 88-154, S. 2, 3; P.A. 89-245, S. 20.)

Sec. 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 o…

Sec. 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…

Sec. 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 c…

Sec. 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 a…

Sec. 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 th…

Sec. 32-39h. CTNext. Procedures. Section 32-39h is repealed, effective July 1, 2024. (May Sp. Sess. P.A. 16-3, S. 3; P.A. 24-149, S. 21.)

Sec. 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 he…

Sec. 32-39j. Definitions. Section 32-39j is repealed, effective July 1, 2024. (May Sp. Sess. P.A. 16-3, S. 5; P.A. 17-212, S. 4; P.A. 24-149, S. 21.)

Sec. 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 an…

Sec. 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 awarde…

Sec. 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 submi…

Sec. 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…

Sec. 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 parti…

Sec. 32-39p. Connecticut 500 Project. Goals. Solicitation of bids. Section 32-39p is repealed, effective July 1, 2023. (May Sp. Sess. P.A. 16-3, S. 20; P.A. 23-204, S. 444.)

Secs. 32-39q to 32-39s. Assessment of innovation and entrepreneurship in the state; audits and analyses by grant recipient; report; application procedure. Financial assistance priority for entities located in designated innovation places. Innovation and entrepreneurship at public…

Sec. 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 o…

Secs. 32-39u to 32-39w. Start-up businesses in designated innovation place located in a single municipality; grant-in-aid program. Internet web site re Connecticut-based start-up businesses; requirements; promotion of web site. Assistance with state strategic economic planning. S…

Sec. 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…

Sec. 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…

Sec. 32-40. Applications for financial aid. (a) All applications for financial aid shall be forwarded, together with an application fee prescribed by the corporation, to the chief executive officer of the corporation. Each such application shall be processed in accordance with th…

Sec. 32-40a. Advanced technology centers; purposes. Applications to Connecticut Innovations, Incorporated for state funding. Any advanced technology center, as defined in section 32-34, shall be established for purposes of conducting research characterized by reasonable prospects…

Sec. 32-40b. State funding for advanced technology centers; considerations in approval process by Connecticut Innovations, Incorporated. In approving the application of an advanced technology center, as defined in section 32-34, for state funding, Connecticut Innovations, Incorpo…

Sec. 32-40c. State funding for any advanced technology center to be approved only when funds from other sources are at least equal to the state funds. Funds from the state of Connecticut for purposes of any advanced technology center, as defined in section 32-34, shall not be all…

Sec. 32-41. Bond issue. The State Bond Commission shall have power in accordance with the provisions of section 3-20 to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate forty-seven million eight hundred fif…

Sec. 32-41a. Connecticut Innovations, Incorporated Fund. Use of funds or revenues of the corporation. (a) There is hereby created a “Connecticut Innovations, Incorporated Fund”. Proceeds from the sale of bonds authorized by the State Bond Commission in accordance with section 32-…

Sec. 32-41aa. Connecticut Bioscience Innovation Fund. Definitions. For the purpose of this section and sections 32-41bb to 32-41dd, inclusive: (1) “Administrative costs” means the costs paid or incurred by the administrator, including, but not limited to, peer review costs, profe…

Sec. 32-41b. Bond issue for high technology products. Loan interest rates. The State Bond Commission shall have power in accordance with the provisions of section 3-20 to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in …

Sec. 32-41bb. Bioscience Innovation Advisory Committee. (a) There shall be a Bioscience Innovation Advisory Committee that shall consist of the following thirteen members: (1) Four appointed by the Governor; (2) one appointed by the president pro tempore of the Senate; (3) one ap…

Secs. 32-41c to 32-41f. Reserved for future use.

Sec. 32-41cc. Connecticut Bioscience Innovation Fund. Establishment. Financial assistance. Report. (a) There is established a Connecticut Bioscience Innovation Fund, to be held, administered, invested and disbursed by the administrator pursuant to this section. The fund shall con…

Sec. 32-41dd. Bond authorization for Connecticut Bioscience Innovation Fund. (a)(1) The State Bond Commission shall authorize the issuance of bonds of the state, in accordance with the provisions of section 3-20, in principal amounts not exceeding in the aggregate two hundred fou…

Secs. 32-41ee to 32-41ii. Reserved for future use.

Sec. 32-41g. Short title: Technology Deployment Act of 1993. Sections 32-41g to 32-41o, inclusive, shall be known and may be cited as the “Technology Deployment Act of 1993”. (P.A. 93-382, S. 30, 69.) History: P.A. 93-382 effective July 1, 1993.

Sec. 32-41h. Legislative finding. It is hereby found and declared that the deployment of advanced available technologies in Connecticut manufacturing is vital to the economic interests of the state, that advanced basic research continues to be a strong asset of state institutions…

Sec. 32-41i. Definitions. As used in sections 32-41g to 32-41o, inclusive: (1) “Act” means the Technology Deployment Act of 1993; (2) “Advanced available technology” means a technology or process that can be applied to a manufacturing operation without substantial modification; (…

Sec. 32-41j. Manufacturing application center program. (a) There is established a university-based manufacturing application center program to be administered by the corporation for the purpose of promoting technology deployment by linking Connecticut's higher education system wi…

Sec. 32-41jj. (Formerly Sec. 19a-32d). Regenerative medicine research: Definitions. Prohibition on human cloning. Disposition of embryos or embryonic stem cells following infertility treatment. Written consent required for donations. Embryonic stem cell research authorized. Penal…

Sec. 32-41k. Deployment research program. (a) There is established a nonprofit deployment research program to be administered by the corporation for the purpose of identifying emerging advanced available technologies in economically distressed manufacturing or former manufacturin…

Sec. 32-41kk. (Formerly Sec. 19a-32e). Regenerative Medicine Research Fund. Application for financial assistance. Available funding. (a) There is established the “Regenerative Medicine Research Fund”, which shall be a separate, nonlapsing account within the General Fund. The fund…

Sec. 32-41l. Energy and environmental technologies deployment center program. (a) There is established a Connecticut energy and environmental technologies deployment center program to be administered by the corporation for the purpose of promoting a nonprofit business consortium …

Sec. 32-41ll. (Formerly Sec. 19a-32f). Development of donated funds program to encourage regenerative medicine research. Administration of Regenerative Medicine Research Fund. (a) The chief executive officer of Connecticut Innovations, Incorporated, shall (1) develop a donated fu…