Connecticut Innovations, Incorporated, in consultation with the Department of Economic and Community Development, CTNext and the Connecticut Center for Advanced Technology, Inc., shall develop and implement a plan to increase the total of funds provided to state businesses pursuant to the small business innovation research program, as defined in § 32-344, and the small business technology transfer program, as defined in § 32-344. Not later than January 1, 2022, and annually thereafter, the Commissioner of Economic and Community Development shall report, in accordance with the provisions of § 11-4a, to the joint standing committees of the General Assembly having cognizance of matters relating to commerce and veterans’ and military affairs, regarding such plan and its implementation.