Connecticut General Statutes 32-39f – CTNext. Purposes. Board of directors. Executive director
(a) Connecticut Innovations, Incorporated shall establish a subsidiary, to be known as CTNext.
Terms Used In Connecticut General Statutes 32-39f
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means Connecticut Innovations, Incorporated as created under §. See Connecticut General Statutes 32-34
- Entrepreneur: means any person who seeks to organize, operate and assume the risk for a business enterprise, or who organizes, operates and assumes the risk for a business enterprise. See Connecticut General Statutes 32-34
- Ex officio: Literally, by virtue of one's office.
- Majority leader: see Floor Leaders
- Minority leader: See Floor Leaders
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means any individual, general or limited partnership, corporation, limited liability company, institution of higher education, governmental entity or joint venture conducting research into ideas with commercial potential or carrying on business, or proposing to carry on business, within the state which (A) in the case of an individual, general or limited partnership, corporation, limited liability company or joint venture, demonstrates to the corporation the inability (i) to obtain conventional financing in satisfactory amounts or on satisfactory terms or (ii) to locate or continue operations in the state without assistance as provided in this chapter, and (B) demonstrates to the corporation that any project for research into or the development of specific technologies, products, devices, techniques or procedures or the marketing of services based on the use of such technologies, products, devices, techniques or procedures for which assistance under this chapter, is sought, (i) will create new or retain existing jobs in the state, (ii) will result in an increase in the amount of goods or services exported from the state, (iii) will help to strengthen the economy of the state, or (iv) will promote the development and utilization of technology in the state. See Connecticut General Statutes 32-34
- President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
- Quorum: The number of legislators that must be present to do business.
- Technology: means the conversion of basic scientific research into processes, techniques and products which may have commercial potential. See Connecticut General Statutes 32-34
- Trustee: A person or institution holding and administering property in trust.
- Venture: means , without limitation, any contractual arrangement with any person whereby the corporation obtains rights from or in an invention or product or proceeds therefrom, or rights to obtain from any person any and all forms of equity instruments including, but not limited to, common and preferred stock, warrants, options, convertible debentures and similar types of instruments exercisable or convertible into capital stock, in exchange for the granting of financial aid to such person. See Connecticut General Statutes 32-34
(1) The primary purpose of CTNext shall be to foster and oversee the growth and continuous improvement of a state-wide entrepreneurial ecosystem that is supportive of Connecticut innovators and entrepreneurs and to initiate changes to practices that the CTNext board of directors deems to be outdated to improve such ecosystem; to maintain an active and conspicuous presence at all nodes of such ecosystem and continuously increase connections between such nodes; and to regularly reassess the health of such ecosystem, identify its changing needs, adopt initiatives or adapt existing initiatives to meet such needs and regularly inform the General Assembly of such needs by proposing recommended legislation deemed necessary or desirable by the CTNext board of directors.
(2) The further purposes of CTNext shall be to support the growth of start-up and growth stage businesses; to promote entrepreneur community-building; to connect start-up and growth stage entrepreneurs with other start-up and growth stage entrepreneurs and with state, federal and private resources; to facilitate the establishment of innovation places and the development, growth and evolution of innovation places individually and in mutually supportive connections to other innovation places; to facilitate mentorship for start-up and growth stage entrepreneurs; to provide technical training and resources to start-up and growth stage businesses and entrepreneurs; to facilitate innovation and entrepreneurship at institutions of higher education; and to identify areas in which current practices and policies at such institutions are not realizing their full potential.
(3) CTNext shall do all things necessary and proper to carry out the purposes set forth in subdivisions (1) and (2) of this subsection.
(4) CTNext shall not be an employer, as defined in § 5-270. Connecticut Innovations, Incorporated shall establish CTNext pursuant to the provisions of § 32-11e, except that at least half of the members of the CTNext board of directors shall not be required to be members of the board of directors of Connecticut Innovations, Incorporated or their designees or officers or employees of the corporation. No further action is required for the establishment of the subsidiary, except the adoption of a resolution for the subsidiary. CTNext shall constitute a successor authority to Connecticut Innovations, Incorporated in accordance with the provisions of sections 4-38d, 4-38e and 4-39, for the purposes of the powers in subdivisions (22), (28) and (40) of § 32-39 transferred from Connecticut Innovations, Incorporated to CTNext pursuant to § 32-39.
(b) CTNext shall be overseen by a board of directors, which shall be known as the CTNext board of directors or the CTNext board. The CTNext board of directors shall consist of twelve members, at least half of whom shall be serial entrepreneurs representing a diverse range of growth sectors of the Connecticut economy. By education or experience, such members shall be qualified in one or more of the following: Start-up business development, growth stage business development, investment, innovation place development, urban planning and technology commercialization in higher education. The CTNext board shall consist of the following members: (1) One appointed by the Governor for an initial term of two years; (2) one appointed by the speaker of the House of Representatives for an initial term of two years; (3) one appointed by the president pro tempore of the Senate for an initial term of two years; (4) one appointed by the majority leader of the House of Representatives for an initial term of one year; (5) one appointed by the majority leader of the Senate for an initial term of one year; (6) one appointed by the minority leader of the House of Representatives for an initial term of one year; (7) one appointed by the minority leader of the Senate for an initial term of one year; (8) two jointly appointed by the chairpersons of the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding for an initial term of two years; and (9) the executive director of Connecticut Innovations, Incorporated, the Commissioner of Economic and Community Development and the Chief Workforce Officer, each of whom shall serve ex officio. Thereafter, all members shall be appointed by the original appointing authority for two-year terms. Any member of the board shall be eligible for reappointment. Any vacancy occurring other than by expiration of term shall be filled in the same manner as the original appointment for the balance of the unexpired term. The appointing authority for any member may remove such member for misfeasance, malfeasance, wilful neglect of duty or failure to attend three consecutive board meetings. For the purposes of this section, “serial entrepreneur” means an entrepreneur having brought one or more start-up businesses to venture capital funding by an institutional investor and “growth stage business” means a business (A) that has been incorporated for ten years or less, (B) that has raised private capital, and (C) whose annual gross revenue has increased by twenty per cent for each of the three previous income years of such business.
(c) All initial appointments to the board of directors shall be made not later than September 1, 2016. The chief executive officer of Connecticut Innovations, Incorporated shall be the chairperson of the board until January 1, 2019. On and after January 1, 2019, the chairperson of the board shall be a member of the CTNext board of directors elected by said board to serve for two-year terms. The chief executive officer of Connecticut Innovations, Incorporated shall remain a member of said board. The CTNext board shall meet at least quarterly, and at such other times as the chairperson deems necessary.
(d) Members of the CTNext board of directors may not designate a representative to perform in their absence their respective duties under this section or § 32-39g.
(e) The chairperson shall, with the approval of the members of the CTNext board of directors, appoint an executive director of CTNext who shall be an employee of CTNext and paid a salary prescribed by the members. The executive director shall supervise the administrative affairs and technical activities of CTNext in accordance with the directives of the board.
(f) Each member of the CTNext board of directors shall serve without compensation but shall be entitled to reimbursement for such member’s actual and necessary expenses incurred in the performance of such member’s official duties.
(g) Members may engage in private employment, or in a profession or business, subject to any applicable laws, rules and regulations of the state regarding official ethics or conflict of interest.
(h) A majority of the directors of the CTNext board then seated shall constitute a quorum for the transaction of any business or the exercise of any power of CTNext. For the transaction of any business or the exercise of any power of the authority, and except as otherwise provided in this section or § 32-39g, the CTNext board may act by a majority of the members present at any meeting at which a quorum is in attendance.
(i) CTNext shall continue as long as it has obligations outstanding and until its existence is terminated by law, provided no such termination shall affect any outstanding contractual obligation of CTNext and the state shall succeed to the obligations of CTNext under any contract. Upon the termination of the existence of CTNext, all its rights and properties shall pass to and be vested in Connecticut Innovations, Incorporated.
(j) Notwithstanding any provision of the general statutes, it shall not constitute a conflict of interest for a trustee, director, partner or officer of any person, firm or corporation, or any individual having a financial interest in a person, firm or corporation, to serve as a member of the CTNext board of directors, provided such trustee, director, partner, officer or individual shall abstain from deliberation, action or vote by the board in specific respect to such person, firm or corporation. All members shall be deemed public officials and shall otherwise adhere to the code of ethics for public officials set forth in chapter 10, except that no member shall be required to file a statement of financial interest as described in § 1-83.