Connecticut General Statutes 32-39q – Assessment of innovation and entrepreneurship in the state. Audits and analyses by grant recipient. Report. Application procedure
(a) The CTNext board of directors shall award a one-time grant-in-aid in an amount up to five hundred thousand dollars to a policy institute, institution of higher education or research organization to conduct the assessments, audits and reports required under this section. Such institute, institution or organization shall have significant experience in evaluating public innovation and entrepreneurship initiatives and assessing state-wide innovation and entrepreneurship performance generally. The assessments, audits and reports required under this section shall be submitted to the CTNext board of directors and to the joint standing committees of the General Assembly having cognizance of matters relating to commerce and finance, revenue and bonding in accordance with the provisions of § 11-4a. For the purposes of this section, “CTNext” means the subsidiary established pursuant to § 32-39f, “CTNext board of directors” means the board established pursuant to § 32-39f, “grant recipient” means the entity to whom the one-time grant authorized by this section is awarded, and “serial entrepreneur” means an entrepreneur having brought one or more start-up businesses to venture capital funding by an institutional investor.
Terms Used In Connecticut General Statutes 32-39q
- Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
- 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
- Research: means the scientific and engineering analysis, investigation, collection of ideas and inquiry into concepts, processes and techniques, the purpose of which is intended to result in a commercially feasible product, process or technique. See Connecticut General Statutes 32-34
- 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
(b) The grant recipient shall submit a baseline assessment of innovation and entrepreneurship in the state on or before June 1, 2017, to the CTNext board of directors and to the joint standing committees of the General Assembly having cognizance of matters relating to commerce and finance, revenue and bonding in accordance with the provisions of § 11-4a. Such baseline assessment shall set forth baseline data for program measures. Such program measures may include, but not be limited to, (1) the increase or decrease of (A) start-up businesses in this state, (B) software developers in the state, (C) start-up businesses in this state that have reached the growth stage, and (D) serial entrepreneurs in the state; (2) job growth within growth stage businesses; (3) the amount of private venture capital invested in start-up and growth stage businesses; (4) employee turnover at start-up and growth stage businesses; (5) the amount of research related to entrepreneurship and innovation that is currently funded by institutions of higher education in the state; (6) the rate at which businesses enter the market in the state compared to the rate at which businesses exit such market; and (7) the rate of hiring in the state in excess of job creation and the rate of separations from employment in excess of job loss. The grant recipient shall submit an updated assessment of such measures biennially thereafter for a period of four years.
(c) The grant recipient shall conduct audits and analyses of (1) the programs and initiatives within CTNext which shall include, but not be limited to, (A) an analysis of whether such programs and initiatives are enhancing the measures set forth in subsection (b) of this section, and (B) recommendations for legislative or programmatic changes to (i) improve the measures set forth in subsection (b) of this section, and (ii) increase new business formation; (2) activity at The University of Connecticut that encourages or discourages entrepreneurship, including, but not limited to, an analysis of patenting and intellectual property licensing policies and hiring of faculty with entrepreneurial experience; and (3) activity that would increase the likelihood of new business formation.
(d) The grant recipient may conduct a one-time policy audit of state legislation and regulations affecting innovation and entrepreneurship in the state with recommendations for improvements thereto.
(e) The grant recipient may prepare a report (1) evaluating intrapreneurship models used by business organizations to stimulate creativity and innovation at such businesses, (2) detailing what, if any, such models are applied by businesses in the state, and (3) with recommendations for promoting the application of such models by businesses in the state.
(f) The CTNext board shall prescribe the manner in which a policy institute, institution of higher education or research organization shall submit an application for a grant-in-aid awarded pursuant to subsection (a) of this section, provided such application procedure shall include a request for proposals to conduct the assessments, audits and reports required under this section. Any such response to such request for proposal shall be submitted to CTNext on or before January 1, 2017.