Connecticut General Statutes 32-39t – Higher Education Entrepreneurship Advisory Committee. Membership. Applications. Recommendation of approval
(a) There shall be a Higher Education Entrepreneurship Advisory Committee within CTNext. Such committee shall consist of members appointed by the CTNext board of directors, including, but not limited to: (1) An equal number of representatives of public and private institutions of higher education; (2) one baccalaureate student representative; (3) one graduate student representative; (4) one high school student who shall be a nonvoting member; and (5) three serial entrepreneurs having experience as an entrepreneur in residence at an institution of higher education. Such members shall be subject to term limits prescribed by the CTNext board. All initial appointments to the committee pursuant to this subsection shall be made not later than June 1, 2017. Each member shall hold office until a successor is appointed. 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.
Terms Used In Connecticut General Statutes 32-39t
- 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
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Quorum: The number of legislators that must be present to do business.
- 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 executive director of CTNext shall call the first meeting of the advisory committee not later than June 15, 2017. The advisory group shall select chairpersons of the advisory group during such meeting. The advisory committee shall meet not less than quarterly thereafter and at such other times as the chairperson deems necessary.
(c) No member of the advisory committee shall receive compensation for such member’s service, except that each member shall be entitled to reimbursement for actual and necessary expenses incurred during the performance of such member’s official duties.
(d) A majority of members of the advisory committee shall constitute a quorum for the transaction of any business or the exercise of any power of the advisory committee. The advisory committee may act by a majority of the members present at any meeting at which a quorum is in attendance, for the transaction of any business or the exercise of any power of the advisory committee, except as otherwise provided in this section.
(e) Every member of the advisory committee shall be deemed a member of an advisory board for purposes of chapter 10.
(f) Any institution of higher education, or partnership of one or more institutions of higher education, may submit an application for higher education entrepreneurship grant-in-aid to the advisory committee, on a form prescribed by the advisory committee.
(g) The advisory committee shall review applications for grants-in-aid submitted to it pursuant to this section. The advisory committee may recommend approval of any such application to the CTNext board of directors if it determines that the application is consistent with and in furtherance of the master plan for entrepreneurship at public and private institutions of higher education developed pursuant to § 32-39s. The advisory committee shall give priority for grants-in-aid to applications (1) including collaborative initiatives between institutions of higher education, and (2) supporting individual institutions of higher education to develop alumni mentor networks, entrepreneurs-in-residence programs, university proof of concept funds and student business start-up accelerators, when such individual institutions demonstrate that such networks, programs, funds and accelerators are not feasible for operation across multiple institutions of higher education.