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Connecticut Laws | Title 32 Commerce And Economic And Community Development
CHAPTER 581* INNOVATION CAPITAL ACT OF 1989.       CONNECTICUT INNOVATIONS, INCORPORATED
Sec. 32-41s. Bioscience, biotechnology, pharmaceutical and photonics businesses. Benefits. Regulations.

(c) Connecticut Innovations, Incorporated may provide lease guarantees or other financial aid for facilities, improvements and equipment, to benefit any eligible business which is unable to secure financing for such items on commercially reasonable terms. (1047)

(d) Connecticut Innovations, Incorporated may recommend regulations to carry out the purposes of this section, which the Commissioner of Economic and Community Development shall adopt in accordance with chapter 54. (1048)

(e) Connecticut Innovations, Incorporated shall evaluate the feasibility of establishing a bio-processing facility within this state. If determined to be feasible, Connecticut Innovations, Incorporated shall facilitate the formation of a business consortium, in which it may participate, to launch and operate such facility. (1049)

Sec. 32-41t. High technology research and development program: Definitions. (1050)(Text)

As used in this section and section 32-41u: (1051)

(1) "Corporation" means Connecticut Innovations, Incorporated as created under section 32-35; and (1052)

(2) "Eligible participant" means a member of the faculty or a researcher engaged in applied research and development at any Connecticut college or university that agrees to participate in a high technology research and development program established by the corporation. (1053)

Sec. 32-41u. High technology research and development program: Establishment and purpose. (1054)(Text)

(a) There is established a high technology research and development program to be administered by the corporation for the purpose of promoting collaboration between businesses and colleges and universities in this state in advanced materials, aerospace, bioscience, energy and environmental systems, information technology, applied optics, microelectronics and other high technology fields. The corporation may accept applications to the program from eligible participants in a form and manner prescribed by the corporation. (1055)

(b) In approving any application the corporation shall assess the collaborative nature of the proposal as well as scientific and economic factors, including, but not limited to, the following: (1056)

(1) The formal participation in the proposal by businesses actively engaged in the commercial use of advanced materials, aerospace, bioscience, energy and environmental systems, information technology, applied optics, microelectronics and other high technology fields; (1057)

(2) The likelihood that a proposal will result in the development or commercialization of high technology products or processes in this state; and (1058)

(3) The likelihood that a proposal will result in long-term, sustainable economic growth for this state. (1059)

(c) The corporation shall provide financial aid, as defined in subdivision (4) of section 32-34, to eligible participants whose proposals have been approved by the corporation as provided in subsections (a) and (b) of this section. (1060)

(d) The corporation may establish other programs, including financial programs, in order to attract and retain residents with postsecondary education in science, engineering, mathematics and other disciplines that are essential or advisable to the development and application of technology. (1061)

Sec. 32-41v. Connecticut New Opportunities Fund. (1062)(Text)

(a) As used in this section: (1063)

(1) "Corporation" means Connecticut Innovations, Incorporated; and (1064)

(2) "Fund" means the Connecticut New Opportunities Fund. (1065)

(b) Connecticut Innovations, Incorporated shall establish a fund to be known as the Connecticut New Opportunities Fund, for the purpose of investing in seed stage and emerging growth companies in the state. The corporation, or a subsidiary created by the corporation for the purposes of this section, shall serve as general partner or managing member of the fund and shall determine whether the fund should be organized as a limited partnership or a limited liability company. The general partner or managing member of the fund shall be reimbursed from the fund for its management costs, which shall not exceed two per cent, annually, of the committed capital of the fund. (1066)

(c) Investors in the fund may include pension funds, foundations and private entities. Such investors shall participate as limited partners or nonmanaging members of the fund. The committed capital of the fund shall not exceed fifty million dollars. (1067)

(d) The moneys in the fund shall be invested as follows: (1) Not more than twenty-five per cent in seed stage companies, and (2) not more than seventy-five per cent in not more than twenty emerging growth companies. Not more than three million dollars shall be invested in any single seed stage or emerging growth company. Fund investments shall be in the form of equity or similar instruments. An emerging growth company may be eligible for an investment if the company projects high growth, has a strong management team, has current and prospective customers, has had difficulty raising early stage venture capital and is a strong market driver but is facing entry barriers. (1068)

(e) The fund shall have a term of ten years, provided it may be extended for three one-year periods if necessary to complete liquidation of the fund's investments. Upon such liquidation, each investor shall be entitled to a return of the investment made, plus eighty per cent of all net realized gains of the fund. The state shall provide a first loss guarantee at the end of the tenth year, if needed, of not more than twenty-five million dollars. The state shall be entitled to ten per cent of all net realized gains of the fund and the general partner or managing member of the fund shall also be entitled to ten per cent of all such net realized gains. (1069)

Sec. 32-41w. Early-stage venture capital program. (1070)(Text)

(a) There is established an early-stage venture capital program to be administered by Connecticut Innovations, Incorporated, to provide preseed financing, seed financing, start-up financing, early or first-stage financing and expansion financing to companies in the state. (1071)

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