Sec. 32-356. Small business incubator program. Small Business Incubator Advisory Board. - Connecticut Statutes

      Sec. 32-356. Small business incubator program. Small Business Incubator Advisory Board. (a) For purposes of this section, "incubator facilities" shall have the same meaning as incubator facilities in section 32-34.

      (b) The Commissioner of Economic and Community Development shall establish the small business incubator program to provide grants to entities operating incubator facilities, as defined in section 32-34. The Department of Economic and Community Development may enter into an agreement, pursuant to chapter 55a, with a person, firm, corporation or other entity to operate such program. The department, or a program operator selected pursuant to this subsection, shall, subject to the availability of funds, operate a technology-based small business incubator program. In accordance with the written guidelines developed by the department, the department or program operator, if any, may provide grants to assist small businesses operating within incubator facilities. Grants made pursuant to this section shall be used by such entities to provide operating funds and related services, including business plan preparation, assistance in acquiring financing and management counseling.

      (c) An entity shall submit an application for a grant pursuant to this section in the manner prescribed by the Commissioner of Economic and Community Development.

      (d) There is established an account to be known as the small business incubator account, which shall be a separate, nonlapsing account within the General Fund. The commissioner may use funds from the account to provide administrative expenses and grants pursuant to this section.

      (e) (1) There is established a Small Business Incubator Advisory Board. Said board shall consist of: (A) The Commissioner of Economic and Community Development; (B) the president of the Connecticut Development Authority and the executive director of Connecticut Innovations, Incorporated, as ex-officio nonvoting members, or their designees; (C) one member to be appointed by the Governor; (D) two members with experience in the field of technology transfer and commercialization, to be appointed by the speaker of the House of Representatives; (E) two members with experience in new product and market development, to be appointed by the president pro tempore of the Senate; (F) one member to be appointed by the majority leader of the Senate; (G) one member to be appointed by the majority leader of the House of Representatives; (H) one member with experience in seed and early stage capital investment, to be appointed by the minority leader of the House of Representatives; and (I) one member with experience in seed and early stage capital investment, to be appointed by the minority leader of the Senate. All initial appointments to said board shall be made not later than September 1, 2007.

      (2) The Commissioner of Economic and Community Development shall schedule the first meeting of said board not later than October 15, 2007. Thereafter, the board shall meet at least once annually to evaluate and recommend changes to the guidelines adopted pursuant to this section.

      (P.A. 06-83, S. 5; June Sp. Sess. P.A. 07-4, S. 15.)

      History: P.A. 06-83 effective July 1, 2006; June Sp. Sess P.A. 07-4 amended Subsec. (b) to permit Department of Economic and Community Development to contract with an entity to operate program, to require department to develop guidelines for provision of grants and for department or operator to provide grants to assist small businesses operating incubator facilities, amended Subsec. (c) and deleted former Subsec. (d) to relieve commissioner from obligation to adopt regulations re process for grant application, redesignated existing Subsec. (e) as Subsec. (d) and amended same to delete provisions re moneys in account, and added new Subsec. (e) establishing Small Business Incubator Advisory Board, effective June 29, 2007.