CGS § 32-39f. Definitions. Use of funds available in CTNext Fund.

(a) As used in this section and sections 32-39g, 32-39i, 32-39k to 32-39o, inclusive, 32-39t, 32-39x and 32-39y, unless the context otherwise requires:

(1) “Anchor institution” means an entity having a significant and stable presence in the community, including, but not limited to, an institution of higher education, hospital, major corporation, research institution, business incubator or business accelerator;

(2) “Commissioner” means the Commissioner of Economic and Community Development;

(3) “Department” means the Department of Economic and Community Development;

(4) “Designated innovation place” means an area designated as an innovation place pursuant to section 32-39m;

(5) “Entity” means a corporation, association, partnership, limited liability company, benefit corporation, nonprofit organization, municipality, institution of higher education or any other similar entity;

(6) “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 preceding income years of such business;

(7) “Innovation entity” means an entity whose application for innovation place designation is approved by the commissioner pursuant to section 32-39m;

(8) “Innovation place” has the same meaning as described in section 32-39k;

(9) “Master plan” means the plan submitted to the commissioner pursuant to subsection (c) of section 32-39l;

(10) “Municipality” means any town, city, consolidated town and city or consolidated town and borough;

(11) “New Haven Line” means the rail passenger service operated between New Haven and intermediate points and Grand Central Station, including the Danbury, Waterbury and New Canaan branch lines;

(12) “Public transit” means the New Haven Line, Shore Line East, the New Haven-Hartford-Springfield rail line and the New Britain to Hartford busway and any planned expansion of such busway; and

(13) “Shore Line East” means the rail service operating between New Haven and New London.

(b) The department may use any funds available in the CTNext Fund established under section 32-39i for the following purposes:

(1) To foster and oversee the growth and continuous improvement of a state-wide entrepreneurial ecosystem and infrastructure that is supportive of Connecticut innovators and entrepreneurs and to initiate changes to practices that the commissioner deems to be outdated to improve such ecosystem and infrastructure;

(2) To maintain an active and conspicuous presence at all nodes of such ecosystem and infrastructure and continuously increase connections between such nodes;

(3) To regularly reassess the health of such ecosystem and infrastructure, identify their 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 commissioner;

(4) To support the growth of start-up and growth stage businesses;

(5) To promote entrepreneur community-building;

(6) To connect start-up and growth stage business entrepreneurs with other start-up and growth stage business entrepreneurs and with state, federal and private resources;

(7) To facilitate the establishment of innovation places and incubator facilities and the development, growth and evolution of innovation places and incubator facilities individually and in mutually supportive connections to other innovation places and incubator facilities;

(8) To facilitate mentorship for start-up and growth stage business entrepreneurs;

(9) To provide technical training and resources to start-up and growth stage businesses and entrepreneurs;

(10) To facilitate innovation and entrepreneurship at institutions of higher education; and

(11) To identify areas in which current practices and policies at such institutions of higher education are not realizing their full potential.