CT SB01172

Commissioner of Higher Education shall develop a plan by October 1, 2011, to create a joint research institute between University of Connecticut and private colleges to promote technology transfer and commercialization, with a report due January 1, 2012.

Establishes a virtual business incubator program effective July 1, 2011, allowing the Department of Economic and Community Development to provide grants to small technology-based companies for operating funds, business planning, and financing assistance.

Appropriates $50 million to Connecticut Innovations, Incorporated, for fiscal year 2012 to provide preseed, seed, startup, early-stage, and expansion financing through the early-stage venture capital program.

Creates a sidecar investment fund program administered by Connecticut Innovations to provide matching grants for angel investor preseed and seed financing, with 90% of investments matching angel funding and up to 10% for university student entrepreneurs, capped at $250,000 per company.

Establishes the Young Innovators Corp Board to develop competitions for global business plans and community-based projects with stipends and start-up financing as prizes, and proposes an internship program where the state covers first-year costs.