SB 1 Summary

• Establishes ImpaCT within Connecticut Innovations, Incorporated to foster innovation and entrepreneurship through mentorship, technical training, and ecosystem development, overseen by a seven-member board appointed by state leadership.

• Creates an innovation district program to designate and provide funding for compact geographic areas with entrepreneurial potential, anchor institutions, public transit access, and mixed-use zoning to facilitate startup growth and collaboration.

• Authorizes $55 million in bonding for the ImpaCT Fund and related programs, including grants to innovation districts, planning grants, business accelerators, and a new Innovation Talent Fund for technology talent development.

• Establishes Startup CT, a venture loan program providing up to $60 million in forgivable loans to certified start-up funds that invest in early-stage Connecticut businesses, with tax credits for private equity investors.

• Provides tax credits for angel investors (25% of investments up to $250,000) and extends several existing small business programs, including the Small Business Express program and mentorship networks for technology entrepreneurs.