CT SB00541

Establishes CTNext as an independent public corporation (effective July 1, 2018) to oversee Connecticut's entrepreneurial ecosystem, replacing its previous status as a subsidiary of Connecticut Innovations, Incorporated.

Creates an 11-member CTNext board of directors with a majority of serial entrepreneurs, appointed by the Governor, legislative leaders, and committee chairs, with the CEO of Connecticut Innovations serving as chair.

Authorizes CTNext to hire five additional employees with entrepreneurial experience for outreach efforts and establishes an Entrepreneurs-in-Residence program to match experienced entrepreneurs with start-ups and growth-stage companies.

Establishes a $15 million proof of concept fund for commercializing university research and a venture capital fund program allowing up to $8 million CTNext investments per fund (requiring 1.5x private investment match) in start-up companies located in Connecticut.

Authorizes $55 million in state bonds for proof of concept and venture capital funds, creates an Insurtech Regulatory Sandbox for emerging insurance companies, and requires legislative recommendations on seed funds, angel investor programs, and intrapreneurship initiatives by January 1, 2019.