OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
sSB-250
AN ACT ESTABLISHING THE GLOBAL ENTREPRENEUR IN
RESIDENCE PROGRAM.
Primary Analyst: EW 4/8/24
Contributing Analyst(s): SB, DD
Reviewer: MM
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 25 $ FY 26 $
Department of Economic &
Community Development
GF - Cost See Below See Below
State Comptroller - Fringe
Benefits
1
GF - Cost 45,375 45,375
Note: GF=General Fund
Municipal Impact: None
Explanation
The bill results in a cost of $165,375 to the Department of Economic
and Community Development (DECD) by requiring the agency to
develop a Global Entrepreneur in Residence pilot program. The bill also
results in a cost to DECD to implement the program that is dependent
upon the number of participating institutions and resident
entrepreneurs enrolled in the program.
DECD Administration. It is anticipated that DECD will require one
full-time program manager at a cost of $110,000 in salary and $45,375 in
fringe costs plus an additional $10,000 in other expenses to administer
the program and ensure compliance with all state and federal
1
The fringe benefit costs for most state employees are budgeted centrally in accounts
administered by the Comptroller. The estimated active employee fringe benefit cost
associated with most personnel changes is 41.25% of payroll in FY 25. 2024SB-00250-R000343-FN.DOCX Page 2 of 3
requirements.
Program Implementation Cost. The bill also results in a cost to
DECD to support institutions that participate in the program, which
may include either public or private institutions. The state’s cost may be
partially mitigated to the extent that DECD partners with private
individuals and entities to develop the program and receives other non-
state funding to support the program.
If an institution chooses to participate in the program, it may incur
costs associated with teaching, workspace and equipment, as well as
legal costs and fees associated with visa applications. The actual cost of
each participating institution’s program is dependent upon the number
of resident entrepreneurs enrolled and the type of research involved.
For reference, the University of Connecticut established a Master’s
program in Global Entrepreneurship in 2018 with a $200,000 grant from
CTNext that enrolled eight students.
2
Resident Entrepreneur Salary Requirement. The bill requires
resident entrepreneurs to work at least eight hours at their institution
and receive a market rate salary for their services. There is no net impact
to participating institutions from this provision as the bill also requires
a participating resident entrepreneur employer to pay a fee to the
institution that is equal to salary paid to their associated resident
entrepreneur.
It is estimated that the required salary to be paid by an institution
may range between $25,000 to $35,000 per resident entrepreneur per
year.
The Out Years
The bill specifies that the program is to be a three-year pilot which
2
March 5, 2024 Testimony to the Commerce Committee, Leslie Shor Professor,
Chemical & Biomolecular Engineering; Associate Dean for Research and Graduate
Education, School of Engineering, University of Connecticut. 2024SB-00250-R000343-FN.DOCX Page 3 of 3
therefore limits the fiscal impact to FY 25 – FY 27.