Connecticut Senate Bill SB00541

Connecticut 2018 Regular Session

• Introduced: 3/28/18
• Refer: 3/28/18
• Report Pass: 4/5/18
• Refer: 4/16/18
• Report Pass: 4/23/18

Caption

An Act Promoting Innovation, Entrepreneurship And Intrapreneurship In The State.

Impact

The legislation will significantly impact state laws by formally establishing a body charged with enhancing the innovation landscape in Connecticut. It will allow CTNext to issue grants, provide funding to businesses, and establish initiatives for mentorship and technical training. The growth grants-in-aid initiative will particularly focus on businesses in their growth stages, enabling them to access resources crucial for scaling their operations. Such provisions are expected to contribute positively to job creation and economic revitalization across the state.

Summary

SB00541, titled 'An Act Promoting Innovation, Entrepreneurship and Intrapreneurship in the State,' aims to bolster Connecticut's entrepreneurial ecosystem through various initiatives and funding mechanisms. The bill establishes CTNext as a subsidiary corporation, tasked with promoting the growth of start-ups and growth-stage businesses, facilitating connections between entrepreneurs and resources, and enhancing the ecosystem that supports innovation. Key provisions include the creation of a proof of concept fund and growth grants-in-aid to help transition start-ups into established businesses, ensuring a vibrant economic climate favorable to entrepreneurship.

Sentiment

Overall sentiment around SB00541 is supportive among entrepreneurial advocates and economic development stakeholders, who perceive it as critical for fostering a more robust and diversified economy in Connecticut. Legislators from various parties have recognized the importance of innovation for the state's future prosperity. However, there are concerns among some critics regarding the potential for ineffective fund allocation and the execution of the proposed programs, which prompts a call for rigorous oversight and accountability mechanisms.

Contention

Notable points of contention relate to how effectively CTNext can manage its responsibilities and successfully implement the initiatives proposed in the bill. While advocates highlight the necessity of such programs in an increasingly competitive economic landscape, skeptics argue about the adequacy of funding and resource distribution. Furthermore, as the bill also aims to create a regulatory framework for new insurance technologies through an Insurtech Regulatory Sandbox, there are concerns regarding consumer protections and ensuring that regulatory adjustments do not compromise market stability.