(a) The Department of Economic and Community Development may establish a Connecticut development research and economic assistance matching grant program, within available appropriations and, for the purposes of providing financial aid, as defined in subdivision (4) of section 32-34, to assist: (1) Connecticut small businesses in conducting marketing-related activities to facilitate commercialization of research projects funded under the small business innovation research program or the small business technology transfer program; (2) business-led consortia or Connecticut businesses in connection with their participation in a federal technology support program; and (3) micro businesses, in conducting development and research. The department may enter into an agreement, pursuant to chapter 55a, with a person, firm, corporation or other entity to operate such program.

(b) Applications shall be submitted in the manner prescribed by the department. Each such application shall include the following: (1) The location of the principal place of business of the applicant; (2) an explanation of the intended use of the funding being applied for, the potential market for the end product of the project and the marketing strategy; and (3) such other information that the department deems necessary. Information contained in any such application submitted to the department under this section which is of a proprietary nature shall be exempt from the provisions of subsection (a) of section 1-210.

(c) In determining whether an applicant shall be selected for funding pursuant to this section, the department, or the operator, if any, selected pursuant to subsection (a) of this section, shall consider, but such consideration need not be limited to, the following factors: (1) The description of the small business innovation research project, the small business technology transfer project or the federally-supported technology project and the potential commercial applicability of such project; (2) evidence of satisfactory participation in the applicable small business innovation research program, the small business technology transfer program or the federal technology support program; (3) the potential impact of such research project on the workforce in the region where such small business is located; (4) the size of the potential market, strength of the marketing strategy, and ability of the applicant to execute the strategy and successfully commercialize the end product; and (5) the resources and record of success of the company relative to development and commercialization. Within the availability of funds, the department may provide financial aid to eligible applicants, provided no business may receive more than fifty thousand dollars for any single small business innovation research project or small business technology transfer project. The department may require a business to repay such assistance or pay a multiple of the assistance to the department. All such repayments and payments shall be deposited in the Connecticut technology partnership assistance program revolving account established under section 32-346.

(d) The department may establish a development, research and economic assistance matching financial aid program for micro businesses that have received federal funds for Phase II proposals under the small business innovation research program and the small business technology transfer program. Any micro business receiving financial aid under this subsection shall use such financial aid for the same purpose such micro business was awarded said federal funds. The department may enter into an agreement, pursuant to chapter 55a, with a person, firm, corporation or other entity to operate such a program.

(P.A. 87-431, S. 2, 3; P.A. 89-143, S. 1, 2; P.A. 93-382, S. 48, 69; P.A. 94-162, S. 2, 4; P.A. 95-272, S. 23, 29; P.A. 06-83, S. 7; June Sp. Sess. P.A. 07-4, S. 13; P.A. 11-140, S. 22.)

History: P.A. 89-143 increased the maximum initial grant amount from $15,000 to $20,000 and increased the maximum amount of subsequent grants from $5,000 to $20,000 in Subsec. (c); P.A. 93-382 transferred program from department of economic development to Connecticut Innovations, Incorporated, provided for financial assistance instead of grants only and authorized corporation to require business to repay assistance, provided for funding to assist small businesses “in conducting marketing-related activities to facilitate commercialization of research projects funded under the small business innovation research program” instead of to assist small businesses participating in said program “in continuing innovative research which has potential commercial applications” and limited the amount of financial assistance that a business may receive during the fiscal year ending June 30, 1994, for a single project, effective July 1, 1993; P.A. 94-162 applied section to small business technology transfer program and changed name of account in Subsec. (c), effective July 1, 1994; Sec. 32-176 transferred to Sec. 32-345 in 1995; P.A. 95-272 amended Subsec. (a) to change competitive funding to Connecticut technology partnership program and added reference to Sec. 32-34(4) and added new Subdiv. (2) re business-led consortia or Connecticut businesses in connection with participation in a federal technology support program, Subsec. (b) to change research to technology, Subsec. (c) to make technical changes and add reference to federally-supported technology project and program, small business innovation research project and small business technology transfer project and deleted Subsec. (e) re termination of program, effective July 1, 1995; P.A. 06-83 amended Subsec. (a) to replace “Connecticut technology partnership program” with “Connecticut development research and economic assistance matching grant program” and add Subdiv. (3) re micro businesses, amended Subsec. (b)(2) to delete “technology”, added new Subsec. (d) re eligibility of Phase II proposals for matching financial aid and redesignated existing Subsec. (d) as Subsec. (e), effective July 1, 2006; June Sp. Sess. P.A. 07-4 substituted Department of Economic and Community Development for Connecticut Innovations, Incorporated throughout, in Subsecs. (a) and (d) permitted department to contract with entities to operate the respective programs and, in Subsec. (e), required Commissioner of Economic and Community Development to submit report to legislative committee re status of development research and economic assistance matching grant program, effective June 29, 2007; P.A. 11-140 deleted former Subsec. (e) re reporting requirement, effective July 1, 2011.