Commerce Committee

JOINT FAVORABLE REPORT

Bill No.:

SB-1174

Title:

AN ACT CONCERNING THE ESTABLISHMENT OF THE CONNECTICUT INNOVATIONS FACTORY BOARD.

Vote Date:

3/22/2011

Vote Action:

Joint Favorable Substitute Change of Reference to Finance, Revenue and Bonding

PH Date:

3/15/2011

File No.:

SPONSORS OF BILL:

Commerce Committee

REASONS FOR BILL:

The bill authorizes $3 million in bonds for Connecticut Innovations Incorporated Intellectual Property Factory.

Connecticut Innovations Incorporated must use the proceeds to fund university-mentored student teams to commercialize dormant corporate technologies.

Effective July 1, 2011

The substitute language strikes the underlying bill, which a 13-member established the Connecticut Innovations Factory Board within the Department of Economic and Community Development.

RESPONSE FROM ADMINISTRATION/AGENCY:

Peter Longo, President and Executive Director, Connecticut Innovations

Mr. Longo testified in support of the bill stating “This is a hugely important goal for the state. Not only does it support company formation but it will help stop the “brain drain” that has been taking place over the last decade or more.”

NATURE AND SOURCES OF SUPPORT:

Judith B. Greiman, Connecticut Conference of Independent Colleges

Judith B. Greiman testified in support of the bill stating “While we are generally supportive of these bills, we urge the Committee members to revise these two bills in a way that will leverage the important work that a number of the Connecticut independent colleges and universities are doing in this sector.”

Bruce Carlson, West Hartford

Mr. Carlson testified in support of the bill stating “The idea that Connecticut has an untapped resource with which to create new technology companies through tapping into dormant corporate intellectual property (IP) is spot on.” He concluded by stating “Therefore, I suggest that the language of S.B. No. 1174 be stricken and replaced with a bonding authorization to CI to support the IP Factory, which will accomplish the goals laid out in the bill.”

NATURE AND SOURCES OF OPPOSITION:

None

Reported by: George Harlamon

Date: March 24, 2011