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Any balance remaining in the fund shall be carried forward in the fund for the fiscal year next succeeding.
(c) Any return on investment attributable to the investment of the fund by the administrator shall be deposited and held for the use and benefit of the fund.
Thereafter, all members shall be appointed by the original appointing authority for two-year terms.
Any member of the board shall be eligible for reappointment.
CTNext shall not be an employer as defined in section 5-270 of the general statutes.
Connecticut Innovations, Incorporated shall establish CTNext pursuant to the provisions of section 32-11e of the general statutes, except that at least half of the members of the CTNext board of directors shall not be required to be members of the board of directors of Connecticut Innovations, Incorporated or their designees or officers or employees of the corporation.
CTNext shall constitute a successor authority to Connecticut Innovations, Incorporated in accordance with the provisions of sections 4-38d, 4-38e and 4-39 of the general statutes, for the purposes of the powers in subdivisions (22), (28) and (40) of section 32-39 of the general statutes, as amended by this act, transferred from Connecticut Innovations, Incorporated to CTNext pursuant to section 32-39 of the general statutes, as amended by this act.
Any such approval shall be specific to an individual expenditure to be made or for budgeted expenditures with such variations as the CTNext board of directors may authorize at the time of such budget approval.
(g) Connecticut Innovations, Incorporated shall provide any necessary staff, office space, office systems and administrative support for the administration of the CTNext Fund in accordance with this section.
For the purposes of this section, "serial entrepreneur" means an entrepreneur having brought one or more start-up businesses to venture capital funding by an institutional investor and "growth stage business" means a business that (A) has been incorporated for ten years or less, (B) has raised private capital, and (C) whose annual gross revenue has increased by twenty per cent for each of the three previous income years of such business.
(c) All initial appointments to the board of directors shall be made not later than September 1, 2016.
(e) The CTNext Fund shall be used (1) to provide grants-in-aid to innovation entities, as defined in section 5 of this act, pursuant to section 8 of this act, (2) to provide planning grants-in-aid to entities pursuant to section 7 of this act, (3) to initiate projects or provide grants-in-aid to projects that network innovation places pursuant to section 8 of this act, (4) for the purposes enumerated in sections 1 and 2 of this act, (5) for providing higher education entrepreneurship grants-in-aid pursuant to section 2 of this act, (6) to provide growth grants-in-aid pursuant to section 2 of this act, (7) to provide a grant-in-aid for a program evaluation pursuant to section 25 of this act, (8) to provide grants-in-aid to start-up businesses pursuant to section 29 of this act, and (9) for any other purposes expressly provided by law.