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Senate approves innovation fund pilot despite objections over investment risk
Summary
The Senate approved HB 42 to create an innovation lab and dedicate Fund of Funds resources to help university research commercialize; sponsors said money would come from the state's Fund of Funds, while opponents warned of exposing public dollars to high startup risk.
The Utah Senate passed second substitute House Bill 42 on Feb. 17, authorizing an innovation-focused commercialization effort and allowing state-managed Fund of Funds resources to seed a one-time program to move university research toward marketable products.
Sponsor Senator Milner said the proposal draws on lessons from prior in-state efforts and models used in other states. The bill establishes a Utah innovation lab intended to link university researchers with private-sector expertise…
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