Section 63N-21-301 - Organization of Utah innovation fund - Powers and purposes - Use of investment proceeds(1)(a) The innovation lab shall organize, and be the sole member and manager of, the Utah innovation fund.(b) The Utah innovation fund shall be organized as a limited liability company.(c) The Utah innovation fund may: (i) engage consultants and legal counsel;(ii) invest and expend funds;(iii) enter into contracts;(iv) insure against loss;(vi) perform any other act necessary to carry out the purposes of the Utah innovation fund.(2) The Utah innovation fund shall, subject to board approval, make qualified investments in a manner and for the following purposes: (a) to advance innovative technologies developed in Utah;(b) to strengthen Utah's economy and facilitate job creation;(c) to help qualified businesses gain access to capital;(d) to attract entrepreneurs and innovation to Utah;(e) to facilitate the commercialization of technologies discovered, advanced, or developed at state institutions of higher education;(f) to advance the competitiveness of Utah businesses in the global economy;(g) to ensure that the Utah innovation fund remains financially self-sustaining; and(h) to encourage other investors to invest in qualified businesses alongside the Utah innovation fund.(3) The Utah innovation fund shall hold and manage qualified investments made by the Utah innovation fund and the proceeds of those qualified investments.Added by Chapter 38, 2023 General Session ,§ 5, eff. 5/3/2023, technically renumbered.