1. (1) The institute board shall:

   1. (a) manage and conduct the business and affairs of the institute and determine all questions of institute and Utah innovation fund policy;
   2. (b) provide strategic oversight for all institute initiatives;
   3. (c) support and guide workforce development, innovation, and policy integration across institutions and industry;
   4. (d) consistent with this chapter, oversee the Utah innovation fund and investment committee;
   5. (e) coordinate efforts and collaborations across innovation districts;
   6. (f) create opportunities for students through projects and partnerships;
   7. (g) set compensation and incentives for the executive director;
   8. (h) advance the purposes of the Utah innovation fund as described in Section 53H-16-402; and
   9. (i) consider investment proposals and determine whether a proposal furthers the objectives of the fund.
2. (2) The institute board may establish independent committees for the purpose of assisting the institute board in an advisory role.
3. (3) In coordination with the Governor's Office of Economic Development created in Section 63N-1a-301, the institute board shall convene and facilitate discussions with industry, education, and policy makers to promote regulatory innovation.

Amended by Chapter 343, 2026 General Session