New Jersey Assembly Bill A2098

New Jersey 2022-2023 Regular Session

• Introduced: 2/7/22
• Refer: 2/7/22

Caption

Establishes technology transfer assistance program in EDA.

Impact

This legislation is anticipated to enhance state laws regarding technology transfer by formalizing support mechanisms for intellectual property created in academic contexts. The EDA will conduct patentability assessments and market evaluations for technologies conceived within state-funded enterprises. By actively supporting the patenting and commercialization process, the bill aims to bolster the state's innovation economy, potentially leading to job creation and growth in the tech sector.

Summary

Assembly Bill 2098 establishes a technology transfer assistance program under the New Jersey Economic Development Authority (EDA). The bill facilitates the dissemination of technology developed through state-funded academic programs and helps private technology businesses in transitioning their innovations to commercial applications. By partnering with institutions of higher education, the EDA aims to improve the effectiveness of technology transfer processes and promote economic development throughout New Jersey.

Contention

While the bill generally has positive reception from stakeholders focused on economic advancement, there may be concerns regarding the allocation of public funds toward assisting private enterprises. There might also be discussions on the effectiveness of such partnerships with higher education institutions and their capacity to actually foster successful technology transfers. Additional critiques could focus on how the ownership and commercialization agreement structures could impact academic freedom or the administrative burdens these programs might impose on educational institutions.