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.
Establishes innovation zone program to stimulate technology industry clusters around New Jersey's research institutions; allows certain technology businesses located in certain innovation zones to receive certain tax credits under Grow New Jersey Assistance Program.
Establishes innovation zone program to stimulate technology industry clusters around New Jersey's research institutions; allows certain technology businesses located in certain innovation zones to receive certain tax credits under Grow New Jersey Assistance Program.
Establishes Clean Energy Technology Center and Alternative and Clean Energy Investment Trust Fund for purposes of creating clean energy-related employment opportunities; allocates revenues from societal benefits charge to support its activities.
Establishes Clean Energy Technology Center and Alternative and Clean Energy Investment Trust Fund for purposes of creating clean energy-related employment opportunities; allocates revenues from societal benefits charge to support its activities.
Relating to creation of the university research initiative fund, the abolishment of the Texas emerging technology fund, and the disposition of balances from the Texas emerging technology fund.
Relating to creation of the university research initiative fund, the abolishment of the Texas emerging technology fund, and the disposition of balances from the Texas emerging technology fund.
Establishes Fusion Energy and Technology Incentive Program in EDA to encourage use of power plants for fusion energy and technology purposes; authorizes funds in Global Warming Solutions Fund to support fusion energy and technology facilities.