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Statutes Text

Article - Economic Development


    (a)    The Initiative may:

        (1)    provide grant funding or equity investment financing to a qualifying university, qualifying university–based entrepreneur, or other start–up entity, to promote the commercialization of technology developed in whole or in part by a qualifying university;

        (2)    pursue grants, other funds, and in–kind contributions for the Initiative or its qualifying universities;

        (3)    develop and implement guidelines for technology transfer; and

        (4)    identify projects at qualifying universities that may be viable for commercialization.

    (b)    The grant funding or equity investment financing in subsection (a) of this section shall be awarded:

        (1)    to support pre–commercial research on intellectual property to increase the likelihood of commercializing the intellectual property;

        (2)    to defray costs of evaluating the feasibility of a technology becoming commercialized through a start–up company;

        (3)    to defray the direct costs of developing early stage technology through a start–up entity;

        (4)    to assess intellectual property issues, including licensing and patents; or

        (5)    for any other costs that the Initiative’s participating members determine are appropriate to promote technology transfer and commercialization in the State.