The proposed bill establishes the Innovation Partnership, administered by the New Jersey Commission on Science, Innovation, and Technology, to promote the development of emerging technology businesses in the state. It aims to include independent nonprofit organizations that will collaborate to identify and implement advanced technologies, facilitate stakeholder interactions, provide access to capital, and support minority and women-owned technology businesses. The bill emphasizes the importance of diversity in leadership and location for these nonprofit partners and establishes a special fund to support their initiatives, along with a mandate for annual reporting to ensure accountability in the use of state funds.

Furthermore, the bill outlines a certification process for nonprofit organizations to become partners in the Innovation Partnership, allowing them to access grant funds. It specifies regional focuses for technology development, including financial technology, healthcare, agriculture, and renewable energy, and prioritizes organizations with diverse leadership and those in municipalities eligible for state aid. If no suitable nonprofit can be certified for a region, the commission will create an independent nonprofit to fulfill that role. The bill also includes provisions for monitoring partner performance and compliance with grant agreements, ensuring transparency and effectiveness in fostering a supportive ecosystem for innovation and technology in New Jersey.