The bill establishes the Innovation Partnership, administered by the New Jersey Commission on Science, Innovation, and Technology, to support the growth of emerging technology businesses in the state. It allows for the certification of one or more independent nonprofit organizations as partners, which will work to create supportive ecosystems for innovation across sectors such as financial technology, healthcare, agriculture, and renewable energy. The bill emphasizes diversity in leadership and ownership, particularly promoting the advancement of minority and women's businesses in the technology sector.

Additionally, the bill outlines the responsibilities of these partners, including the identification and implementation of advanced technologies, facilitating stakeholder collaboration, providing access to capital, and offering training for businesses. A special fund will be established to support these initiatives, with grant applications requiring matching private sector funds. The commission will also prioritize organizations with diverse leadership and those in municipalities eligible for state aid. Annual reporting is mandated to ensure transparency and accountability in the partnership's activities and funding, ultimately aiming to enhance New Jersey's leadership in science and technology.