The bill mandates the establishment of the New Jersey STEM Entrepreneur Fellowship Program by the Secretary of Higher Education, in collaboration with the Commissioner of Labor and Workforce Development and the New Jersey Economic Development Authority. This program will be implemented in county colleges and four-year institutions of higher education to support entrepreneurs in the Science, Technology, Engineering, and Mathematics (STEM) fields. The Secretary is required to fund and administer a minimum of 20 fellowships, which will be awarded to individuals who demonstrate the potential to create, advance, or develop a product in the STEM field that positively impacts society and leads to a self-sustaining business.

The fellowships will be granted for a duration of three years and are intended to assist entrepreneurs in commercializing their ideas and establishing a structured business model. Priority will be given to applications that are supported by state-backed incubators. Additionally, the Secretary, in consultation with the New Jersey Economic Development Authority, is tasked with evaluating the program's effectiveness in establishing new businesses within five years of the first fellowship approval. The bill is set to take effect immediately upon enactment.