The 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's technology businesses. The commission will define geographical boundaries for these partners, focusing on sectors such as financial technology, healthcare, agriculture, and renewable energy.

Additionally, the bill creates the Innovation Fund, which will provide funding through state appropriations, federal funds, and private contributions. Nonprofits can apply for certification as partners to access grant funds from this new fund, with a focus on those demonstrating diverse leadership and located in municipalities eligible for State aid. The commission has the authority to modify or revoke a partner's participation for noncompliance with established goals, and partners must submit annual reports detailing their activities. This framework aims to foster a more inclusive innovation ecosystem in New Jersey while ensuring accountability and adherence to the bill's objectives.