This bill establishes the Innovation Partnership, administered by the New Jersey Commission on Science, Innovation and Technology, to support the development of emerging technology businesses in the state. The partnership will consist of independent nonprofit organizations, referred to as partners, which will collaborate to achieve specific goals such as identifying advanced technologies, facilitating stakeholder interactions, providing access to capital, and supporting minority and women's technology businesses. The commission will define geographical focus areas for the partners, including sectors like financial information technology, healthcare, agriculture, and renewable energy.

Additionally, the bill creates the Innovation Fund, a special account for grant funding to partners, which must be matched by private sector contributions. Certified partners can apply for these grants to pursue the bill's objectives, with a focus on organizations that demonstrate diverse leadership and are 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 are required to submit annual reports detailing their activities. The commission will compile these reports and present an annual overview to the Governor and the Legislature.