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. Each fellowship will last for three years and will primarily assist entrepreneurs in commercializing their ideas and structuring their businesses effectively.

Additionally, the bill emphasizes that priority will be given to fellowship applications that are backed by state-supported incubators. The Secretary, in conjunction with the New Jersey Economic Development Authority, is also tasked with evaluating the program's effectiveness in establishing new businesses within five years of the first fellowship approval. This initiative aims to foster innovation and entrepreneurship in STEM fields, ultimately contributing to economic growth and job creation in New Jersey.