The bill establishes the Artificial Intelligence Innovation Partnership, administered by the New Jersey Commission on Science, Innovation and Technology, to support emerging artificial intelligence (AI) technology businesses and foster collaborative innovation ecosystems throughout the state. The partnership's goals include enhancing the competitiveness of these businesses through advanced technologies, facilitating stakeholder interactions, providing access to capital, and offering training and technical assistance. It also aims to develop business incubation resources and promote diversity by focusing on underrepresented emerging AI technology businesses.

The commission will certify nonprofit organizations as partners based on their regional focus, which encompasses financial technology, healthcare, agriculture, and renewable energy. The bill outlines the responsibilities of these partners, including applying for grant funds and submitting annual reports to the commission. A special non-lapsing account will be created to fund the partners, drawing from state appropriations and other funding sources. The commission is empowered to define geographical boundaries for regions, prioritize nonprofits with diverse leadership, and create independent nonprofits if necessary. Additionally, the commission can modify or revoke a partner's participation for non-compliance, ensuring accountability and progress in advancing AI technology in New Jersey.