The bill establishes the Supporting Educational and Entrepreneurial Development (S.E.E.D.) Program within the Office of the Secretary of Higher Education in New Jersey. The program aims to support original student-led projects by providing grants that will fund the development of innovative concepts, products, or companies spearheaded by students. A seven-member board, which includes the Secretary of Higher Education and representatives from the New Jersey Business and Industry Association, will oversee the program. This board will implement a competitive application process for grant recipients, evaluating proposals based on intellectual merit, feasibility, and applicant qualifications.

Additionally, the bill creates the "S.E.E.D. Fund," which will be maintained separately and consist of state appropriations and investment earnings. In the first three years, the state is required to allocate funds to the S.E.E.D. Fund based on the number of full-time and part-time students at public institutions of higher education. If any funds are not awarded as grants during this period, the board has the discretion to reallocate them in subsequent years. The board is also tasked with submitting a report to the Governor and Legislature four years after the program's establishment, detailing the number of applicants, awards, and project outcomes.