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, including the Secretary of Higher Education and representatives from the New Jersey Business and Industry Association, will oversee the program and establish a competitive application process for grant recipients. The board will award grants to qualified applicants from public institutions of higher education based on objective criteria such as the intellectual merit and feasibility of the proposed projects.

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 each institution. If funds are not awarded in those years, the board can reallocate them in subsequent years. Future appropriations will consider the outcomes of previous projects. 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.