The Knowledge Account was created with the passage of Assembly Bill 449 (2011) as part of the restructuring of Nevada's Economic Development Agency. The Knowledge Account spurs research and the commercialization of research in areas the state has targeted for economic growth. Commercialization in knowledge-based industries creates high-paying jobs and generates tax revenue in addition to strengthening research and development in targeted industries. The Account provides grants in five allowable areas: establishing technology outreach programs throughout the state; recruiting, hiring, and retaining research teams and faculty; funding research laboratories and related equipment; constructing research facilities; and matching funds for federal and private sector grants and contract opportunities. Statutory Authority: NRS 231.1591 through NRS 231.1597.