The bill proposes the establishment of the Ohio Tech Institute, which will be administered by the chancellor of higher education in collaboration with the Ohio federal research network. The primary goal of the institute is to enhance Ohio's innovation ecosystem by improving access to federal technology, promoting collaboration across various sectors, and supporting funding opportunities for educational institutions, businesses, and other partners. The institute will also create a statewide database and service platform that will be accessible to participating colleges, universities, private companies, nonprofits, and government entities.

Additionally, the Ohio Tech Institute will centralize federal tech-transfer opportunities through the database, providing refined lists of available technologies to its members. It will facilitate partnerships between students, colleges, universities, and organizations interested in commercialization or collaboration. Furthermore, the institute will offer coaching and support for participants seeking federal matching funding through various programs, including small business innovation research programs and tactical and strategic funding increase programs.