1. (a) The Initiative may:

   1. (1) provide grant funding or equity investment financing to a qualifying university, qualifying university-based entrepreneur, or other start-up entity, to promote the commercialization of technology developed in whole or in part by a qualifying university;
   2. (2) pursue grants, other funds, and in-kind contributions for the Initiative or its qualifying universities;
   3. (3) develop and implement guidelines for technology transfer; and
   4. (4) identify projects at qualifying universities that may be viable for commercialization.

2. (b) The grant funding or equity investment financing in subsection (a) of this section shall be awarded:

   1. (1) to support pre-commercial research on intellectual property to increase the likelihood of commercializing the intellectual property;
   2. (2) to defray costs of evaluating the feasibility of a technology becoming commercialized through a start-up company;
   3. (3) to defray the direct costs of developing early stage technology through a start-up entity;
   4. (4) to assess intellectual property issues, including licensing and patents; or
   5. (5) for any other costs that the Initiative's participating members determine are appropriate to promote technology transfer and commercialization in the State.

Added by Acts 2012, c. 450, § 1, eff. July 1, 2012. Amended by Acts 2016, c. 8, § 1, eff. March 14, 2016; Acts 2016, c. 462, § 1, eff. July 1, 2016; Acts 2020, c. 580, § 1, eff. Oct. 1, 2020.