Bill > A979

Introduced Session

This bill requires the New Jersey Economic Development Authority (authority) to establish a technology transfer assistance program to facilitate the dissemination of technology developed through State-funded academic programs and State-subsidized technology businesses, and provide assistance to private technology businesses in transferring technology to commercial applications. The bill allows the authority to elect to contract with a New Jersey institution of higher education or with another qualified entity having an existing technology transfer program to perform a portion or all of the duties in administering the program. The authority may designate the institution of higher education to act on behalf of the authority, and that designation shall be made on the basis of competitive proposals and shall be based on the institution of higher education's comparative experience, effectiveness, and efficiency with respect to its existing technology transfer operations. The bill requires the authority or the institution of higher education, as part of the technology transfer assistance program, to conduct a patentability assessment and evaluation of existing products to determine the marketability of the technology or intellectual property. If the authority or institution of higher education determines that the technology can be protected by patent, the authority is to conduct, or contract with another entity to conduct, a market assessment, including an estimate of market size and an assessment of potential licensees, as well as collecting other pertinent market and industry data. The authority is to gather detailed information on potential licensees and an assessment of the potential licensees' product lines, production, marketing capabilities, if applicable, and financial status. Upon the completion of the assessment, a patent strategy is to be developed, which may include designating technology businesses or other entities in which the authority is to assist in seeking patent protection.

AI Summary

Committee Categories

Nancy Muñoz (R)*, 

Introduced, Referred to Assembly Science, Innovation and Technology Committee (on 01/09/2024)

Official Document