Bill > A3652

Introduced Session

This bill establishes a "Supporting Educational and Entrepreneurial Development (S.E.E.D.) Program" in the Office of the Secretary of Higher Education. The purpose of the S.E.E.D. Program will be to support original student-led projects through the awarding of grants. Awards made through the program will provide the initial funding necessary to support the development of promising new concepts, products, or companies led by the next generation of researchers. Under the bill, the S.E.E.D. Program will be implemented by a seven member board that includes the Secretary of Higher Education, or a designee; a representative of the New Jersey Business and Industry Association; and five public members. The board will establish a competitive application process for receipt of a S.E.E.D. grant that considers objective factors which include, but need not be limited to: the intellectual merit of the proposed project; the overall feasibility of the proposal; and the qualifications of the applicant. The bill directs the board to award S.E.E.D. grants from the fund to qualified applicants enrolled in each public institution of higher education, within the limits of available funds. The board will determine the amount of each grant awarded under the program and may award multi-year grants. The bill creates a special fund in the Office of the Secretary of Higher Education entitled the "S.E.E.D. Fund," consisting of all moneys appropriated by the State for the purposes of the program and all interest and investment earnings received on moneys in the fund. The fund will be used to provide S.E.E.D. grants. The bill provides that in each of the first three years of the S.E.E.D. Program, the State must appropriate to the S.E.E.D. Fund for each public institution of higher education an amount equal to $2,500 per each 500 full-time student cohort and $2,500 per each 1,000 part-time student cohort. In the event that the funds available to an institution are not awarded as S.E.E.D. grants in any of the first three years of the program, the board may either allocate those funds to the institution in subsequent years or reallocate those funds to other institutions of higher education. Under the bill, in each subsequent year, the State appropriations to the S.E.E.D. Fund for each institution will be determined with consideration of the outcomes of the projects of prior years' grantees. In the event that an independent institution of higher education opts to participate in the program, a State appropriation must be made to the fund in accordance with the guidelines established herein. Finally, the bill directs the board to submit a report to the Governor, and the Legislature four years after the establishment of the S.E.E.D. Program on its implementation and outcomes.

AI Summary

Committee Categories

Tennille McCoy (D)*,  Carol Murphy (D)*, 

Introduced, Referred to Assembly Higher Education Committee (on 02/12/2024)

Official Document