Bill > S2442

This bill establishes the New Jersey Innovation and Research Fellowship Program within the Department of Labor and Workforce Development (DOWLD) to foster technological innovation in the state. The program will be funded by a portion of the Workforce Development Partnership Fund, a dedicated fund managed by the State Treasurer to support various employment and training services. Specifically, 3% of the fund's revenues will be allocated to this new fellowship program. The DOWLD, in collaboration with the New Jersey Economic Development Authority, will administer at least 20 fellowships, each lasting two to three years, primarily for information technology research and innovation, not for purchasing equipment. These fellowships can be awarded to both large and small businesses, as well as other entities, with a focus on supporting the state's history of technological advancement and its innovation ecosystem, which is defined as an environment connecting individuals with knowledge and ideas to the resources needed for development and economic growth. The bill also mandates that the DOWLD and the Economic Development Authority create rules for the program and evaluate its effectiveness within five years of its launch.