Bill > A3891

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. It amends the Workforce Development Partnership Fund, a restricted, nonlapsing, revolving fund managed by the State Treasurer, to allocate 3% of its revenues to this new fellowship program. The program will be funded by this dedicated portion of the Workforce Development Partnership Fund and will provide at least 20 fellowships, lasting two to three years each, primarily for information technology research and innovation, not for capital purchases. These fellowships can be awarded to both large and small businesses, as well as other entities, with specific allocations for different business sizes. The DOWLD, in collaboration with the New Jersey Economic Development Authority, will establish, administer, and evaluate the program, with a formal evaluation of its effectiveness to be conducted within five years of the first fellowship's approval.