New Jersey Assembly Bill A979

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

Establishes technology transfer assistance program in EDA.

Impact

The implementation of this program is expected to have a significant impact on how technology businesses interact with higher education institutions. By providing assistance in transferring technology to commercial applications, the bill promotes innovation and economic growth in New Jersey. The collaboration between the EDA and institutions of higher learning is designed to optimize the use of state resources in supporting local businesses and enhancing the state's competitive advantage in technology sectors.

Summary

Bill A979 establishes a technology transfer assistance program within the New Jersey Economic Development Authority (EDA). This program is aimed at facilitating the dissemination of technology developed through state-funded academic programs and state-subsidized technology businesses, thereby enhancing collaboration between educational institutions and the private sector. The EDA is tasked with conducting patentability assessments and evaluations of existing technologies to determine their marketability and to assist businesses in taking their innovations to market.

Contention

Notable points of contention surrounding A979 may arise from concerns over the efficacy of the program, particularly regarding the choice of educational institutions contracted to administer the program. Questions may also be raised about the thoroughness of patentability assessments and the subsequent handling of proprietary information. As this bill encourages partnerships with private entities, there is potential for debate on the balance between public and private interests and how profits from state-supported inventions should be managed.