§ 10-458. Functions

   (a) In general. -- The Initiative may:

   (1) provide grant funding to a qualifying university, qualifying university-based entrepreneur, or other start-up entity, to promote the commercialization of technology developed in whole or in part by a qualifying university;

   (2) pursue grants, other funds, and in-kind contributions for the Initiative or its qualifying universities;

   (3) develop and implement guidelines for technology transfer; and

   (4) identify projects at qualifying universities that may be viable for commercialization.

(b) Grant funding. -- The grant funding in subsection (a) shall be awarded:

   (1) to support pre-commercial research on intellectual property to increase the likelihood of commercializing the intellectual property;

   (2) to defray costs of evaluating the feasibility of a technology becoming commercialized through a start-up company;

   (3) to defray the direct costs of developing early stage technology through a start-up entity;

   (4) to assess intellectual property issues, including licensing and patents; or

   (5) for any other costs that the Initiative's participating members determine are appropriate to promote technology transfer and commercialization in the State.

HISTORY: 2012, ch. 450.