34:15D-26 New Jersey Innovation and Research Fellowship Program.

3. a. The Department of Labor and Workforce Development, in consultation with the New Jersey Economic Development Authority, shall establish the New Jersey Innovation and Research Fellowship Program.

b. The New Jersey Innovation and Research Fellowship Program shall be funded through the funds reserved for that program from the Workforce Development Partnership Fund pursuant to section 9 of P.L.1992, c. 43 (C.34:15D-9). The funds shall be distributed by the department as follows:

(1) The department shall work in consultation with the New Jersey Economic Development Authority to fund, no less than, 20 fellowships, administered by the department, which focus on information technology research and innovation. The fellowships may be provided to entities, of which at least eight shall be large businesses, employing more than 25 people and eight shall be small businesses, employing from two to 24 people. The remainder of the fellowships may be authorized according to the discretion of the department.

(2) The fellowships shall be issued for two to three years each and shall be used primarily for research and innovation; not capital purchases.

c. The department, in consultation with the New Jersey Economic Development Authority, shall promulgate rules and regulations providing for the establishment, administration and evaluation of the New Jersey Innovation and Research Fellowship Program.

d. The department, in consultation with the New Jersey Economic Development Authority, shall conduct an evaluation of the effectiveness of the New Jersey Innovation and Research Fellowship Program to spur growth in the information technology research fields no later than five years after the approval of the first fellowship.

L.2015, c.235, s.3.