Section 1. Chapter 75 of the General Laws, as appearing in the 2012 Official Edition, is hereby amended by inserting after section 45 the following section:-

Section 45A. (a) In order to maximize the benefits of a robust innovative economy throughout the commonwealth and to ensure that the commonwealth stays on the cutting edge of research and job creation, there is hereby established a fund to be known as the Innovation Commercialization Seed Fund, herein referred to as the commercialization fund, to which shall be credited any appropriations designed by the general court to be credited thereto and any funds generated for the commercialization fund through corporations or nonprofit entities. The purpose of the commercialization fund it to provide an initial investment to researchers and students at the University of Massachusetts and research universities who have invented or developed concepts, goods or services that have commercial potential but have not reached the point of commercialization as determined by the center, as defined in section 45; provided, however, that at least 50 per cent of the funds under this section shall be reserved for award, over the term of each authorization or appropriation, subject to qualification, to the University of Massachusetts. Initial investments shall be not be over $50,000 and may be renewed a maximum of2 times if necessary as determined by the center. The commercialization fund shall focus on concepts that have job growth creation and shall look positively on bids from researchers that employ and work with students in the research and development of the concept, good or service. The commercialization fund money shall be used for, the construction of prototypes, testing, market research and other steps necessary to bring the invention or concept to market. The commercialization fund shall be available to student driven invention or concepts as long as the students are advised by a member of the faculty at the University of Massachusetts or other research university.

(b). The center shall annually file a report with the joint committee on higher education and the house and senate committees on ways and means detailing the grants awarded under this section.