Amendment #9 to H4165

Proof of Concept

Representatives Scibak of South Hadley and Sannicandro of Ashland moves to amend the bill by adding the following new line item: "xxxx-xxxx  For the innovation commercialization seed fund established in section of this act .......................... $8,000,000"; and by inserting the following section:-

SECTION .  Chapter 75 of the General Laws is hereby amended by inserting after section 45A the following section:-

Section 45B. (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 designated by the general court to be credited thereto and any funds generated for the commercialization fund through corporations or nonprofit entities.  The commercialization fund shall be administered by the Massachusetts Technology Transfer Center established in section 45, who shall make expenditures from the funds without further appropriation.  The purpose of the commercialization fund is 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; provided, that at least 50 percent 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 of 2 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.

Additional co-sponsor(s) added to Amendment #9 to H4165

Proof of Concept