Section 10-461 - Maryland Innovation Initiative University Partnership Pilot Program(a)(1) In this section the following words have the meanings indicated.(2) "Eligible university" means Bowie State University and Frostburg State University.(3) "Pilot Program" means the Maryland Innovation Initiative University Partnership Pilot Program.(b)(1) There is a Maryland Innovation Initiative University Partnership Pilot Program.(2) The purpose of the Pilot Program is to expand opportunities for technology validation, entrepreneurial development, and industry engagement at eligible universities.(c)(1) The Initiative shall implement and administer the Pilot Program.(2) The Initiative shall collaborate with an eligible university to identify and support industry partnerships and commercialization opportunities.(d) To qualify for participation in the Pilot Program, each eligible university shall pay an annual contribution of $50,000.(e)(1) Only an eligible university may submit project proposals for funding under the Pilot Program.(2) To qualify for a grant under the Pilot Program, a project proposal must: (i) support the creation of a new technology-based business in Maryland;(ii) advance technology toward commercialization of a product or service;(iii) foster entrepreneurial development at the eligible university;(iv) create an opportunity for meaningful economic impact in the region around the eligible university; or(v) foster collaboration between the eligible university and an industry partner, including:1. product development with commercialization potential; and2. matching funds provided by the industry partner.(f)(1) The Initiative shall develop criteria to review, evaluate, and rate project proposals for funding under the Pilot Program.(2) The Executive Director shall distribute grants to projects based on the criteria developed in accordance with paragraph (1) of this subsection.(g)(1) For fiscal years 2023 and 2024, the Governor shall include in the annual budget bill an appropriation of $500,000 for the Pilot Program.(2) The funding provided in this subsection shall be used to supplement, not supplant, any funds that would otherwise be provided to the Initiative.(h) In addition to information on the Initiative included in the annual report of the Corporation under § 10-415 of this subtitle, on or before July 1, 2024, the Corporation shall report to the General Assembly, in accordance with § 2-1257 of the State Government Article, on the implementation of the Pilot Program.Added by 2021 Md. Laws, Ch. 697, Sec. 1, eff. 7/1/2021, exp. 7/1/2024.