Creates ‘Supporting Educational and Entrepreneurial Development’ Program for NJ College Projects

Bipartisan legislation sponsored by Senate Republican Leader Tom Kean and Senator Sandra Cunningham to establish the “Supporting Educational and Entrepreneurial Development” (S.E.E.D.) Program, to invest in innovative college student projects passed the Senate Higher Education Committee.

“New Jersey’s college students are participating in truly groundbreaking research projects,” Kean (R-21) said. “We should encourage these pioneers to continue to partner with their college advisers – and we need to get our schools to create more opportunities for them as well. The S.E.E.D. program will attract prospective students from across the world, reinvigorating New Jersey’s reputation as the ‘Innovation State.”

S-3273 establishes “Supporting Educational and Entrepreneurial Development” (S.E.E.D.) Program within the Office of the Secretary of Higher Education. The program’s purpose is to support original student led-projects, by providing the initial funding necessary to support the development of promising new concepts, products, or companies led by the next generation of researchers.

“Our economy is driven by fearless individuals who pursue their passions and explore new avenues in order to improve the world around them,” said Senator Cunningham (D-Hudson). “Providing funding to encourage the entrepreneurial spirit of our college students will spur innovation and economic growth across our state.”

The S.E.E.D. program would be implemented by a board of the following seven individuals: the Secretary of Higher Education or their designee, a representative of the New Jersey Business and Industry Association appointed by the Governor, and five public members, appointed by the Senate President, Senate Minority Leader, General Assembly Speaker, Minority Leader of the General Assembly, and the Governor.

The board will develop a competitive application process which would consider the intellectual merit of the proposed project, the proposal’s feasibility, and the qualifications of the applicant. The S.E.E.D. Fund will consist of all funds appropriated by the State, plus any interest and investment earnings.

“We need to do more to encourage our entrepreneurial and innovative high school students to continue their education at an in-State school,” Kean added. “This influx of monies can help reverse New Jersey’s brain drain of people and talent. After spending so many years educating these kids at the K-12 level, this SEED program will help persuade many of our talented high school grads to plant their roots in the Garden State.”