(a) The Initiative may:
(1) provide grant funding or equity investment financing to a qualifying university, qualifying university–based entrepreneur, or other start–up entity, to promote the commercialization of technology developed in whole or in part by a qualifying university;
(2) pursue grants, other funds, and in–kind contributions for the Initiative or its qualifying universities;
(3) develop and implement guidelines for technology transfer; and
(4) identify projects at qualifying universities that may be viable for commercialization.
(b) The grant funding or equity investment financing in subsection (a) of this section shall be awarded:
(1) to support pre–commercial research on intellectual property to increase the likelihood of commercializing the intellectual property;
(2) to defray costs of evaluating the feasibility of a technology becoming commercialized through a start–up company;
(3) to defray the direct costs of developing early stage technology through a start–up entity;
(4) to assess intellectual property issues, including licensing and patents; or
(5) for any other costs that the Initiative’s participating members determine are appropriate to promote technology transfer and commercialization in the State.