The legislature finds that:
(1) it is essential to the continued economic growth and diversification of this state that technology development and transfer be promoted and expanded;
(2) the students, scientists, researchers, faculty, and staff of the institutions of higher education of this state have developed and, in all likelihood, will continue to develop technology that will contribute to the continued growth and diversification of the state's economy;
(3) the electorate of this state authorized the legislature to allow for the programs created by this chapter by adopting Section 52-a, Article III, Texas Constitution; and
(4) an institution of higher education is authorized to engage in technology development and transfer activities under the authority provided to its governing board and other state and federal law.