Section 45B. (a) There shall be established and set up on the books of the commonwealth an Innovation Commercialization Seed Fund into which shall be credited any appropriations designated by the general court to be credited to the fund and any monies generated for the fund through corporations or nonprofit entities. The fund shall be administered by the Massachusetts Technology Transfer Center established in section 12 of chapter 40G which shall make expenditures from the fund without further appropriation to provide for an initial investment through a competitive grant program to researchers and students at the University of Massachusetts and other public and private designated research universities located in the commonwealth 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. The center shall determine guidelines for soliciting proposals. Not less than 50 per cent 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 investment grants shall be not be over $50,000 and may be renewed not more than 2 times if necessary as determined by the center. Priority shall be given to concepts, goods or services that create jobs and concepts, goods or services in the commonwealth submitted from researchers that employ and work with students in the research and development of the concept, goods or services. Investments shall be focused on developing technologies that benefit industry sectors of strategic importance to the commonwealth, such as advanced manufacturing, advanced materials, clean energy, communications, cyber security, defense, information technology, life sciences and marine science. The fund shall be used to advance the goals of job growth creation, innovation and economic development which may include, but shall not be limited to, the construction of prototypes, testing, market research and other steps necessary to bring the invention or concept to market in the commonwealth. The 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 located in the commonwealth.

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(b) The center shall annually file a report with the joint committee on higher education and the senate and house committees on ways and means detailing the grants awarded under this section not later than March 1.