1.__Fiscal agent for public investments in private research and development.__The institute is the fiscal agent of the State for all funds appropriated or allocated to the institute.__Fiscal duties include the disbursement of funds through grants to private companies, targeted technology incubators and nonprofit research laboratories.__Other duties include the accounting, evaluation and monitoring of all activities of the institute and all programs funded in whole or in part by grants from the institute.__The institute may fund necessary precursors to commercialization of products and services, including the development of new technologies and processes, the development of product concepts and the manufacture of prototypes.

2.__Targeted technology boards.__The institute shall work directly with and provide staffing to targeted technology sectors__ to stimulate and manage the research and development grant process in private companies through technology-specific boards, which are subsidiaries of the board consisting of private sector representatives, scientists and others determined appropriate by representatives of the targeted technology sectors.__If the institute's board determines it necessary, the institute shall provide start-up organizational and development grants to those targeted technology sectors.__Each technology board may establish goals and objectives for its sector based on state economic development goals, establish research and development priorities, help companies network with each other and advise them on funding opportunities and on the availability of other support services, prepare criteria by which to evaluate proposals, solicit and receive competitive funding proposals, arrange for peer reviews and screen proposals and select those to be forwarded to the board for final evaluation.__The board may delegate, based on conditions it determines appropriate, partial or full regranting authority to those technology boards that have demonstrated capacity to execute grants that are likely to lead to commercialization of a new technology or product.

3.__Measures of performance.__The institute shall develop quantifiable measures of performance to which it will hold all grantees accountable, including, but not limited to, the number of new jobs created by the grant, the amount of sales generated, the number of patents produced and the amount of corporate income taxes paid, and shall require all grantees to report regularly to the institute on those measures during the grant period and for 5 years following the end of the grant period.

4.__Adoption of bylaws.__The institute shall adopt bylaws, through the board, consistent with this chapter for the governance of its affairs.