(B) Awarding subgrants to individual in-
vestigators to carry out the activities described 
in subparagraph (A). 
(C) Constructing facilities and creating 
business incubators to carry out the activities 
described in subparagraph (A). 
(D) Attracting additional private invest-
ment to grow and maintain the eligible entity’s 
proof of concept funding. 
(2) SUBGRANTS.— 
(A) IN GENERAL.—In awarding subgrants 
to individual investigators as described in para-
graph (1)(B), an eligible entity shall consult 
with business leaders in relevant economic sec-
tors to identify technologies that are most 
promising and likely to attract private invest-
ment with research and development funded by 
the proof of concept funding. 
(B) ADVISORY COMMITTEE.— 
(i) IN
GENERAL.—An eligible entity 
shall convene an advisory committee of re-
searchers and business leaders in the ap-
propriate sector to review and recommend 
applications for subgrants under this sub-
section. 
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(ii) 
CONSIDERATION
OF
REC-
OMMENDATIONS.—An eligible entity shall 
take into consideration the recommenda-
tions of the advisory committee convened 
under clause (i) when making decisions 
about subgrants under this subsection. 
(iii) WRITTEN JUSTIFICATION.—If an 
eligible entity’s grant making decision is 
different from the recommendations of the 
advisory committee under this subpara-
graph, the entity shall submit written jus-
tification for the decision to the Director. 
(3) CONSTRUCTING FACILITIES.— 
(A) IN GENERAL.—In using funds to con-
struct facilities pursuant to paragraph (1)(C), 
an eligible entity shall consult with business 
leaders in relevant economic sectors to identify 
facilities that would most help the eligible entity 
meet the goals under paragraph (1)(A). 
(B) ADVISORY COMMITTEE.— 
(i) IN
GENERAL.—An eligible entity 
shall convene an advisory committee of re-
searchers and business leaders in the ap-
propriate sector to make recommendations 
about facilities construction. 
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(ii) 
CONSIDERATION
OF
REC-
OMMENDATIONS.—An eligible entity shall 
take into consideration the recommenda-
tions of the advisory committee convened 
under clause (i) when making decisions 
about facilities construction. 
(iii) WRITTEN JUSTIFICATION.—If an 
eligible entity’s decision is different from 
the recommendations of the advisory com-
mittee under this subparagraph, the entity 
shall submit written justification for the 
decision to the Director. 
(g) REPORTS.— 
(1) IN GENERAL.—Each eligible entity that re-
ceives a grant under this section shall submit a re-
port to the Director each year during the grant pe-
riod and for 5 years after the grant period has 
ended. 
(2) CONTENT OF REPORTS.—The reports sub-
mitted under paragraph (1) shall— 
(A) detail the subgrants and facilities con-
struction decisions the entity has made since 
submitting its last report to the Director; 
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(B) update the Director on the status and 
results of subgrants and facilities construction 
made from grant funding; 
(C) report on the companies, products, 
jobs, venture capital, and other investments and 
funding that have resulted from funding pro-
vided by the grant awarded under this section; 
(D) report on the degree to which Federal 
investments have been leveraged, including ap-
propriate measures of returns on Federal in-
vestments; and 
(E) provide other information that the Di-
rector determines necessary to evaluate the effi-
cacy of the grant. 
SEC. 105. GRANTS TO INDIVIDUALS. 
(a) IN GENERAL.—The Bank, acting through the Di-
rector, shall award grants to individual investigators at eli-
gible entities, as defined in section 104(b), who seek to 
develop new science and engineering discoveries into new 
companies, products, or jobs. 
(b) APPLICATION.—Each individual who desires a 
grant under this section shall submit an application jointly 
with the technology transfer office, or other similar office, 
at the individual’s institution. Such application shall— 
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(1) demonstrate that the eligible institution will 
provide to the individual sufficient support in the aid 
of developing the specific discovery named in the ap-
plication into a new company or product, or new 
jobs, with the aid of the grant under this section; 
and 
(2) be submitted at such time, in such manner, 
and containing such additional information as the 
Director may require. 
(c) PRIORITY.—In awarding grants under this sec-
tion, the Director shall give priority to individuals— 
(1) at institutions that lack a significant proof 
of concept fund; 
(2) who receive or have recently received Fed-
eral research funding; and 
(3) who demonstrate a capacity to commer-
cialize their research discovery. 
SEC. 106. LOANS TO PRIVATE COMPANIES AND INDIVID-
UALS. 
The Bank may make loans, at competitive interest 
rates, to private companies and individual investigators in 
order to promote the development of new science and engi-
neering discoveries into new companies, products, or jobs. 
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SEC. 107. AUTHORITY TO RESCIND FUNDING. 
(a) RESCISSION.—The Director shall rescind grants 
and loans awarded and loans made to individuals, eligible 
entities, or private companies under this title that do not 
use such grants or loans to make reasonable attempts to 
develop discoveries into new companies, products, or jobs. 
(b) REPAYMENT.—The Director shall require the re-
payment of grants and loans made under this section from 
individuals, eligible entities, and private companies that 
are significantly unsuccessful at creating new companies, 
products, or jobs. 
TITLE II—IMPROVING SCIENCE 
AND 
TECHNOLOGY 
JOB 
TRAINING 
SEC. 201. IMPROVING SCIENCE AND TECHNOLOGY JOB 
TRAINING. 
Section 510 of the National Science Foundation Au-
thorization Act of 2010 (42 U.S.C. 1869) is amended by 
adding at the end the following: 
‘‘(e) ADDITIONAL INDUSTRY-FOCUSED IGERT PRO-
GRAM FUNDING AUTHORIZED.— 
‘‘(1) IN GENERAL.—The Director of the Na-
tional Science Foundation shall award grants, on a 
competitive basis, to eligible institutions to enable 
such institutions to support students who perform 
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some or all of their graduate research in an industry 
setting. 
‘‘(2) ELIGIBLE INSTITUTION.—The term ‘eligi-
ble institution’ means an institution of higher edu-
cation that— 
‘‘(A) is receiving, as of the date of the ap-
plication submitted under paragraph (3), fund-
ing under the Integrative Graduate Education 
and Research Traineeship (referred to as 
‘IGERT’) program; and 
‘‘(B) enrolls students who are interested in 
performing some or all of their graduate re-
search in an industry setting. 
‘‘(3) APPLICATION.—An eligible institution that 
desires to receive a grant under this subsection shall 
submit an application to the Director of the Na-
tional Science Foundation at such time, in such 
manner, and accompanied by such information as 
the Director may require. 
‘‘(4) PEER REVIEW AND PRIORITY.—In award-
ing grants under this subsection, the Director of the 
National Science Foundation shall— 
‘‘(A) consider the recommendations from a 
peer-review process; and 
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‘‘(B) give priority to eligible institutions 
that— 
‘‘(i) have strong pre-existing relation-
ships with companies that are located near 
the institution and with companies whose 
research, development, and products are 
related to the type of research training 
that the institution’s IGERT supports; and 
‘‘(ii) are likely to find career place-
ments in industry for students described in 
paragraph (2)(B). 
‘‘(5) RENEWAL.—Grants awarded under this 
subsection may be renewed on a similar timeframe 
as other IGERT programs. 
‘‘(6) USE OF FUNDS.—An eligible institution 
that receives funding under this subsection shall use 
such funding to award grants to, and otherwise sup-
port, students who pursue graduate research in an 
industry setting.’’. 
SEC. 202. INDUSTRY-RELATED REQUIREMENTS FOR CER-
TAIN GRADUATE RESEARCH FELLOWSHIPS. 
(a) TRAINING REQUIREMENT.—An institution of 
higher education that enrolls students who receive funding 
under a National Science Foundation graduate research 
fellowship, a National Institutes of Health national re-
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search service award, or any Federal program that pro-
vides funding to train students at the graduate level for 
careers in scientific research and development in either an 
academic, nonprofit, or industry setting, shall provide stu-
dents who are receiving such funding with training related 
to— 
(1) intellectual property protection; 
(2) commercialization; and 
(3) the development of science discoveries. 
(b) TRAINING PROGRAM COMPONENTS.—The train-
ing described in subsection (a) shall include the provision 
of information about: 
(1) The importance of disclosing discoveries and 
filing for patents. 
(2) Obtaining proof of concept or development 
funding. 
(3) The characteristics that make a scientific 
discovery attractive to private investment. 
(4) Resources that may assist researchers in 
creating a new start-up company. 
(c) EXCEPTION.—An institution of higher education 
that enrolls fewer than 6 students who receive funding 
under a National Science Foundation graduate research 
fellowship, a National Institutes of Health national re-
search service award, or any Federal program that pro-
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vides funding to train students at the graduate level for 
careers in scientific research and development in either an 
academic, nonprofit, or industry setting shall be exempted 
from the requirements described in subsection (a). 
(d) GRANTS AUTHORIZED.—The Director of the Na-
tional Science Foundation shall award grants to institu-
tions of higher education, as defined in section 101(a) of 
the Higher Education Act of 1965 (20 U.S.C. 1001(a)), 
that are subject to the requirements described in sub-
section (a) to enable such institutions to develop the cur-
ricula necessary to fulfill such requirements. 
TITLE III—GRANTS FOR 
CURRICULUM DEVELOPMENT 
SEC. 301. GRANTS FOR CURRICULUM DEVELOPMENT OF 
PROFESSIONAL 
SCIENCE 
MASTERS 
PRO-
GRAMS AT THE NATIONAL SCIENCE FOUNDA-
TION. 
The National Science Foundation Authorization Act 
of 2010 (42 U.S.C. 1861 note et seq.) is amended by add-
ing at the end the following: 
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‘‘SEC. 528. GRANTS FOR CURRICULUM DEVELOPMENT OF 
PROFESSIONAL 
SCIENCE 
MASTERS 
PRO-
GRAMS AT THE NATIONAL SCIENCE FOUNDA-
TION. 
‘‘(a) GRANTS AUTHORIZED.—The Director of the 
National Science Foundation shall award grants to insti-
tutions of higher education to enable such institutions to 
develop professional science masters programs. 
‘‘(b) PROFESSIONAL SCIENCE MASTERS PROGRAM.— 
Each professional science masters program developed with 
funds awarded under subsection (a) shall— 
‘‘(1) be a masters degree program; 
‘‘(2) prepare students for a career in business, 
industry, or at a nonprofit organization; 
‘‘(3) provide students with research experiences, 
internship experiences, and the skills needed to suc-
ceed in business, industry, and nonprofit organiza-
tions; 
‘‘(4) prepare students to be part of a workforce 
in the United States that— 
‘‘(A) is well-trained in science, technology, 
engineering, and mathematics; and 
‘‘(B) responds to the changing needs of so-
ciety and employers; 
‘‘(5) prepare students in the areas of science, 
technology, engineering, and mathematics where 
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