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