Directs the University of Washington, Washington State University, the regional universities, The Evergreen State College, the community and technical college centers of excellence, and the department of commerce to work collaboratively with the private sector in the development and implementation of a sustained, competitive, world class, higher education research, development, application of invention, and technology transfer program that creates and sustains private sector jobs.

Changes the composition and duties of the Washington technology center.

Transfers certain functions and operations previously performed by the Spokane intercollegiate research and technology institute to the Washington technology center.