; (II) to develop regional strategies for infrastructure improvements and site development in support of the regional technology hub’s plans and programs; (III) to support business activity that develops the domestic supply chain and encourages the creation of new business entities; (IV) to attract new private, public, and philanthropic investment in the region for developing innovation capacity, including establishing regional venture and loan funds for financing technology commercialization, new business formation, and business expansions; (V) to further the development of innovations in the key technology focus areas, including innovations derived from research conducted at institutions of higher education or other research entities, including research conducted by 1 or more university technology centers established under section 8A(c)(6) of the Act of May 10, 1950 (64 Stat. 49, chapter 171; 42 U.S.C. 1861 et seq.), through activities that may include— (aa) proof-of-concept development and prototyping; (bb) public-private partnerships in order to reduce the cost, time, and risk of commercializing new technologies; (cc) creating and funding competitions to allow entrepreneurial ideas from institutions of higher education to illustrate their commercialization potential; (dd) facilitating mentorships between local and national business leaders and potential entrepreneurs to encourage successful commercialization; (ee) creating and funding for-profit or not-for-profit entities that could enable researchers at institutions of higher education and other research entities to further develop new technology prior to seeking commercial financing, through patient funding, advice, staff support, or other means; and (ff) providing facilities for start-up companies where technology maturation could occur