Create Subchapter 21 of KRS Chapter 154 to require the Cabinet for Economic Development to partner with the Kentucky Association for Economic Development to implement the Kentucky Product Development Initiative; define terms; require the cabinet to administer the program; authorize the cabinet to promulgate administrative regulations; create fund; establish requirements for grant applications; establish the duties of the Kentucky Association for Economic Development in the implementation of the program; establish project evaluation and scoring requirements; cite as the Kentucky Product Development Initiative Act; APPROPRIATION; EMERGENCY.