(1) The department shall designate innovation hubs within iHub areas to stimulate partnerships, economic development, and job creation by leveraging iHub partner assets to provide an innovation platform for startup businesses, economic development organizations, business groups, and venture capitalists. The iHub partner assets may include, but are not limited to, research parks, technology incubators, universities, and federal laboratories.

(2) The department shall designate no more than six iHubs in the first congressional district, no more than four iHubs in the second congressional district, and no more than six iHubs in the third congressional district.

(3) The department shall terminate any iHub designation for any iHub that has not fully implemented the memorandum of understanding entered into pursuant to section 81-12,110 within three years after such designation.