Allows GMU to participate in or create a joint venture or innovation agreement with an individual, corporation, governmental body or agency, partnership, association, or other entity to develop and deliver new, collaborative distance learning and technology-based instruction programs for traditional and non-traditional students, including veterans and military personnel. However, the university, prior to the execution of any joint venture of innovation agreement, shall formally seek and receive approval from the majority of the members of the Joint Subcommittee on the Future Competitiveness of Virginia Higher Education.