The Corporation shall adopt regulations to establish: a competitive application process; and criteria and procedures for awarding grants from the Fund to eligible recipients. In accordance with this part, all private sector entities in the State and all institutions of higher education in the State may be eligible recipients of grants. Priority for the award of any grant shall be given to those projects that are most likely to: attract significant investment in the State; leverage significant additional grant or research funding from federal or private sector sources; or establish the State as a key location for nanobiotechnology research and industry.