In this section the following words have the meanings indicated. “Eligible institution” means Bowie State University, Frostburg State University, and any other public or private nonprofit institution of higher education deemed eligible by the Initiative. “Program” means the Maryland Innovation Initiative Institution Partnership Extension Program. There is a Maryland Innovation Initiative Institution Partnership Extension Program. The purpose of the Program is to expand opportunities for technology validation, entrepreneurial development, and industry engagement at eligible institutions. The Initiative shall implement and administer the Program. The Initiative shall collaborate with an eligible institution to identify and support industry partnerships and commercialization opportunities. The Initiative may explore opportunities for expanding eligibility to other public or private nonprofit institutions of higher education. Only an eligible institution may submit project proposals for funding under the Program. To qualify for a grant under the Program, a project proposal must: support the creation of a new technology–based business in Maryland; advance technology toward commercialization of a product or service; foster entrepreneurial development at the eligible institution; create an opportunity for meaningful economic impact in the region around the eligible institution; or foster collaboration between the eligible institution and an industry partner, including: product development with commercialization potential; and matching funds provided by the industry partner. The Initiative shall develop criteria to review, evaluate, and rate project proposals for funding under the Program. The Executive Director shall distribute grants to projects based on the criteria developed in accordance with paragraph (1) of this subsection. An eligible institution shall provide a cash match equivalent to 10% of the amount awarded under paragraph (2) of this subsection. For fiscal years 2027 and 2028, the Governor may include in the annual budget bill an appropriation of $250,000 for the Program. The funding provided in this subsection shall be used to supplement, not supplant, any funds that would otherwise be provided to the Initiative. In addition to information on the Initiative included in the annual report of the Corporation under § 10–415 of this subtitle: on or before January 1, 2026, the Corporation shall report to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly on similar programs in neighboring states and the potential economic benefits and costs of expanding the Initiative to all public and private nonprofit institutions of higher education operating in the State; and on or before July 1, 2028, the Corporation shall report to the General Assembly, in accordance with § 2–1257 of the State Government Article, on the implementation of the Program.