In this section the following words have the meanings indicated. “Eligible university” means a public or private college or university located within the Baltimore–Columbia–Towson Metropolitan Statistical Area. “Eligible university” includes: Anne Arundel Community College; Baltimore City Community College; Carroll Community College; Community College of Baltimore County; Coppin State University; Goucher College; Harford Community College; Howard Community College; Johns Hopkins University; Loyola University Maryland; Maryland Institute College of Art; McDaniel College; Morgan State University; Notre Dame of Maryland University; St. John’s College; Stevenson University; Towson University; University of Baltimore; University of Maryland, Baltimore Campus; and University of Maryland Baltimore County. “Pilot Program” means the Baltimore Innovation Initiative Pilot Program. There is a Baltimore Innovation Initiative Pilot Program. The purpose of the Pilot Program is to provide incentives for and grow technology start–up companies founded by students or faculty at eligible universities. The Initiative shall implement and administer the Pilot Program. The Initiative shall collaborate with each participating eligible university to identify and support entrepreneurial initiatives, industry partnerships, and commercialization opportunities related to technology. To qualify for participation in the Pilot Program, each eligible university shall pay an annual contribution of up to $50,000. Only an eligible university may submit project proposals for funding under the Pilot Program. To qualify for participation in the Pilot Program, a project proposal must: support the creation of a new technology–based business in the State; advance the technology toward commercialization of a product or service, with preference for products or services that align with the goals of integrating artificial intelligence or machine learning in health care and biotechnology sectors in the State; foster equitable and inclusive entrepreneurial development at the eligible university; create an opportunity for meaningful economic impact in the region around the eligible university; or foster collaboration between the eligible university and an industry partner, including: product development with commercialization potential; and matching funds provided by the industry partner. Subject to paragraphs (2) and (3) of this subsection, the Initiative shall develop criteria to review, evaluate, and rate project proposals for funding under the Pilot Program. The Executive Director of the Initiative shall distribute grants to projects based on the criteria developed in accordance with paragraph (1) of this subsection. The Initiative shall give priority to project proposals that align with the mission of the Baltimore tech hub or artificial intelligence– and life science–oriented businesses. For fiscal years 2025 and 2026, the Governor shall include in the annual budget bill an appropriation of $1,500,000 for the Pilot 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 July 1, 2027, the Corporation shall report to the General Assembly, in accordance with § 2–1257 of the State Government Article, on the implementation of the Pilot Program.