There is a Pava LaPere Innovation Acceleration Grant Program in the Corporation. The Corporation shall administer the Program. The purpose of the Program is to foster growth of the entrepreneurial innovation ecosystem in the State by providing grants to technology–based start–up companies that: are founded by students of postsecondary institutions located in the Baltimore–Columbia–Towson Metropolitan Statistical Area; and have their principal place of business in the Baltimore–Columbia–Towson Metropolitan Statistical Area. An applicant shall submit an application for a Program award as required by the Corporation. The Program shall review the application and all supporting materials to evaluate whether the applicant qualifies for an award from the Program. Subject to paragraphs (2) and (3) of this subsection, the Program shall award $50,000 to each qualifying applicant. A qualifying applicant shall use at least 20% of the award to hire third–party consultants for planning, development, regulatory compliance, or other technical assistance related to establishing the start–up company. The Corporation may provide waivers on request by an applicant. For each fiscal year, the Governor shall include an appropriation for the Program in the annual budget bill. The Program may use up to 10% of the annual appropriation for administrative expenses, not to exceed $50,000 in a single fiscal year. The Corporation shall adopt regulations necessary to carry out this section.