Except as otherwise provided in this subtitle, the following terms have the meanings indicated. Terms Defined. “Award” means a $50,000 grant to a qualifying applicant. “Baltimore-Columbia-Towson MSA” means the Metropolitan Statistical Area in Maryland, as defined by the United States Office of Budget and Management. “Chief Executive Officer designee” means a TEDCO employee to whom the TEDCO’s Chief Executive Officer has designated decision making authority. Metrics. “Metrics” means performance criteria and measures established by the applicant for the applicant’s grant proposal. “Metrics” may include but is not limited to the project’s potential impact on fostering growth of the entrepreneurial innovation ecosystem in the State. “Postsecondary institution located in the Baltimore-Columbia-Towson MSA” means universities and colleges stated in §10-462.1 of the Act. “Program” means the Pava LaPere Innovation Acceleration Grant Program. Eligibility Criteria. TEDCO may make an award to an applicant, if TEDCO determines the applicant meets all of the following criteria: The applicant is a technology-based start-up company; The founder of the applicant are students of a postsecondary institution located in the Baltimore-Columbia-Towson MSA; The applicant has its principal place of business located in the Baltimore-Columbia-Towson MSA; and The applicant agrees to use at least 20 percent of the award to hire third-party consultants for planning, development, regulatory compliance, or other technical assistance related to establishing a start-up company unless upon applicant’s request, TEDCO provides a waiver thereto. Verification of Information Submitted to TEDCO. An applicant shall verify, in a form approved by the Office of the Attorney General, the information the applicant submits to TEDCO in an application for an award. In General. TEDCO shall select eligible applicants for an award under the Program based on a written application, applicant’s proposal, and TEDCO’s diligence. Application Process. In General. TEDCO shall make available to the public on or through its website: An application process for awards under the Program; and Deadlines, if any, to submit the applications. Required Information. Through an application, an applicant shall provide a grant proposal including information sufficient for TEDCO to establish eligibility for an award, including: Whether the applicant meets the eligibility requirements as set forth in the Act and under Regulation .02 of this chapter; Detailed description of the grant proposal including, but not limited to, current and proposed financial budgets, business proposal, and the project’s potential impact on growth of the entrepreneurial innovation ecosystem in the State; The address of applicant’s principal business operations in the Baltimore-Columbia-Towson MSA and a copy of the lease, license agreement, deed, or other document that evidences the applicant’s right to occupy the physical location of the principal business operations; Reasonable metrics of the project’s potential impact; and Any other information required to evaluate program criteria. Preliminary Evaluation of Eligibility. The Program: Shall perform an initial review of each application in accordance with the Act and Regulation .02 of this chapter; and May review the application for program criteria under §B(5) of this regulation and may examine the applicant’s grant proposal, business plan, budget, metrics, and other information. Eligibility Determination. Within 45 days from the date an applicant submits the application to the program, the program shall notify the applicant if TEDCO finds the applicant ineligible for an award under Regulation .02 of this chapter. Program Criteria. The Program shall consider the following criteria as the basis of a scoring rubric to evaluate eligible applicants: Whether the applicant’s grant proposal is viable, and has a reasonable probability for success; The analysis of the grant proposal’s metrics and potential impact; and Adherence to the application process. Diligence. Program diligence may include: Review of applicant’s grant proposal, budgets, and metrics; Validation of claims and assumptions made in the application; and An applicant’s presentation and interview. Scoring. The Program shall score each applicant in accordance with a uniform scoring rubric based on the program criteria. Final Approval. The Chief Executive Officer or a Chief Executive Officer’s designee, shall base TEDCO’s final decision regarding an award to an eligible applicant on: The application; and The aggregate scores from the evaluation of the program criteria under §C of this regulation. Rejected Applicants. If an applicant is rejected for a grant award, the program shall notify the applicant in writing. Award Amount. In accordance with the Act, program award amounts are $50,000 to each qualifying applicant, subject to funding availability. An applicant shall comply with all applicable federal, State, and local laws regarding discrimination and equal opportunity in employment. An action or decision required or permitted to be taken or made by TEDCO under the Act or these regulations, including execution of award financing documents, may be taken by the Chief Executive Officer or Chief Executive Officer’s designee. Economic Development Article, §10-462, Annotated Code of Maryland Effective date: January 20, 2025 (52:1 Md. R. 19)