In General. In its sole discretion, 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 submit information sufficient for TEDCO to: Determine whether applicant meets the eligibility requirements as set forth in the Act and under Regulation .03 of this chapter; and Any other information required to evaluate program criteria and, if applicable, diversity and inclusion criteria under §B(5) of this regulation. Preliminary Evaluation of Eligibility. TEDCO's program staff: Shall perform an initial review of each application in accordance with the Act and Regulation .03 of this chapter; and May review the application for program criteria under §B(5) of this regulation and may examine the applicant’s proposal, budgets, economic impact, and other documents. Eligibility Determination. Within 45 days from the date an applicant submits the application to TEDCO, TEDCO shall notify the applicant if TEDCO finds the applicant ineligible for an award under Regulation .03 of this chapter. Program Criteria, Diversity and Inclusion Criteria, and TEDCO’s Diligence. If the applicant is eligible for an award by TEDCO, TEDCO shall consider the program criteria as set forth in §B(5)(b) of this regulation and diversity and inclusion criteria as set forth in §B(5)(c) of this regulation and shall conduct diligence as set forth in §B(5)(d) of this regulation. Program Criteria. TEDCO shall use the following criteria as the basis of a scoring rubric to evaluate eligible applicants: Whether the applicant’s business promotes commercialization of research in the State or facilitates transfer of technology from universities and federal research laboratories; The degree to which the applicant will utilize the award towards commercialization of the research; Whether the applicant’s business in primarily engaged in research and development activities that assist in the prevention of, preparedness for, or response to a public health crisis in the State; The potential economic impact of the applicant’s growth in the State; Whether the award has a potential to foster job creation and economic development in the State; and Adherence to the application process. Diversity and Inclusion Criteria. TEDCO shall consider whether: The award has the potential to result in a positive economic development impact for a region or an area which is economically distressed or a rural area or a rural community; and A founder of the applicant or a member of the applicant’s executive leadership has self-identified as a member of a group that is economically disadvantaged. Diligence. TEDCO’s diligence may include: Review of applicant’s proposal, budgets, and impact to the State’s ecosystem; Site visits; Validation of claims and assumptions made in the application; and At TEDCO’s sole discretion, an applicant’s presentation and interview. Scoring. TEDCO shall score each applicant in accordance with a uniform scoring rubric based on the program criteria and diversity and inclusion criteria. Final Approval. The Chief Executive Officer, in the Chief Executive Officer’s sole discretion, shall base TEDCO’s final decision regarding an award to an eligible applicant on: The application; The aggregate scores from the evaluation of the program criteria and diversity and inclusion criteria under §C of this regulation; The likelihood that an award will foster job creation and economic development in the State; and The amount of money available for this program. Rejected Applicants. If an applicant is rejected for an award, TEDCO shall notify the applicant in writing.