R357-11-7. Review of Applications and Awards

  (1) Applicants who successfully meet the eligibility requirements set forth in R357-11-4 and R357-11-5 and R357-11-6 may submit their application for the TCIP grant through the online registration portal.

  (2) The Executive Director of GOED or the director's designee will evaluate the applications received in each solicitation cycle. The Executive Director or the designee may use the following criteria, as defined by the Executive Director or the designee, to evaluate applications for TCIP grants:

  (a) Quality, diversity, and number of jobs created in Utah,

  (b) Quality of Management and Leadership, including experience with commercialization of new technologies as demonstrated by grant applicant's application and proposal;

  (c) Strength of the new technology and potential for commercialization;

  (d) Size and Growth of the market of the proposed technology

  (e) Applicant's ability to market the technology and the credibility of their "go-to-market" strategy.

  (f) Availability of matching funds and the source and relevance of those funds as set forth in R357-11-5

  (g) Whether the project combines or coordinates related research at two or more institutions of higher education;

  (h) Any other criteria deemed necessary or valuable to the selection process.

  (3) Additionally, each applicant's application will be compared against and with the strength of all other applicants' applications and proposals within the same solicitation cycle.

  (4) The Executive Director may assemble an outside review team to review the criteria set forth above and to make recommendations regarding the application.

  (5) The Executive Director or his designee shall propose funding allocations to the Board.

  (6) After the Board provides its advice, the Executive Director or the designee shall determine which applications should be prioritized for funding.

  (7) Applications will be prioritized and funded based on the criteria set forth in (1)-(3). Award letters will be provided setting forth the terms of the grant offer.