(a) The State may provide matching funds up to a maximum of the federal grant for Phase I if:
(1) A small business has won a Phase I award in the federal SBIR or STTR Programs;
(2) Such small business has submitted a proposal for a Phase II award;
(3) Such small business’ principal place of business is located in this State; and
(4) Such small business certifies that the research to be conducted will benefit the Delaware economy.
(b) The Council shall establish criteria and the Division shall administer the state matching funds.