(a) An eligible technology transfer or defense industry conversion and diversification project shall, at least, do all of the following:

1. (1) Identify the sources of funding for the entire project.
2. (2) Not supplant other funding.
3. (3) Demonstrate that a significant portion of the project will be undertaken in California.

(c) In addition to the requirements contained in subdivision (a), a technology transfer project shall:

1. (1) Represent a technology or industry, or both, targeted in the application.

2. (2) Include a significant amount of matching contributions from either of the following:

   1. (A) A private sector company or companies.
   2. (B) A California-based foundation or foundations, an industry association or associations, or a nonprofit cooperative association or associations.

3. (3) Include either of the following:

   1. (A) A private sector company or companies that have significant operations in the state.
   2. (B) A California-based foundation or foundations, an industry association or associations, or a nonprofit cooperative association or associations.