1. The department shall administer the advanced technology grant program to provide grants for activities identified in this chapter. The department shall provide administrative support for the program, including the drafting of application forms, receiving applications, reviewing applications for completeness and compliance with committee policy, and forwarding complete applications to the committee in accordance with the guidelines established by the committee.

2. The committee shall establish guidelines for entities to qualify for an advanced technology grant under this section. Program guidelines relating to ownership of intellectual property, inventions, and discoveries must address activities and issues unique to technologies, patents, and companies created as a result of an advanced technology grant.

3. In determining whether to approve an application for grant funding, the committee shall consider the extent to which the applicant's proposal will support early stage research and development of advance technologies, promote economic development, and advance the workforce in the state. The committee shall give priority to applications promoting the advancement of artificial intelligence, machine learning, quantum computing, and similar research and development and product innovation proposals. The committee shall consider and process applications in a timely manner to allow applicants an opportunity to leverage other funds.

4. Grant recipients shall use funding awarded under this section to enhance advance technology product research, development, and innovation, and to the extent possible, leverage state, federal, and private sources of funding. An entity receiving a grant under this section may not use the funds for capital or building investments or other activities not identified in this chapter. The funds may not be used for administrative costs or to supplant funding for regular operations of the entity. If an entity awarded a grant no longer conducts its activities in the state, the entity must repay the awarded grant funding to the department.