N.Y. Comp. Codes R. & Regs. tit. 21, § 4252.4 – Selection of investment entities.

(a) record of success in raising investment funds and successfully investing them;
(b) capacity to perform due diligence and to provide management expertise and other value-added services to beneficiary companies;
(c) financial resources for identifying and investing in seed-stage and early-stage companies;
(d) ability to secure non-State matching investment funds at a ratio that is equal to or greater than one-to-one;
(e) ability to evaluate the commercial potential of emerging technologies;
(f) ability to secure partnerships with local or regional investors;
(g) conflict of interest policy acceptable to the corporation;
(h) investment record and capacity to invest in the State;
(i) management fees, promotes, share of return and other fees and charges; and
(j) other criteria that the corporation determines is relevant to making investment decisions consistent with the purposes of the fund.
Applicants must specify particular industry sector, regional or other investment strategies. The corporation shall determine the amount of the program funds to commit to an investment entity. After an investment entity is under contract to the corporation, the corporation may award additional program funds to an investment entity without an additional solicitation.

The corporation shall identify and select investment entities through one or more competitive statewide, regional or local solicitations. Investment entity applicants shall be evaluated on criteria including, but not limited to, the applicant's: