(a) To qualify for a State research contract, a firm must meet all of the following requirements and criteria:

1. (1) The firm has complied with the certification requirements contained in section 5905.5 of this Part.

2. (2) The proposed State-supported research holds significant potential for resulting in the development of emerging and innovative science and technology as evaluated by the foundation and which may lead to the commercialization or fabrication of new or improved products or processes within New York State. The criteria for evaluating the proposal's ability to lead to said commercialization or fabrication will include, but not be limited to, the degree to which the proposal demonstrates:

   1. (i) that the use of applied science and technological research is likely to lead to the development of an identifiable product or process that addresses discernable market need;
   2. (ii) that there is a likelihood that the product or process can meet a substantial ongoing market requirement and can be commercialized in the near future;
   3. (iii) a credible analysis of the potential to produce, market, and service that product or process.
3. (3) The firm's annual revenues shall not exceed $10,000,000.