An application for an award from the endowment shall:

1. (1) provide to the board documentation of private matching funds, on hand, in an amount equal to the amount for which application is made;
2. (2) provide to the board documentation that all matching funds have been committed and raised exclusively from sources other than South Carolina tax dollars, and that the funds have been committed and raised after January 1, 2002;
3. (3) be in an amount of not less than two million dollars and not more than five million dollars;
4. (4) document that the application has significant potential to provide for enhanced economic development for the citizens of South Carolina in a specified knowledge-based industry or field of commerce; and
5. (5) provide specific partnering activities with other institutions, businesses, or the community.