(1) When the executive summary is deemed complete and the research and development project deemed appropriate for further consideration, the applicant must submit a research and development proposal to the council.

(2) This proposal must contain the following items:

(a) a title page;

(b) a table of contents;

(c) the executive summary;

(d) the project objectives;

(e) a background review of the research and development project;

(f) the project design;

(g) a list of required facilities and equipment;

(h) a description of potential commercial partners;

(i) a description of the project's potential impact on the state's economy;

(j) a list of milestones which describe specific tasks to be achieved on a specific time schedule;

(k) the budget and use of proceeds, plus documentation showing source of funds and use of proceeds for each line of the budget;

(l) the feasibility and/or availability of matching funds;

(m) a description of funding efforts made to obtain funding for the proposed project;

(n) the resumes of the major principals identified in the project design describing the education and employment experience of each; and

(o) a list of three technical reviewers who are qualified to review the proposal including their names, addresses and phone numbers.