Startup and technical assistance grants of seventy-five thousand dollars ($75,000) to two hundred fifty thousand dollars ($250,000) shall be made available to support activities within the industry cluster that enable collaboration among businesses and other institutions in order to advance innovation and increase sector profitability. Eligible organizations may be regional or statewide in scope and may include, but not solely be composed of, relevant companies or institutions outside of Rhode Island. The commerce corporation shall establish, by regulation, both (a) the criteria for issuing grants under this section; and (b) a process for receiving and reviewing applications for grants under this section.