The foundation shall not approve any application unless it concerns a technological area that is approved by the foundation as being related to industries with significant potential for economic growth and development in New York State and to the enhancement of productivity in various industries located in New York State. Such areas shall include the general areas of integrated electronics, optics, biotechnology and telecommunications, and such other general or specific areas as may from time to time be approved by the foundation.
N.Y. Comp. Codes R. & Regs. Tit. 21 § 5904.3