The Commonwealth, through the Executive Office of Housing and Economic Development, shall institute a pilot program to offer a competitive grant program for startup companies owned by Massachusetts residents and business owners. For the purposes of this section, “startup company” shall be defined as a newly emerged business venture that aims to develop a viable business model to meet a marketplace need. The pilot program shall aim to provide ten grants totaling $500,000 to eligible startup companies who apply for the grant. The Executive Office of Housing Economic Development shall promulgate parameters of eligibility and guidelines for application to the grant program, provided that the program be open for application no later than December 1, 2022, and the funding be awarded to selected winners no later than July 1, 2023. The Executive Office of Housing an Economic Development shall submit a report to the Clerks of the House and Senate detailing the progress of the pilot program as well as the economic consequences of the grants on the recipient startup companies no later than July 1, 2024.