; and (D) to enhance the overall innovation capacity and long-term resilience of the region. (3) State The term State means one of the several States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or any other territory or possession of the United States. (b) Establishment The Secretary shall establish a regional innovation program to encourage and support the development of State and local initiatives designed to increase innovation-driven economic opportunity within their respective regions. (c) Regional innovation grants (1) Authorization of grants As part of the program established under subsection (b), the Secretary may award grants, on a competitive basis, to eligible recipients for activities designed to strengthen the competitiveness of new and existing innovation-driven businesses within the geographic regions identified by eligible recipients before receiving a grant under this subsection. (2) Permissible activities Grants awarded under this subsection may be used for activities determined appropriate by the Secretary that strive to achieve 3 or more of the following outcomes: (A) Increasing the availability and investment of private and philanthropic financing that supports innovation-based business ventures within geographic regions and populations that have historically received less venture capital than the average per capita amount of venture capital received by businesses throughout the United States during the previous 3 years, as determined by the Secretary. (B) Completing the research, development and introduction of new products, processes, and services into the commercial market by United States companies, as measured by increased revenues, increased sales, greater market share, reduce costs, increased market value, or overall profitability increase, as reported by the participating companies to the Secretary. (C) Increasing the number of full-time