Projects are typically funded for up to two years. If you have a project that covers over two years, the EIC will fund the first two years of the project. You can make a special request to add a third year, stating the reasons why this is necessary and the Council may make an exception in rare circumstances.
Yes, you may reapply in the following grant cycle (typically the following year). We strongly urge you to modify your proposal with any feedback you have received from the Council (upon asking for it; see answer above). Also, please be sure to update your application materials as appropriate.
Because the Elon Innovates Council and its grants are meant to support the Boldly Elon strategic plan to catalyze innovation across our university and campus, some significant aspect(s) of the project must have elements of innovation to it. If there are other avenues for funding (such as FR&D), we recommend the project (research or otherwise) seeks funding there first. The EIC will only fund projects that are tied to innovation to some significant extent.