Utah Code 63N-21-101. Definitions
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As used in this chapter:
Terms Used In Utah Code 63N-21-101
- Board: means the board of directors of the innovation lab, as described in Section 63N-21-202. See Utah Code 63N-21-101
- Innovation lab: means the Utah Innovation Lab created in Section 63N-21-201. See Utah Code 63N-21-101
- Qualified business: means a business entity that:(3)(a) is established to commercialize a technology, product, or service developed through a technology commercialization program at a public or private institution of higher education in the state; and(3)(b) maintains the business's principal business operations in the state. See Utah Code 63N-21-101
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Utah innovation fund: means a limited liability company organized under Section 63N-21-301. See Utah Code 63N-21-101
(2) “Innovation lab” means the Utah Innovation Lab created in Section 63N-21-201.(3) “Qualified business” means a business entity that:(3)(a) is established to commercialize a technology, product, or service developed through a technology commercialization program at a public or private institution of higher education in the state; and(3)(b) maintains the business’s principal business operations in the state.(4) “Qualified investment” means any distribution or payment of funds to a qualified business from the Utah innovation fund, including:(4)(a) a direct investment of capital in a qualified business for the purchase of shares of stock;(4)(b) a secured loan or revolving line of credit to a qualified business; or(4)(c) a financial grant to a qualified business.(5) “Utah innovation fund” means a limited liability company organized under Section 63N-21-301.