§211E-1  Definitions.  As used in this
chapter:



"Financing" means furnishing risk
capital to persons for use in the development or exploitation of specific
inventions or products.



"Innovation" means any new product or
invention.



"Invention" means any new process or
technique for which a patent has been granted; or which in the opinion of the
advisory committee, the chance of obtaining a patent thereon is favorable.



"Inventor" means any resident
taxpayer subject to the jurisdiction of the laws of the State of Hawaii who
develops an innovation.



"Loan" means financing in which the
department of business, economic development, and tourism shall prescribe the
form of participation under section 211E-2(b) to carry out the purposes of this
chapter.



"Product" means any product, device,
technique, or process, which is or may be exploitable commercially.  This term
shall not refer to pure research but shall be construed to apply to such
products, devices, techniques, or processes which have advanced beyond the theoretical
stage and are readily capable of being, or have been reduced to practice.



"Venture" means, without limitation,
any contractual arrangement with any person whereby the investor with risk
capital obtain rights from or in an invention or product or proceeds therefrom
in exchange for financing such persons. [L Sp 1981 1st, c 8, pt of §2; am L
1987, c 242, §3 and c 336, §7; am L 1990, c 293, §8]