§211E-1  Definitions.  As used in thischapter:

"Financing" means furnishing riskcapital to persons for use in the development or exploitation of specificinventions or products.

"Innovation" means any new product orinvention.

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

"Inventor" means any residenttaxpayer subject to the jurisdiction of the laws of the State of Hawaii whodevelops an innovation.

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

"Product" means any product, device,technique, or process, which is or may be exploitable commercially.  This termshall not refer to pure research but shall be construed to apply to suchproducts, devices, techniques, or processes which have advanced beyond the theoreticalstage 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 riskcapital obtain rights from or in an invention or product or proceeds therefromin exchange for financing such persons. [L Sp 1981 1st, c 8, pt of §2; am L1987, c 242, §3 and c 336, §7; am L 1990, c 293, §8]